Disclosure of terms and conditions

(1) A payment service provider shall, in accordance with the rules and guidelines of the Central Bank, disclose the terms and conditions of a payment service involving a consumer’s account in a manner clearly understood by the consumer, at the time the consumer contracts for the payment (2) The terms and conditions to be disclosed under sub- section (1) include– (a) the consumer’s liability for unauthorized payment service and notice of the advisability of prompt reporting of any loss, theft, or unauthorized use of a card, access code or other means of access; (b) the telephone number of the person to be notified in the event the consumer believes that an unauthorized payment service has been or may be effected; (c) the procedures to verify that the consumer had made the notification under paragraph (b) and when the notification was made; (d) the maximum execution time for any kind of payment to be executed; (e) the kind and nature of the payment service which the consumer may initiate, including any limitations on the frequency or amount of the payment service; (f) any charges for the payment service transfers or for the right to make the payment service; (g) the consumer’s right to stop payment of a preauthorized payment service and the procedure to initiate a stop; 50 (h) the consumer’s right to receive information of (i) a summary of the error resolution procedures and the consumer’s rights thereunder; (j) the bank or payment service provider’s liability to the consumer; (k) the circumstances under which the bank or payment service provider will in the ordinary course of business disclose information concerning the consumer’s account to third parties; and (l) a notice to the consumer that a fee may be imposed if the consumer initiates a transfer from an automated teller machine or other electronic terminal that is not operated by the issuer of the card or other means of access. (3) The terms and conditions shall be written in clear concise language. (4) A payment service provider shall notify a consumer in writing or by any other means as may be required by the Central Bank from time to time, at least twenty-one days prior to the effective date of any change in any term or condition of the consumer’s account required to be disclosed, unless the change is immediately necessary to maintain or restore the security of a payment system or a consumer’s account. CAP. 125.