Hon. Alice Wong, P.C.

As previously discussed on this website, the Credit Card Code of Conduct has passed from the “draft” to the “final” state.

Almost every business has a credit card merchant agreement to handle monetary day-to-day transactions. These rules well help to promote choice and competition in the credit/debit card processing market.

Although these rules are not in regulation, they are expected to be adhered to by the various credit/debit providers. Finance Minister Jim Flaherty stated, “Payment card networks, credit and debit card issuers, and payment processors are now being invited to adopt this Code. We are confident that they will do so voluntarily. Our Government has, however, taken steps in Budget 2010 to ensure that we have the legislative authority to regulate the industry if necessary.”

You can read about the details of the finalized code of conduct by clicking here, and the April 16, 2010 news release here.

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