Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
(1)
Notwithstanding the provisions in Paragraph (1) of Article 91 of theImplementing Regulation, the Payer is entitled to a refund from the Payee’s Payment Service Provider of the full amount of any authorized Payment Transaction initiated by or through the Payee if the following conditions are met:
(a)
The Payment Transaction authorization did not specify the exact amount of the Payment Transaction when Consent for the authorization was given; and
(b)
The amount of the Payment Transaction exceeds the amount that is expected to be paid by the Payer, taking into account the Payer’s previous spending pattern and the conditions of the Framework Contract and the circumstances of the case.
(2)
When providing a refund through crediting a Payment Account of the Payer under Paragraph (1) of this Article, a Payment Service Provider must ensure that the credit value date is no later than the date on which the amount of the Unauthorized Payment Transaction was debited.
(3)
For the purposes of Paragraph (1) (b) of this Article, a Payer cannot rely on currency exchange fluctuations where the reference exchange rate provided under the contract was applied.
(4)
The payer and the payment service provider may agree in the framework contract that the right to a refund does not apply where:
(a)
The Payer has given Consent directly to the Payment Service Provider for the Payment Transaction to be executed; and
(b)
Information on the Payment Transaction was provided in an agreed manner to the Payer for at least four weeks before the due date by the Payment Service Provider or by the Payee
