The law regulating the issue and circulation of maps

Posted on Sep 15, 2000 08:15:27 AM

First deputy chairman of the Duma Banking Committee Anatoly Aksakov proposes to establish a special law regulating the issuance and circulation of payment cards. Now these activities are regulated by the Central Bank. However, bankers believe that the existing legislation is quite enough, and the card fraud, responsibility for which MP proposes to tighten, no effect on their business.

It is assumed that the law will establish the procedure for registration, handling and use of payment cards in Russia. The law will be described in the legal regulation of the use of payment cards, the relationship of subjects arising from the use of payment cards, obligations and responsibilities of the payment system and procedures for dispute resolution.

Certain articles of the law will be devoted to activities of emission (release into circulation), acquiring (the implementation of settlement with the sellers of goods and services) of the Information and maintenance issue and payment using credit cards.

The law will be legally introduced the concept of “personal” and “corporate”, “core” and “additional”, “debit” and “credit”, “systemic” and “own” bank cards. It is also expected to describe in legal rights and obligations of holders (legal entities and individuals), issuers, acquirers and processing companies, as well as their responsibility. Several articles of the law will be devoted to the mandatory details of payment cards, foreign currency transactions.

“Card” business in Russia requires a federal law. In this matter the position of MPs and representatives of the Bank of Russia is the same.

At present, there are at least two problems that must be solved by the upcoming law – the issue of cooperation with international payment systems (particularly with regard to blocking of funds in accounts in Western banks, which are calculated by VISA and Europay) and the settlement of property disputes between cardholders and banks. While these disputes were not, but as soon as there precedent may scandal. If in the near future to adopt a law regulating the market situation in the direction of stimulating the development of the Russian systems, then their entry into the market would be impossible. Card market requires an expensive and well-organized infrastructure, and already some infrastructure work, then no other infrastructure will not be created later. Now a critical moment, if even a little bit to wait, already will be doing nothing.

account, bank, the law,

1. What is the issue of certificates
2. Choosing a credit card
3. Refunds for merchandise purchased by credit card
4. Types of bank cards
5. Refunds on the map Service cash back

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