B.C. Supreme Court determines that general purpose pre-paid cards issued by FRFIs are subject to BC consumer protection laws

In a proposed class action (dismissed, amongst other reasons, due to conflicting views as to the class definition), the B.C. Supreme Court has ruled that general purpose pre-paid cards that are issued by federally-regulated financial institutions (“FRFIs”) are subject to the provisions of the Business Practices and Consumer Protection Act (British Columbia). The provisions include prohibitions on expiry dates and specify permitted fees that may be charged. As a result, banks and other FRFIs that issue general purpose pre-paid cards in B.C. should review the disclosure requirements and other obligations under the B.C. consumer protection legislation.

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