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LAW OF THE REPUBLIC OF MOLDOVA

of May 18, 2012 No. 114

About payment services and electronic money

(The last edition from 12-10-2018)

The parliament adopts this organic law.

This law transposes the Directive 2007/64/EU of the European Parliament and Council of November 13, 2007 about payment services in the domestic market making changes to Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and canceling the Directive 97/5/EU published in the Official magazine of the European Union by L 319 of December 5, 2007 and also the Directive 2009/110/EC of the European Parliament and Council of September 16, 2009 about the organization, activities and prudential supervision of activities of the societies issuing electronic money making changes to Directives 2005/60/EC and 2006/48/EC and canceling the Directive 2000/46/EC published in the Official magazine of the European Union by L 267 of October 10, 2009.

Chapter I General provisions

Article 1. Subject and purpose of the law

(1) This law regulates activities of payment service providers and issuers of electronic money, conditions and procedure for their licensing, the mode of transparency of conditions of provision of payment services, release and the redemption of electronic money, the rights and obligations of payment service providers and issuers of electronic money in the context of provision on professional basis of services, the rights and obligations of users of services, prudential supervision of payment service providers and issuers of electronic money.

(2) the Purpose of this law is establishment of the unified legal framework for promotion of effective and competitive activities in the market of provision of payment services, release and the redemption of electronic money and for protection of the rights and legitimate interests of users of payment services and holders of electronic money.

Article 2. Law coverage

(1) This law extends to payment service providers in connection with activities for provision of payment services, and also to issuers of electronic money in connection with activities for release of electronic money.

(2) This law is not applied:

1) to payment transactions with use only cash performed directly between the payer and the receiver of payment without participation of the intermediary;

2) to payment transactions between the payer and the receiver of payment performed through the commercial representative or the commercial agent authorized by means of the agreement signed between the commercial representative or the commercial agent and the payer and/or the receiver of payment to conduct negotiations or to perform sale or purchase of goods or services in the following situations:

a) only on behalf of the payer or the receiver of payment irrespective of, is or not in ownership of means of clients; or

b) in case the commercial representative or the authorized commercial agent acts as from name and under responsibility of the payer, so on behalf of the receiver of payment if does not enter ownership of means of clients or does not control them at one of the moments;

3) to professional physical transportation of banknotes and coins, including their collection, processing and delivery;

4) to the payment transactions consisting in collection and delivery of cash on nonprofessional basis within charitable or non-commercial activities;

5) to services within which the cash liquidity is delivered by the receiver of payment to the payer as part of payment transaction, according to obviously expressed user requirement of payment services formulated just before implementation of payment transaction by means of payment for the purpose of purchase of goods or services;

6) to foreign exchange transactions with cash in case of which means are not stored on the payment account;

7) to the payment transactions performed based on one of the following documents by means of which from the payment service provider it is required to make means available to the receiver of payment:

a) paper checks according to the Geneva convention of March 19, 1931 establishing the uniform law about checks;

b) the paper checks similar specified in the subitem and) and regulated by the legislation of the states which are not participants of the convention specified in the subitem and);

c) debt securities on paper according to the Geneva convention of June 7, 1930 establishing the uniform law about translated and promissory notes;

d) debt securities on paper, similar specified in the subitem

c) and regulated by the legislation of the states which are not participants of the convention specified in the subitem c);

e) vouchers on paper;

f) travel checks on paper;

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