# PSR Article 30 — Issuance and redeemability of electronic money

Textual state: amended_limited. 4 words changed

- Current text: Council final compromise text (Council document 8221/26) — not yet law.
- Compared against: COM(2023) 367 final — superseded.
- Classification is mechanical; method: https://paymentslaw.eu/method/
- Editorial review state: not_assessed. Markers are curated and selective, not a complete assessment.

Word-level diff, proposal → compromise: `{+text+}` was inserted, `[-text-]` was deleted.

## Paragraph 1

1. Issuers of electronic money shall issue electronic money at par value on the receipt of funds.

## Paragraph 2

2. Upon request by the holder of the electronic money, the issuer of the electronic money shall redeem, at any moment and at par value, the monetary value of the electronic money held.

## Paragraph 3

3. The contract between the issuer of the electronic money and the holder of the electronic money shall clearly and prominently state the conditions of redemption, including any applicable fees, and the electronic money holder shall be informed of those conditions before being bound by any contract or offer.

## Paragraph 4

4. Redemption of electronic money may be subject to a fee only if stated in the contract in accordance with paragraph 3 and only in any of the following cases: (a) where the holder of electronic money requests redemption before the termination of the contract; (b) where the contract provides for a termination date and the holder of electronic money terminates the contract before that date; (c) where redemption is requested more than one year after the date of termination of the contract. Any such fee shall be proportionate to and commensurate with the actual costs incurred by the electronic money issuer.

## Paragraph 5

5. Where the holder of electronic money requests redemption before the termination of the contract, the holder may request redemption of the electronic money in whole or in part.

## Paragraph 6

6. Where redemption is requested by the holder of the electronic money on the date of the termination of the contract, or up to one year after such termination, the issuer of the electronic money shall do either of the following: (a) Redeem the total monetary value of the electronic money; or (b) Redeem all funds requested by the electronic money holder where the payment institution carries out one or more of the activities as referred to in Article 10(1)(c) of Directive XXX [PSD3] and it is unknown in advance what proportion of funds is to be used as electronic money by electronic money holders.

## Paragraph 7

7. Notwithstanding paragraphs 4, 5 and 6, redemption rights of a person, other than a consumer, who accepts electronic money shall be subject to the contractual agreement between the electronic money issuer and that person.

## Paragraph 8

8. A payment institution [-providing -]{+that issues +}electronic money [-services -]shall not grant to the holder of electronic money interest or any other benefit related to the length of time during which he or she holds the electronic money.