General Terms and Conditions of Business for Loviit E-money Users

Transcription

1 General Terms and Conditions of Business for Loviit E-money Users These General Terms and Conditions of Business shall apply to the use of Loviit e-money (hereinafter "Payment Instrument") made available to you by Loviit AG (hereinafter "Loviit"). Loviit is, therefore, your contractual partner. Loviit is a public limited company that is registered in the Commercial Register of Liechtenstein under registration number FL and has its registered office at Industriering 3, FL-9491 Ruggell. Loviit's main business activity is the running of an e- money institution that trades in prepaid and loadable payment instruments. The supervisory authority that has jurisdiction over Loviit is the Liechtensteinian Finanzmarktaufsicht [Financial Market Supervisory Authority], Landstrasse 109, Postfach 279, 9490 Vaduz. These General Terms and Conditions of Business can be obtained from Loviit in text form at any time on request. In respect of the contract concerning usage of the Payment Instrument (hereinafter "Usage Contract"), you shall have a statutory right of cancellation in accordance with the following cancellation instructions. Cancellation instructions Right to cancel You may cancel your contractual declaration in text form (e.g. by letter, fax or ) within 14 days without giving reasons. This time limit shall begin when these instructions are received in text form, but not before the contract has been concluded, and not before all duties to inform under the ECG [E-commerce Act] and the FAG [Distance Selling Act] have been fulfilled. Sending off a declaration of cancellation in due time shall suffice to comply with this time limit for cancellation. The declaration of cancellation shall be addressed to: Loviit AG, Industriering 3, FL-9491 Ruggell, office@loviit.com Fax: Consequences of cancellation In the event that cancellation is effectively declared, each party shall return the respective performance received and surrender any benefits (e.g. interest) derived. If you are wholly or partly unable to return to us the performance received, or surrender to us any benefits derived (e.g. from use), or if you are only able to return such performance or surrender such benefits in deteriorated condition, you shall compensate us accordingly. This may result in your being nevertheless required to meet the contractual payment obligations for the period until cancellation. Obligations to refund payments shall be met within 30 days. This time limit shall begin for you when you send off a declaration of cancellation, for us when this declaration is received. Special notice Your right to cancel shall lapse prematurely, if the contract is fully performed by both parties at your express request before you exercise your right to cancel. If this distance selling contract is cancelled, you shall also no longer be bound by any associated distance selling contract, if this contract involves the rendering of any further service by us or a third party on the basis of an agreement between us and the third party. Section 1 Payment Instrument, User Account (1) The Payment Instrument is an e-money product which, subject to these General Terms and Conditions of Business, you will be able to use to make payments on a cashless basis, or receive money on a cashless basis, at Loviit's affiliated dealers (hereinafter "Providers") designated as outlets accepting this Payment Instrument. Furthermore, you will also be able to make payments to other holders of a Loviit user account in accordance with these GT&Cs. Subject to these General Terms and Conditions of Business, you will be able to load the Payment Instrument with credit, which will then be available for use of the Payment Instrument. Credit on the Payment Instrument shall not bear interest. Loviit may possibly make the Payment Instrument available to you with a socalled passthru function (see subsection 3.2 for the different usage limits). (2) You shall receive an online user account for our Payment Instrument (hereinafter called "Online Access" or "User Account"). You will be able to retrieve information relating to your Payment Instrument (transactions, credit entries) via your user account. Section 2 Applying for the Payment Instrument, Duties to Co-operate under the Law on Moneylaundering (1) To be eligible to apply for and use a Payment Instrument, you must be at least 18 years old and be resident in the European Economic Area.

2 (3) By sending the online application form, you shall make a binding offer to conclude a Usage Contract. The Usage Contract shall come into being when you receive an from Loviit informing you that your application, as defined by sentence 1, has been accepted. Unless otherwise agreed upon, the contract shall be of indefinite duration. (4) Under the provisions of the law on moneylaundering applicable to Loviit, Lovitt shall be obliged to obtain from you prior to the conclusion of a Usage Contract, and in the course of the contractual relationship if need be, information and documents relating to your person and, if need be, relating to further circumstances of the contractual relationship. On request, you shall fully and correctly make available to Loviit all information and documents necessary for the performance of its duties under the law on money-laundering, and shall give prompt notification of any changes arising in the course of the contractual relationship. If these documents are not sent, Loviit shall set a reasonable grace period and, upon the expiration thereof, be entitled to terminate any contract that has possibly already come into being. You shall hold Loviit harmless, and indemnify Lovitt, if Loviit fails to comply with its obligations under the law on moneylaundering as a result of you having provided false or incomplete information. Section 3 Possible Uses 3.1 Payment at Providers For all types of transaction offered, you will be able to use this Payment Instrument to make payments on a cashless basis on the Internet in relation to domestic and foreign companies designated at Providers, as well as in relation to other holders of a Loviit user account. 3.2 Usage Limits (1) You will be able to use the Payment Instrument for the aforementioned possible uses, if the Payment Instrument has been loaded with credit. Insofar as the credit is insufficient for the transaction concerned, Loviit shall be under no obligation to carry out the transaction.. (2) Additionally, use of the Payment Instrument shall be subject to the maximum amounts specified in the "Terms and Conditions and Restrictions on Use Governing the Payment Instrument" and to the maximum amounts agreed upon between you and Loviit. (3) Even if you do not adhere to/fully utilise these usage limits, Loviit may demand the reimbursement of the expenditure ensuing from use of the Payment Instrument. Section 4 Personalised Security Features 4.1 To use the Payment Instrument, you will need a user name and a password set either by Loviit or by you. Section 5 Authorisation of Payment Orders, Cancellation of a Payment Order (1) Every execution of a payment order shall require your consent (authorisation), which you will be able to give by, for example, entering your user name and your password. (2) You will no longer be able to cancel a payment order once you have given your consent. Section 6 Rejection of Payment Orders by Loviit Loviit shall be entitled to refuse to carry out a payment order, if you have not authorised the payment order concerned in accordance with subsection 5.1, the usage limits applicable to the payment order (see subsection 3.2) have been exceeded, or the Payment Instrument has been blocked, or execution of the payment order would contravene applicable legal provisions (e.g. provisions of the law on moneylaundering). Information on this shall be available to you on the website where you use the Payment Instrument. Section 7 Receipt of a Payment Order at Loviit, Time Limit for Execution (1) All payment transactions initiated via the Payment Instrument shall be triggered by the respective Provider/user. The payment order shall be deemed to have been sent to Loviit at the time when Loviit receives the payment order from the Provider/user. (2) If receipt of a payment order does not fall on a business day of Loviit, the payment order shall be deemed received on the following business day.

3 (3) If a payment order is received at Loviit after 4 pm, the payment order shall, with regard to the setting of a time limit for execution (see subsection 7.4), be deemed received on the following business day. (4) Upon receipt of a payment order at Loviit, Loviit shall ensure that the payment amount is made available to the Provider within one (1) business day. (5) A business day is any day (except for Saturday and Sunday) when the payment service provider involved in the execution of a payment transaction is open for business as required for carrying out payment transactions. Therefore, Loviit shall be open for business on all days when financial institutions in Liechtenstein are open to the public. Section 8 Loading the Payment Instrument, Maximum Load Amount, Re-exchange (1) You will be able to load your payment instrument with the Payment Instruments offered by Loviit, but only up to the sum of the agreed maximum load amounts. The maximum load amounts shall ensue from the "Terms and Conditions and Restrictions on Use Governing the Payment Instrument". Load amounts that would cause the agreed maximum load amount to be exceeded shall be rejected or be transferred back to the ordering party. (2) Loviit shall be subject to the Sorgfaltspflichtgesetz (SPG) [Due Diligence Act]. You shall make available to Loviit all documents necessary for compliance with its duties resulting from the SPG, particularly as regards identification. If you do not make these documents available, Loviit may refuse to carry out the transaction. Only if the simplified due diligence duties are applicable shall identification not be mandatory for Loviit. (3) It shall be impermissible to draw upon credit on the Payment Instrument in any way other than as described in subsection 3.1. Subsection 8.4 shall remain unaffected. (4) During the term of the Usage Contract, you may at any time demand that the credit balance on the Payment Instrument be fully or partly, fully after the Usage Contract has ended, paid out into a bank account ("Re-exchange"). Re-exchange of the credit balance may be demanded only insofar as the credit balance has not been blocked for transactions already authorised. You shall communicate such reexchange request to Loviit via one of the communication channels specified in subsection In the event of such Re-exchange or payout, the "Terms and Conditions and Restrictions on Use Governing the Payment Instrument" shall apply. Section 9 Your Due Diligence Duties and Duties to Co-operate 9.1 Maintaining the secrecy of your user name and password You shall ensure that no other person obtains knowledge of your user name and password. Any person who knows your user name and password will be able to make transactions. In particular, the following shall be observed as regards keeping your user name and password secret: Do not store your user name or password electronically. When entering your user name and password, ensure that no third parties are spying. If you discover that another person has knowledge of your user name or password, or if you suspect that this is the case, you shall immediately alter the personalised security feature concerned (see subsection 4.2). 9.2 Your duties to inform and notify (1) You shall promptly report to the police any theft or misuse. (2) If you suspect that another person has obtained knowledge of your user name or password without authorisation, or that your user name or password has been misused or used without authorisation, you shall likewise submit a written blocking notification to Loviit and send a copy of this notification to the police. The same action shall be taken as soon as you discover that a transaction has been carried out without authorisation or incorrectly. Section 10 Your Obligation to Pay, Information on Payment Transactions (1) Loviit shall, in relation to the Providers/users, settle the transactions made by you via the Payment Instrument. You for your part shall reimburse Lovitt for this expenditure. (2) Loviit's expenditure reimbursement claims under subsection 10.1 and all other due payment claims of Lovitt under the Usage Contract, in

4 particular the disbursements to be paid by you, shall be immediately set off against any credit balance on your Payment Instrument. Insofar as the credit balance on the Payment Instrument is insufficient for this, you shall promptly pay the differential amount to Loviit, or Loviit shall apply a corresponding charge in accordance with 3.2. All prices shall be net, plus value-added tax. In the event of default, the agreed rate of default interest shall be 8 % above the base rate published by the European Central Bank. (3) Objections and other complaints arising from your contractual relationship relating to the Provider/user where your Payment Instrument has been used shall be lodged directly with the Provider/user concerned, and shall not affect your payment obligations in relation to Loviit. (4) You will be able to use your user account to view information on payment transactions carried out via the Payment Instrument. You shall promptly check the accuracy and completeness of the information and promptly lodge any objections. If you fail to promptly comply with this obligation to lodge a complaint within 13 months, the payment transactions listed shall be deemed accepted. (5) All expenditure directly or indirectly incurred upon Loviit in connection with the implementation of this contract shall be reimbursed to Loviit by the contractual partner, insofar as Loviit could in the circumstances reasonably regard this expenditure as essential. Section 11 Foreign Currency Translation If you use the Payment Instrument for transactions not denominated in euros, the Payment Instrument shall be debited in the respective currency loaded on the Payment Instrument. In the case of foreign currency transactions, the exchange rate shall be determined in accordance with the "Terms and Conditions and Restrictions on Use Governing the Payment Instrument". Any change of the reference exchange rate possibly specified in the provision on foreign currency translation shall enter into effect immediately and without prior notification on your part. Section 12 Disbursements The disbursements owed by you to Loviit shall ensue from Loviit's "Terms and Conditions and Restrictions on Use Governing the Payment Instrument". Section 13 Your Refund and Damage Claims 13.1 Refund in the event of an unauthorised transaction If an unauthorised transaction as per Section 5 of these GT&Cs is made via your Payment Instrument, Loviit shall not have any claim against you to the reimbursement of its expenditure. Loviit shall refund the amount to you promptly and in full. If the amount has been debited to the Payment Instrument, Loviit shall restore the balance on the Payment Instrument to what it would have been had the unauthorised transaction not been made Refund if an authorised transaction is not executed or is incorrectly executed (1) If an authorised transaction is not executed or is incorrectly executed via your Payment Instrument, you may demand from Loviit a prompt and full refund for the transaction amount, insofar as the transaction was not executed or was incorrectly executed. If the amount has been debited to the Payment Instrument, Loviit shall restore the balance on the Payment Instrument to what it would have been without the unexecuted or incorrectly executed transaction. Insofar as fees have been deducted from the transaction amount by Loviit or intermediaries, Loviit shall promptly transmit the deducted amount in favour of the payee. (2) Over and above subsection 1, you may demand from Loviit the reimbursement of interest insofar interest has been charged to you, or debited to your Payment Instrument, in connection with the nonexecution or incorrect execution of an authorised transaction. (3) If incorrect execution is due to a delay in making the authorised transaction available to the contractual company, Loviit shall be liable in accordance with subsection (4) If an authorised transaction has not been carried out or has been incorrectly carried out, Loviit shall, at your request, retrace the transaction and inform you of the result Your damage claims on account of any unauthorised execution, non-execution or incorrect execution of an authorised transaction In the event of an unauthorised transaction, or if an authorised transaction has not been executed or has been incorrectly executed, you may claim from Loviit compensation for any loss not already

5 covered by subsections 13.1 and This shall not apply, if Loviit is not at fault for the breach of duty, or if the breach of duty is due to slight negligence. In this respect, Loviit shall be responsible for fault on the part of an intermediary to the same extent as for fault on its own part, unless an intermediary pre-specified by you was essentially at fault Time limit for the assertion of claims under subsections 13.1 to 13.3 Claims against Loviit under subsections 13.1 to 13.3 shall be excluded, if, by at the latest 13 months after the date of the debit entry resulting from the transaction, you have not promptly informed Loviit that the transaction concerned was an unauthorised, non-executed or incorrect transaction. This 13-month time limit shall begin to run only if, no later than within one month of the debit entry resulting from the transaction, Loviit has notified you of the debit entry concerned via the channel agreed upon for the provision of transaction information. Otherwise, the date of notification shall be decisive for the commencement of the time limit. You may assert liability claims under subsection 13.3 even after the time limit specified in sentence 1 has expired, if you were prevented from complying with this time limit through no fault of your own Refund claim in the case of an authorised transaction where the amount is not precisely specified, and time limit for the assertion of the claim (1) You may demand from Loviit a prompt and full refund for the transaction amount, if you have authorised a transaction with a contractual company in such a way that the precise amount was not specified in the authorisation. (2) You shall be obliged to set forth to Loviit the factual circumstances from which you derive your refund claim. (3) The refund claim shall be excluded, if it is not asserted against Loviit within eight weeks of the date when the corresponding transaction was debited Exclusion of liability and of the right to object Claims against Loviit under subsections 13.1 to 13.5 shall be excluded, if the circumstances giving rise to a claim were due to an unusual and unforeseeable event over which Loviit has no influence, and Loviit could not have avoided the consequences thereof by applying due care, or were brought about by Loviit as a result of a statutory obligation. Section 14 Your Liability for Unauthorised Transactions 14.1 Your liability until a blocking notification is given (1) If unauthorised transactions via your Payment Instrument occur before a blocking notification is given, you shall be liable for the loss incurred as a result thereof in cases where you have negligently breached your duty to keep your user name and password in a secure place. (2) If you are not a consumer, or if the Payment Instrument is used in a country outside of Liechtenstein and the European Economic Area (EEA) (third country) or in the currency of a country outside of the European Economic Area (payment in a third-country currency), you shall bear the loss resulting from unauthorised transactions in cases where you have negligently breached your duties under these General Terms and Conditions of Business. If Loviit contributed to loss by breaching its duties, Loviit shall be liable for the resulting loss to the extent that it contributed to the loss. (3) You shall not be obliged to compensate for loss under subsections 1 to 2, if you were unable to submit a blocking notification in accordance with subsection 9.2 of these GT&Cs because Loviit had not ensured that such notification could be submitted, and the loss concerned has arisen as a result thereof. (4) If an unauthorised transaction occurs before a blocking notification is given, and you have intentionally, or with gross negligence, breached your due diligence duties under these General Terms and Conditions of Business, or if you have acted with fraudulent intent, you shall be fully bear the loss incurred as a result thereof. Gross negligence on your part may have occurred, if in particular you have culpably failed to promptly notify Loviit of any loss or theft of your user name or password, or of any improper transaction made via your Payment Instrument, the user name or password has been communicated to another person, and misuse has resulted therefrom, or

6 you have stored your user name or password electronically. (1) Your liability shall be limited to the respective applicable transaction limit Your liability after a blocking notification has been given As soon as Loviit has been given notification that an improper transaction has been made via your Payment Instrument, or that a third party has possibly or actually obtained knowledge of your user name or password, Loviit shall bear all loss arising thereafter as a result of transactions made via your Payment Instrument. If you act with fraudulent intent, you shall also bear any loss incurred after a blocking notification has been given. Section 15 Your Right of Termination You may terminate the Usage Contract at any time without prior notice. Please take note of the consequences of termination under Section 17. Notice of termination must be in writing. Section 16 Loviit's Right of Termination (1) Loviit may terminate the Usage Contract at any time without prior notice. (2) Loviit may terminate the Usage Contract without prior notice for good cause, if, with due regard also being given to your justified interests, it would be unreasonable to expect Loviit to continue the Usage Contract. Section 17 Consequences of Discontinuation of the Contract When the Usage Contract ends, no further transactions shall be made via the Payment Instrument. Consequently, it may also become impossible to use the content of the affiliated dealers. Loviit shall refund any unused credit on the Payment Instrument in accordance with subsection 8.4. Section 18 Blocking of the Payment Instrument Loviit may block the Payment Instrument, if Loviit is entitled to terminate the Usage Contract for good cause, if and insofar as factual reasons relating to the security of the Payment Instrument justify this, or if and insofar as it is suspected that the Payment Instrument has been used without authorisation or fraudulently. Unless this conflicts with statutory provisions, Loviit shall, prior to blocking if possible, but no later than promptly after blocking, inform you of the blocking of the Payment Instrument, stating the decisive reasons for this. Loviit shall lift such block, if the reasons for blocking no longer exist. Loviit shall also promptly inform you thereof. Section 19 Amendments to these Terms and Conditions of Business (1) Amendments to these General Terms and Conditions of Business shall be offered to you in text form (e.g. by , via your user account) no later than two months before the proposed effective date. Your consent shall be deemed to have been given, unless you give notification of your rejection prior to the proposed date when the amendments are to enter into effect. Loviit shall specifically draw your attention to this consequence in its offer. (2) If amendments to these General Terms and Conditions of Business are offered to you, you may also terminate the Usage Contract with immediate effect, and free of charge, prior to the proposed date when the amendments are to enter into effect. Loviit shall specifically draw your attention to this right of termination in its offer. (3) Loviit may terminate this contract with two weeks' notice as a whole or in respect of the services affected by the amendments, if the contractual partner objects to a proposed amendment of these GT&Cs. This right of Loviit shall likewise be pointed out. In all other respects, the provisions of this contract, including this written form requirement, may only be amended by written agreement between the parties. Section 20 Your Duties to Give Notification of Changes to your Contact Details You shall promptly notify Loviit of any change of residence, change of name or change of your address(es) given. Section 21 Contractual Language, Communication (1) German shall be the language governing the business relationship and the communication with you during the business relationship. If documents are not written in German in the course of a business process, the formulations in German shall, in case of doubt, always take precedence.

7 (2) Unless otherwise provided for in these General Terms and Conditions of Business, please use the following communication channel for notifications and declarations concerning, or in connection with, the business relationship: Postal address: Industriering 3, FL-9491 Ruggell Section 22 Data Protection Guidelines, Maintenance of Secrecy (1) Loviit shall collect, process and use your personal data in keeping with our data protection guidelines. These can also be found in the Liechtensteinian Landesgesetzblatt [Federal Law Gazette] No. 55 Datenschutzgesetz (DSG) [Data Protection Act]. (2) Confidential information shall not be disclosed to outside parties. None of the parties shall use confidential information in relation to third parties or disclose or transmit confidential information to third parties, unless this is necessary for the performance of its respective duties arising from this contract or for the fulfilment of statutory obligations. In this case, notification of the confidential nature of the information shall be given, and every recipient shall likewise be placed under an obligation of confidentiality. (3) Confidential information shall remain the property of the information provider. (4) The parties to the contract hereby undertake to comply with all laws relating to the protection of personal data that are applicable at the respective time when this data is collected, processed and used. (5) These obligations shall also continue to apply after the contract has ended. The contractual partner shall set off against claims of Loviit only insofar as the contractual partner's claims are undisputed or have been adjudicated upon on a final and non-appealable basis. Loviit's right to set off with its own claims or with claims assigned to Loviit for the purpose of set-off shall remain unaffected. Section 26 Final Provisions (1) Loviit's registered office shall be the place of performance. Liechtensteinian law shall apply to the business relationship between you and Loviit. (2) Vaduz shall be the place of jurisdiction for all disputes ensuing from or in connection with this contract. (3) If any of the provisions contained in these GT&Cs now or in future, or any provision of the contract, is or becomes ineffective or unimplementable, this shall not affect the effectiveness of the other provisions. This shall apply mutatis mutandis in the case of an omission in this contract. Any ineffective or unimplementable provision shall be replaced with, or any omission filled by, an appropriate provision that most closely reflects what the parties would have intended in accordance with the purpose of the contract, had they already taken this circumstance into account when they concluded the contract. Section 23 Compensation Neither Loviit nor the activity in connection with these GT&Cs shall be subject to any system of compensation. There are no existing compensation plans for covering loss asserted in connection with the Payment Instrument. Section 24 Legal Succession All contractual provisions shall be transferred by the contractual partner to singular and/or universal successors. Section 25 Set-Off