Regulatory Alerts2020-01-01
Decision Supplementing the Decision on the Appearance and the Format of the Statement of Fees for Services Linked to a Consumer Payment Account
The Council of the Central Bank of Montenegro issued this decision to mandate that payment service providers submit annual fee statements to consumers no later than March 1 of the current year. The regulation establishes a specific deadline requiring the first such statement to be delivered by March 1, 2024, covering services provided during 2023. This measure supplements existing rules on the format of fee statements and entered into force in January 2023 to enhance transparency for consumers.
Pursuant to Article 44 paragraph 2 item 3 of the Central Bank of Montenegro Law (OGM 40/10, 6/13, 70/17) and Article 12 paragraph 4 of the Law on Comparability of Fees related to Consumer Payment Accounts, Payment Accounts Switching and Payment Account with Basic Features (OGM 145/21), the Council of the Central Bank of Montenegro, at its meeting held on 29 September 2022, passed the following DECISION SUPPLEMENTING THE DECISION ON THE APPEARANCE AND THE FORMAT OF THE STATEMENT OF FEES FOR SERVICES LINKED TO A CONSUMER PAYMENT ACCOUNT Article 1 In the Decision on the appearance and the format of the statement of fees for services linked to a consumer payment account (OGM 101/22), after Article 15 a new Article shall be added worded as follows: “Article 15a A payment service provider shall submit statement of fees to a consumer no later than 1 March of the current year for the previous year, and other deadlines for the submission of the statement of fees shall be established in the framework agreement. A payment service provider shall submit the first statement of fees to a consumer by 1 March 2024 for the services provided in period from 1 January to 31 December 2023.” Article 2 This Decision shall enter into force on the eighth day following that of its publication in the “Official Gazette of Montenegro”, and it shall apply from 9 January 2023. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO Decision number: 0101-6656-2/2022 CHAIRPERSON Podgorica, 29 September 2022 GOVERNOR, Radoje Žugić, m.p.