Obligations of the E-Money Issuer upon the Issuance and Redemption of E-Money

(1) The e-money issuer must always issue e-money at par value of the funds received. It must, on request of the e-money holder, redeem e-money at any time at par value in legal tender. The e-money holder's redemption request may relate to part of the e-money before the contract ends.
(2) The e-money issuer must inform the e-money holder of the conditions for the redemption of e-money, including any fees that may be agreed in that connection, before the holder is bound by a contract or offer. The conditions must be stated clearly and plainly in the contract between the e-money issuer and the e-money holder.
(3) The e-money issuer may charge the e-money holder a fee for redemption only where this has been contractually agreed. Such an agreement is permissible only where 1. the e-money holder requests redemption before the contract ends, 2. the contract was concluded for a fixed period and is ended by the e-money holder's termination before that period expires, or 3. the e-money holder requests redemption more than one year after the contract ends. The fee must be proportionate to the actual costs incurred by the e-money issuer.
(4) By way of derogation from subsection (1), third sentence, where redemption is requested on termination of the contract, or up to one year after termination of the contract, the entire amount of e-money held by the e-money issuer must be redeemed. Where an e-money institution carries on one or more activities within the meaning of section 11(1), second sentence, no. 5, and the e-money holder requests a total amount after termination of the e-money contract, that amount must be redeemed in legal tender where it is not known in advance what proportion of the funds is to be used as e-money.
(5) The rules under subsection (1), third sentence, and subsections (3) and (4) may be departed from to the disadvantage of the e-money holder only where the holder is not a consumer.