The purpose of Law No. 5464 on Bank Cards and Credit Cards is to ensure the effective operation of the card payment system by regulating the procedures and principles for the issuance and use of bank cards and credit cards and for clearing and netting transactions.
You can access the content of the law from the link below.
http://www.mevzuat.gov.tr/MevzuatMetin/1.5.5464.pdf
Main topics covered by the Law
- License requirements for institutions that will issue cards
- The minimum content of the agreement between the cardholder and the issuing institution
- Principles on credit card limits, interest and fees
- Liability when a card is lost or stolen
- Merchant agreements and clearing and netting transactions
- Confidentiality of card data and crimes related to card payments
Cardholder rights
The Law grants cardholders important rights. For example, the limits of liability for transactions made without the cardholder's knowledge and for lost or stolen cards are set by law. It is also mandatory to send the cardholder statements regularly and inform them about fees.
Implementation of the Law
The details of how the Law is implemented are set out in the Regulation on Bank Cards and Credit Cards. Taken together, the Law and the regulation form the legal framework of the card payment system.
Accessing the current text
The Law has been amended several times since it was published. The current text is available at mevzuat.gov.tr.
