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Payment services law

Issuance of bills

One of the aspects regulated by Law 16/2009, dated 13 November, on Payment Services is the right of return of the recipient of a bill which has the following time limits:

  • Up to 8 weeks in those cases in which authorisation was given without specifying the exact amount and if the amount of the bill exceeds what may reasonably be expected taking into account previous expense patterns.
  • This period is extended to 13 months when the direct debit is not authorised.

Adapting these aspects to the interbank clearing system signifies, for the issuer of bills, the need to always have in their possession the authorisation signed by the debtor on whom the bill is drawn.

When it is a case of collecting invoices for commercial transactions in which significant differences in the amount of the bills may exist, it is advisable that the authorisation be individual, indicating the amount to be debited and the details of the debit account.

All the above is applicable to any bill, both those issued in a file in accordance with the AEB regulations (19, 32 and 58), direct debits under the SEPA CORE scheme included, and those issued in paper format.

It is important to take into account these regulatory developments, especially insofar as they affect the period in which bills may be returned.

For any further clarification, information is available on +34 935 202 910 , via the internet or directly at your branch.