1. Issuers of electronic money shall issue electronic money at par value on the receipt of funds.
2. Upon request by the holder of the electronic money, the issuer of the electronic money shall redeem, at any moment and at par value, the monetary value of the electronic money held.
3. The contract between the issuer of the electronic money and the holder of the electronic money shall clearly and prominently state the conditions of redemption, including any applicable fees, and the electronic money holder shall be informed of those conditions before being bound by any contract or offer.
4. Redemption of electronic money may be subject to a fee only if stated in the contract in accordance with paragraph 3 and only in any of the following cases:
(a) where the holder of electronic money requests redemption before the termination of the contract;
(b) where the contract provides for a termination date and the holder of electronic money terminates the contract before that date;
(c) where rede
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