41.—(1) Redemption may be subject to a fee only where the fee is stated in the contract in accordance with regulation 40(a), and—
(a)redemption is requested before the termination of the contract;
(b)the contract provides for a termination date and the electronic money holder terminates the contract before that date; or
(c)redemption is requested more than one year after the date of termination of the contract.
(2) Any fees for redemption must be proportionate and commensurate with the costs actually incurred by the electronic money issuer.