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Canadian Payments Association By-law No. 2 — Finance (SOR/2016-283)

Regulations are current to 2021-03-23 and last amended on 2020-07-16. Previous Versions

Fees for Services (continued)

Service Fees

Marginal note:Determination of service fees

 The fees — other than transaction fees — to be paid for services performed by or on behalf of the Association for the benefit of a member, participant or other person must be the costs, for the Association, of providing the services.

Termination of Membership or Participation

Marginal note:Reimbursement and unpaid dues or fees

 A member that ceases to be a member or a participant that withdraws from participation in a system

  • (a) is not entitled to a reimbursement of any common services dues, transaction fees or service fees that have been paid; and

  • (b) continues to be liable for unpaid amounts of those dues and fees.

Payment of Dues or Fees

Marginal note:Common services dues

  •  (1) Common services dues are payable by a member on or before the first day of each fiscal year or, if another date is established by the Board under subsection (3), by that date.

  • Marginal note:Transaction fees

    (2) Transactions fees are payable by a participant for each preceding three-month period, within 15 days after an invoice is issued or, if another date is established by the Board under subsection (3), by that date.

  • Marginal note:Other dates

    (3) For the purposes of operational efficiency, the Board may establish dates on which common services dues or transaction fees are payable other than those mentioned in subsection (1) or (2).

Non-payment of Dues or Fees

Marginal note:Interest on unpaid dues and fees

  •  (1) In addition to any other action that may be taken under another by-law, a member, participant or other person that fails to pay common services dues, transaction fees or service fees on or before the day on which they are due must pay interest, at a rate of not more than 0.125% of the amount payable for each day that the payment is overdue, calculated in accordance with the method set out in a resolution of the Board.

  • Marginal note:General revenue

    (2) The amount of any interest paid under this By-law accrues to the general revenue of the Association.

Transitional Provision

Marginal note:Common services dues and transaction fees — determination and notice

 Subsections 2(2), 5(2) and 6(6) do not apply in respect of the fiscal year that begins on January 1, 2017.

Repeal

 [Repeal]

Coming into Force

Marginal note:January 1, 2017

 This By-law comes into force on January 1, 2017.

 
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