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Can you summarize R.S.C. , 1985, c. C-21?
Consolidated Acts > Canadian Payments Act
Short Summary
The Canadian Payments Act establishes the Canadian Payments Association, which is responsible for the clearing and settlement of payments in Canada. The Act applies to various financial institutions, including banks, credit associations, insurance companies, and securities dealers. Its main purpose is to ensure the efficiency, safety, and soundness of payment systems and to promote the development of new payment methods. The Act does not specify any exemptions or penalties for non-compliance.
Whom does it apply to?
The Act applies to the Canadian Payments Association, which consists of the Bank of Canada, banks, authorized foreign banks, cooperative credit associations, loan companies, trust companies, life insurance companies, securities dealers, and other entities that accept deposits transferable by order.
What does it govern?
The Canadian Payments Act governs the establishment and operation of national systems for the clearing and settlement of payments, the facilitation of interaction with other systems involved in payment exchange, and the development of new payment methods and technologies.
What are exemptions?
No specific exemptions are mentioned in the Act.
What are the Penalties?
The Act does not specify penalties for non-compliance.
Jurisdiction
Canada