2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

Payment System (Eastern Caribbean Automated Clearing House System) Rules – section 33 (Statutory Instruments 79/2014, 33/2015, 199/2021 and 121/2022)

Statutory Instrument 79/2014 .. in force 30 April 2013

Amended by S.I. 33/2015 .. in force 1 April 2015

Amended by S.I. 199/2021 .. in force 1 November 2021

Amended by S.I. 121/2022 .. in force 1 November 2021

ARRANGEMENT OF RULES

PART 1
PRELIMINARY

1.Citation
2.Commencement
3.Definitions
4.Purpose
5.International standards
6.Compliance with Anti-Money Laundering and Combating the Financing of Terrorism Legislation
7.Application
8.Rule binds system participants and third party agents

PART 2
PARTICIPATION, ACCESS AND RESPONSIBILITIES

9.General
10.Direct or Indirect Settlement
11.Admission of system participants
12.Suspension of a system participant
13.Grace period under suspension
14.Access to data under a suspension
15.Notification of suspension
16.Reinstatement of a suspended system participant
17.Cessation of a system participant
18.Resignation in writing
19.Termination
20.Grace period under termination
21.Effective date of termination
22.Revocation of termination
23.Discharge of obligations on suspension and cessation
24.Discharge of monies owed on cessation
25.Cessation of access
26.Notice to system participants of cessation
27.Entrance and exit fees
28.Collateralisation
29.Calculating the minimum collateral amount and the credit limit
30.Settlement failure
31.Sending credit and debit items
32.Security procedures
33.Processing of items
34.Duplicate items
35.ECACH not responsible for system participants' failure
36.Recording of communication
37.Acknowledgement for electronic transmissions
38.Verification of acknowledgement
39.Notification for non-receipt of acknowledgment
40.Designation by routing number
41.Processing by routing number
42.No obligation for use of routing number
43.Delivery of items to receiving participants
44.Items deemed delivered
45Advice of non-receipt of items
46.Receipt of items in a timely manner
47.Designation of a third party agent
48.Use of credentials by third party agent
49Establishment of controls for third party agents
50.ECACH not responsible for proper identification by third party agent
51.System participant bound by acts or omissions of third party agent
52.System participant to authorise settlement to ECACH
53.Delivery to third party agent
54.Reliance on third party agent designation
55.System participants responsibility for items on termination of third party agent
56.Indemnity for acts of third party agent
57.Pending and rejected items
58.Time schedules, settlement dates and extension of time limits
59.Designation of settlement account
60.Actions to be taken by the ECACH on a designated settlement account
61.General charges
62.ECACH not responsible for rights between system participant and settling participant
63.Prior designations of no effect
64.Obligations for settlement of transactions
65.Termination of settlement designation by written notice
66.Settlement
67.Availability of credit
68.Revocation of items
69.Return of items and funds
70.Processing of a returned item
71.Settlement of a returned item
72.Recourse and alternative resolution
73.Disputed returns
74.Finality
75.Obligations of originating participant in finality
76.No return of funds
77.Advice of credit, debit and reporting of errors
78.Records
79.Fees and penalties
80.Non-value messages
81.Limitations on liability and warranty
82.Restriction of claims for processing or settling a claim
83.Failure to send a written objection to an advice debit
84.Damages

PART 3
OPERATING RULES FOR CHEQUE IMAGE EXCHANGE

85.Scope
86.General requirements
87.Items and instruments eligible for ECACH
88.VIP session
89.Standards for image capture
90.Image capture
91.Unusable images
92.Communication of bilateral exchanges
93.Delivery of physical cheques in bilateral exchanges
94.Transmission of cheque images in bilateral exchanges by fax, email
95.Image usability standards
96.Reason for return and return process
97.Poor source documents
98.Piggy-back items
99.Liability of originating participant for usability
100.Liability of originating participant under a piggy-back situation
101.Endorsement
102.Image cash letter creation
103.Image cash letter transmission
104.Eligible item identification
105.Responsibilities of originating participant
106.Responsibilities of receiving participant
107.Presentment
108.Return by receiving participant
109.Time limitation
110.Fraudulent items
111.Genuineness of eligible item
112.Returned eligible item not to be re-presented
113.Method and routing of returned eligible item
114.Images in an ECACH return image cash letter
115.Eligible items with incomplete or missing endorsements
116.Return codes for forged endorsements or material alterations
117.Misdirected eligible items to be returned
118.Incorrect amount in image cash letter
119.Words and figures differ
120Stale dated items
121.Re-presentment

PART 4
OPERATING RULES FOR ELECTRONIC FUNDS TRANSFERS

122.Scope
123.Prerequisites for initiating a credit or debit funds transfer
124.Written electronic authorisation
125.Exception to authorisation requirement
126.Notice to be given to originator before a credit entry is made
127.Notice to be given to receiver where credit entry made
128.Originating participant exposure limits
129.Authorisation of originator and receiver
130.Timeliness of credit entries and amount for debit entries
131.Originating participant to ensure entry complies with other requirements
132.Transmittal of required information
133.Limitation of warranties
134.Indemnity for breach of warranty
135General rule for reversing files
136.Time limits for initiating a reversing file
137.Notification of reversing a file by ECACH
138.Correcting files
139.Indemnification on reversing files
140.Rules inapplicable to reversing files
141.General rule for reversing entries
142.Indemnification on reversing entries
143.Rules inapplicable to reversing entries
144.Re-initiation of returned entries by originators
145.Media and format specification requirements
146.Release of information
147.Pre-Notification
148.Notice by originator of change in amount
149Receiver may elect to receive notice
150.Notice by originator of change in scheduled debiting date
151.Originator to provide copy of debit authorisation
152.Retention of the record of authorisation
153.Receiving participant right to information regarding entries
154.Receiving participant under obligation to accept entries
155.Receiving participant may rely on account numbers for posting of entries
156.Warranty and indemnity of receiving participant
157.Receipt and availability of entries
158.Receiving participant to make available credit entries to receivers
159.Time to debit entries to a receivers account
160Rights of receiver upon unauthorised debit to its account
161.Reliance on standard entry class codes
162.Reimbursement of receiving participant
163.Periodic statements
164.Notice to receiver
165.Release of information
166.Processing obligation of the ECACH
167Accounting advice
168Rejection by ECACH
169.ECACH to review originator status code
170.ECACH to record entries
171.Transactions and payment types
172Direct credit payments
173.Direct debit payments
Schedule 1
Schedule 2
Schedule 3
Schedule 4
Schedule 5

Commencement [30 April 2013]