I hereby authorize MA MORTGAGE ARCHITECTS INC (‘Company’) to debit the account identified in order to pay all fees, charges and any other amounts owed pursuant to the terms of an Agreement between myself (or my Business) and the Company (monthly network Fees, licensing or processing fees, commissions, the cost of any products, inventory, equipment and/or supplies purchased from the Company(or its affiliates), and any other amounts owing to the Company, and, if necessary, to initiate adjustments for any transactions debited in error. These debits are related to the operation of my mortgage brokering activity with the Company, and the amount of each debit will vary. Regular payments for outstanding fees, charges and any other amounts will be first collected from my commissions, with the remainder of balances due shall be debited from my specified account. The Company will obtain my authorization for any other one‐time or sporadic debits.
I hereby waive pre-notification under Subsection 15(a) and Section 17 of Canadian Payments Association Rule H1, and as a result the Company is not required to provide me with pre-notification of the amount that will be debited from my account or pre-notification of the date(s) of such debiting.
I hereby waive the confirmation requirement under Section 16 of Canadian Payments Association Rule H1, and as a result the Company is not required to provide me with a Confirmation (as defined therein) at least 10 calendar days before the due date of the first pre-authorized debit hereunder. The Company will still provide me with (or make available to me) such Confirmation within 5 calendar days following the due date of the first pre-authorized debit hereunder.
The Company may assign this PAD Agreement at any time, directly or indirectly, by operation of law, change of control, or otherwise, by providing to me written notice of the full details of such assignment, including the identity and contact information of the assignee, at least 10 days in advance of the next PAD being issued in the assignee’s name.
This PAD Agreement only applies to the method of payment between me (or my Business) and the Company. This PAD Agreement or the termination of this PAD Agreement does not have any effect whatsoever with respect to any contract, including contracts for goods or services, between me and the Company. The Company may cease issuing pre-authorized debits in accordance with the terms of this PAD Agreement or in accordance with Canadian Payments Association Rule H1.
I can revoke this authorization at any time by providing 30 days’ notice to the Company. I can obtain a sample cancellation form or further information on my right to cancel this PAD Agreement at my financial institution or by visiting www.payments.ca. If any of the above banking information with respect to the account to be used for PAD transactions becomes invalid or incorrect, I will provide the Company with immediate notice of such changes and authorize the Company to charge all fees due to an alternative bank account. I must provide written notice at least 15 business days before the due date of a PAD to the Company, of any change with respect to the account which it has designated debits to be drawn.
I have certain recourse rights if any debit does not comply with this agreement. For example, I have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD Agreement. To obtain more information on my recourse rights, I may contact my financial institution or visit www.payments.ca.
Contact:
MA MORTGAGE ARCHITECTS INC.
5675 Whittle Road, Mississauga, ON L4Z 3P8
commissions@mtgarc.ca
