Copyright Law Updates | New Statutes, Regulations and Rules
May 27, 2008
Copyright Office Amends Rules to Clarify When Interest on Late and Underpaid Royalty Fees Accrue
Late–Filed and Underpaid Royalties
Docket No. RM 2008–5, 37 CFR Parts 201, 5/20/2008
On May 20, 2008, the Copyright Office released an issuance, effective immediately, to clarify when interest for late and underpayments is due in light of the Copyright Office’s electronic funds transfer requirement.
By way of background, on August 10, 2006, the Copyright Office published a rule requiring that submission of royalty fees be made by electronic funds transfer (‘‘EFT’’). 71 FR 45739 (August 10, 2006). Under the new EFT regulations, 37 CFR 201.17(i), all royalty payments done by EFT must be made on or before the day they are due. Interest begins accruing on all late–filed submissions and late royalty payments…
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