Notices of Uninsured Deposits Regulations (Retail Associations) (SOR/2008-65)

Notice to Be Given Before Opening a Deposit Account

• 1 (1) The notice required under subsection 378.2(1) of the Cooperative Credit Associations Act shall be given either as part of the account agreement or as a separate document.

• (2) If the notice is given to a person on premises that the retail association shares with a member institution within the meaning of section 2 of the Canada Deposit Insurance Corporation Act,

  • (a) the notice shall contain an additional statement indicating that the retail association’s business is separate and distinct from that of the member institution;

  • (b) the retail association shall verbally explain all the information contained in the notice to the person requesting the account and obtain from them a signed declaration stating that

    • (i) the person has been given and has read the notice,

    • (ii) the retail association has verbally explained the information contained in the notice, and

    • (iii) the person understands that deposits with the retail association are not insured by the Canada Deposit Insurance Corporation.

Notices in Branches and on Websites

• 2 (1) The notice required to be posted under paragraph 378.2(2)(a) of the Cooperative Credit Associations Act shall be in the following form:

  NOTICE

  Deposits with (name of retail association) are not insured by the Canada Deposit Insurance Corporation.

• (2) A notice in a branch shall be prominently displayed in such a manner that it is clearly visible in the area of the branch that is open to the public. The notice shall

  • (a) be 27.94 cm in height and 43.18 cm in width; and

  • (b) display letters having a font size of 120 points in the heading and a font size of 50 points in the remainder of the text.

• (3) A notice on a website shall be prominently displayed in such a manner that it is clearly visible to the person accessing the website.

Notices in Advertisements

3 The notice required under paragraph 378.2(2)(b) of the Cooperative Credit Associations Act shall be in the form set out in subsection 2(1) and shall appear prominently in advertisements in which the retail association offers deposit facilities or solicits deposits.

Coming into Force

Footnote ^*4 These Regulations come into force on the day on which section 160 of An Act to amend the law governing financial institutions and to provide for related and consequential matters, chapter 6 of the Statutes of Canada, 2007, comes into force, but if they are registered after that day, they come into force on the day on which they are registered.

• Return to footnote ^*[Note: Regulations in force March 8, 2008, see SI/2008-33.]