Disclosure of Charges (Trust and Loan Companies) Regulations (SOR/92-328)

Regulations are current to 2014-09-01 and last amended on 2009-02-12. Previous Versions

Disclosure of Charges (Trust and Loan Companies) Regulations

SOR/92-328

TRUST AND LOAN COMPANIES ACT

Registration 1992-05-21

Regulations Respecting the Disclosure by Companies of Charges Applicable to Deposit Accounts and Services

P.C. 1992-1104  1992-05-21

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 429, 431 to 433 and 531 of the Trust and Loan Companies ActFootnote *, is pleased hereby to make the annexed Regulations respecting the disclosure by companies of charges applicable to deposit accounts and services, effective June 1, 1992.

SHORT TITLE

 These Regulations may be cited as the Disclosure of Charges (Trust and Loan Companies) Regulations.

INTERPRETATION

 The following definitions apply in these Regulations.

“controlled access automated teller machine”

“controlled access automated teller machine” means an automated teller machine located in a branch or a point of service of a company, or in an enclosed area adjacent to a branch or a point of service of a company, access to which is controlled by a system that permits entry to automated teller machine users. (guichet automatique à accès contrôlé)

“point of service”

“point of service” means a physical location to which the public has access and at which a company carries on business with the public and opens or initiates the opening of retail deposit accounts through natural persons. (point de service)

  • SOR/2009-52, s. 1.

PERSONAL DEPOSIT ACCOUNTS

 A company shall disclose to its customers and to the public all charges applicable to personal deposit accounts with the company by means of a written statement, copies of which shall be displayed and made available to customers and to the public at each of company’s branches where products and services are offered, at each of the company’s points of service and on the company’s websites through which products or services are offered in Canada.

  • SOR/94-687, s. 5(F);
  • SOR/2009-52, s. 2.

 Where a company increases a charge applicable to personal deposit accounts with the company or introduces a new charge applicable to personal deposit accounts with the company, the company shall disclose the increase or new charge, as the case may be, to each customer in whose name such an account is kept

  • (a) with respect to a customer to whom a statement of account is provided,

    • (i) by means of a notice in writing provided to the customer at least 30 days before the effective date of the increase or new charge, or

    • (ii) where the customer has instructed the company in writing to provide such a notice to another person, by means of a notice provided to that other person at least 30 days before the effective date of the increase or new charge; and

  • (b) with respect to a customer to whom a statement of account is not provided

    • (i) by means of a notice that is displayed, for a period of at least 60 days immediately before the effective date of the increase or new charge, at each branch of the company where products or services are offered, at each of the company’s points of service, at each controlled access automated teller machines on which the name of the company or information identifying the machine with the company is displayed and on the company’s websites through which products or services are offered in Canada, and

    • (ii) by means of a notice, electronic or otherwise, advising customers of the increase or new charge and the manner in which further details can be obtained, which notice shall be provided, for a period of at least 60 days immediately before the effective date of the increase or new charge, at all automated teller machines, other than controlled access automated teller machines, on which the name of the company or information identifying the machine with the company is displayed.

  • SOR/2009-52, s. 3.