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Registered Products Regulations

Version of section 2 from 2011-11-01 to 2020-03-15:


Marginal note:Clear and simple language

  •  (1) The information that is required to be provided by an institution under subsection 448.3(1) or 566.1(1) of the Bank Act, subsection 385.131(1) of the Cooperative Credit Associations Act, subsection 434.1(1) of the Trust and Loan Companies Act or these Regulations must be made in language, and presented in a manner, that is clear, simple and not misleading.

  • Marginal note:Manner of providing information

    (2) The information must be provided in writing and orally, subject to the following exceptions:

    • (a) in the case of an account that is opened by telephone, or an agreement that is entered into by telephone, the institution need only provide the information orally before opening the account or entering into the agreement; and

    • (b) in the case of an account that is opened by electronic means or by mail, or an agreement that is entered into by electronic means or by mail, the institution need only provide the information in writing before opening the account or entering into the agreement.

  • Marginal note:Accounts opened by telephone

    (3) An institution that only provides information orally in accordance with paragraph (2)(a) must provide the same information in writing without delay after opening the account or entering into the agreement.

  • Marginal note:Accounts opened by electronic means

    (4) An institution that only provides information in writing in accordance with paragraph (2)(b) must, before opening the account or entering into the agreement, provide the telephone number of a person who is knowledgeable about the terms and conditions of the registered product.

  • Marginal note:Date of the disclosure

    (5) An institution that provides the information in writing referred to in subsections (2) to (4) by mail is considered to have provided that information to the individual on the fifth business day after the postmark date.

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