Cooperative Credit Associations Act (S.C. 1991, c. 48)

Marginal note:Disclosure of charges

385.11 A retail association shall disclose to its customers and to the public, at the prescribed time and place and in the prescribed form and manner, the charges applicable to deposit accounts with the association and the usual amount, if any, charged by the association for services normally provided by the association to its customers and to the public.

Marginal note:No increase or new charges without disclosure

• 385.12 (1) A retail association shall not increase any charge applicable to a personal deposit account with the association or introduce any new charge applicable to a personal deposit account with the association unless the association discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

• Marginal note:Mandatory disclosure

  (2) With respect to prescribed services in relation to deposit accounts, other than personal deposit accounts, a retail association shall not increase any charge for any such service in relation to a deposit account with the association or introduce any new charge for any such service in relation to a deposit account with the association unless the association discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

Marginal note:Application

385.13 Sections 385.1 to 385.12 apply only in respect of charges applicable to deposit accounts with the retail association in Canada and services provided by it in Canada.

Marginal note:Disclosure required concerning registered products

• 385.131 (1) Subject to subsection (2), a retail association shall not open an account that is or forms part of a registered product in the name of a customer, or enter into an agreement with a customer for a prescribed product or service that is or forms part of a registered product, unless the retail association provides, in the prescribed manner, to the individual requesting the account or the prescribed product or service

  • (a) information about all charges applicable to the registered product;

  • (b) information about how the customer will be notified of any increase in those charges and of any new charges applicable to the registered product;

  • (c) information about the retail association’s procedures relating to complaints about the application of any charge applicable to the registered product; and

  • (d) any other information that may be prescribed.

• Marginal note:Regulations

  (2) The Governor in Council may make regulations specifying the circumstances under which a retail association need not provide the information.

• Definition of “registered product”

  (3) In this section, “registered product” means a product that is defined to be a registered product by the regulations.