Trust and Loan Companies Act (S.C. 1991, c. 45)

Marginal note:Disclosure of charges

432. A company 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 company and the usual amount, if any, charged by the company for services normally provided by the company to its customers and to the public.

Marginal note:No increase or new charges without disclosure

• 433. (1) A company shall not increase any charge applicable to a personal deposit account with the company or introduce any new charge applicable to a personal deposit account with the company unless the company 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 company shall not increase any charge for any such service in relation to a deposit account with the company or introduce any new charge for any such service in relation to a deposit account with the company unless the company 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

434. Sections 431 to 433 apply only in respect of charges applicable to deposit accounts with the company in Canada and services provided by the company in Canada.

Marginal note:Disclosure required concerning registered products

• 434.1 (1) Subject to subsection (2), a company 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 company 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 company’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 company 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.