Marginal note:Disclosure of changes
3. A retail association shall disclose any change in the rate of interest applicable to a deposit account or any change in the manner of calculating the amount of interest applicable to the deposit account, by means of
(a) a written statement delivered to the person in whose name the account is kept;
(b) a written statement copies of which are available and displayed in each branch of the retail association where deposit accounts are kept; or
(c) a general notice that is displayed in each of the retail association’s branches where deposit accounts are kept, at each of the retail association’s points of service and on the retail association’s websites through which it offers deposit accounts in Canada.
- SOR/2009-46, s. 3.
4. [Repealed, SOR/2009-46, s. 4]
Marginal note:Manner of disclosure
5. A retail association shall, in all advertisements referred to in section 385.08 of the Act, disclose how the amount of interest is to be calculated by means of a statement in the advertisement that clearly sets out
(a) in respect of interest-bearing deposits, the manner, if any, in which the balance of a deposit account will affect the rate of interest; and
(b) all other circumstances that will affect the rate of interest.
COMING INTO FORCE
Marginal note:Coming into force
6. These Regulations come into force on the day on which they are registered.
- Date modified: