﻿<?xml version="1.0" encoding="utf-8"?><Regulation lims:pit-date="2009-02-12" hasPreviousVersion="true" lims:lastAmendedDate="2009-02-12" lims:current-date="2019-06-21" lims:inforce-start-date="2006-03-22" lims:fid="704322" lims:id="704322" regulation-type="SOR" xml:lang="en" xmlns:lims="http://justice.gc.ca/lims"><Identification lims:inforce-start-date="2006-03-22" lims:fid="704323" lims:id="704323"><InstrumentNumber>SOR/2003-298</InstrumentNumber><RegistrationDate><Date><YYYY>2003</YYYY><MM>8</MM><DD>13</DD></Date></RegistrationDate><ConsolidationDate lims:inforce-start-date="2006-03-22"><Date><YYYY>2019</YYYY><MM>6</MM><DD>22</DD></Date></ConsolidationDate><EnablingAuthority lims:inforce-start-date="2006-03-22" lims:fid="704325" lims:id="704325"><XRefExternal reference-type="act" link="C-41.01">COOPERATIVE CREDIT ASSOCIATIONS ACT</XRefExternal></EnablingAuthority><LongTitle lims:inforce-start-date="2006-03-22" lims:fid="704326" lims:id="704326">Disclosure of Interest (Retail Associations) Regulations</LongTitle><RegulationMakerOrder><RegulationMaker>P.C.</RegulationMaker><OrderNumber>2003-1220</OrderNumber><Date><YYYY>2003</YYYY><MM>8</MM><DD>13</DD></Date></RegulationMakerOrder></Identification><Order lims:inforce-start-date="2006-03-22" lims:fid="704327" lims:id="704327"><Provision lims:inforce-start-date="2006-03-22" lims:fid="704328" lims:id="704328" format-ref="indent-0-0" language-align="yes" list-item="no"><Text>Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 385.09<FootnoteRef idref="footnotea_e">a</FootnoteRef>, subsection 385.1(6)<FootnoteRef>a</FootnoteRef> and sections 385.28<FootnoteRef>a</FootnoteRef> and 463<FootnoteRef idref="footnoteb_e">b</FootnoteRef> of the <XRefExternal reference-type="act" link="C-41.01">Cooperative Credit Associations Act</XRefExternal><FootnoteRef idref="footnotec_e">c</FootnoteRef>, hereby makes the annexed <XRefExternal reference-type="regulation" link="SOR-2003-298">Disclosure of Interest (Retail Associations) Regulations</XRefExternal>.</Text><Footnote id="footnotea_e" placement="page" status="official"><Label>a</Label><Text>S.C. 2001, c. 9, s. 313</Text></Footnote><Footnote id="footnoteb_e" placement="page" status="official"><Label>b</Label><Text>S.C. 2001, c. 9, s. 339</Text></Footnote><Footnote id="footnotec_e" placement="page" status="official"><Label>c</Label><Text>S.C. 1991, c. 48</Text></Footnote></Provision></Order><Body lims:inforce-start-date="2006-03-22" lims:fid="704329" lims:id="704329"><Heading lims:inforce-start-date="2006-03-22" lims:fid="704330" lims:id="704330" level="1"><TitleText>Interpretation</TitleText></Heading><Section lims:inforce-start-date="2009-02-12" lims:lastAmendedDate="2009-02-12" lims:fid="704331" lims:id="704331"><MarginalNote lims:inforce-start-date="2009-02-12" lims:fid="704332" lims:id="704332">Definitions</MarginalNote><Label>1</Label><Text>The following definitions apply in these Regulations.</Text><Definition lims:inforce-start-date="2009-02-12" lims:fid="704333" lims:id="704333" generate-in-text="no"><Text><DefinedTermEn>Act</DefinedTermEn> means the <XRefExternal reference-type="act" link="C-41.01">Cooperative Credit Associations Act</XRefExternal>. (<DefinedTermFr>Loi</DefinedTermFr>)</Text></Definition><Definition lims:inforce-start-date="2009-02-12" lims:fid="704334" lims:id="704334" generate-in-text="no"><Text><DefinedTermEn>deposit account</DefinedTermEn> means an interest-bearing deposit account. (<DefinedTermFr>compte de dépôt</DefinedTermFr>)</Text></Definition><Definition lims:inforce-start-date="2009-02-12" lims:fid="704335" lims:id="704335" generate-in-text="no"><Text><DefinedTermEn>point of service</DefinedTermEn> means a physical location to which the public has access and at which a retail association carries on business with the public and opens or initiates the opening of deposit accounts through natural persons in Canada. (<DefinedTermFr>point de service</DefinedTermFr>)</Text></Definition><HistoricalNote><HistoricalNoteSubItem lims:inforce-start-date="2009-02-12" lims:fid="704337" lims:id="704337">SOR/2009-46, s. 1</HistoricalNoteSubItem></HistoricalNote></Section><Heading lims:inforce-start-date="2006-03-22" lims:fid="704338" lims:id="704338" level="1"><TitleText>Deposit Accounts</TitleText></Heading><Section lims:inforce-start-date="2009-02-12" lims:lastAmendedDate="2009-02-12" lims:fid="704339" lims:id="704339"><MarginalNote lims:inforce-start-date="2009-02-12" lims:fid="704340" lims:id="704340">Manner of disclosure</MarginalNote><Label>2</Label><Subsection lims:inforce-start-date="2009-02-12" lims:fid="704341" lims:id="704341"><Label>(1)</Label><Text>Subject to subsection (2), a retail association shall disclose to a person who requests the retail association to open a deposit account the rate of interest applicable to the deposit account and how the amount of interest to be paid is to be calculated</Text><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704342" lims:id="704342"><Label>(a)</Label><Text>if a statement of account is provided in respect of the deposit account, by means of a written statement delivered to that person, at or before the time the deposit account is opened; or</Text></Paragraph><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704343" lims:id="704343"><Label>(b)</Label><Text>if no statement of account is provided in respect of the deposit account, by means of</Text><Subparagraph lims:inforce-start-date="2009-02-12" lims:fid="704344" lims:id="704344"><Label>(i)</Label><Text>a written statement, copies of which are available and displayed in each branch of the retail association where deposit accounts are kept, or</Text></Subparagraph><Subparagraph lims:inforce-start-date="2009-02-12" lims:fid="704345" lims:id="704345"><Label>(ii)</Label><Text>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.</Text></Subparagraph></Paragraph></Subsection><Subsection lims:inforce-start-date="2009-02-12" lims:fid="704346" lims:id="704346"><MarginalNote lims:inforce-start-date="2009-02-12" lims:fid="704347" lims:id="704347">Opening of account on telephone request</MarginalNote><Label>(2)</Label><Text>In the case of the opening of a deposit account on a telephone request as contemplated by subsection 385.1(3) of the Act, a retail association shall, not later than seven business days after the account is opened, provide to the customer a written statement that sets out the rate of interest applicable to the account and how the amount of interest to be paid is to be calculated.</Text></Subsection><Subsection lims:inforce-start-date="2009-02-12" lims:fid="704348" lims:id="704348"><MarginalNote lims:inforce-start-date="2009-02-12" lims:fid="704349" lims:id="704349">Required contents</MarginalNote><Label>(3)</Label><Text>A written statement and a general notice referred to in subsection (1) or a written statement referred to in subsection (2) shall include</Text><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704350" lims:id="704350"><Label>(a)</Label><Text>the annual rate of interest;</Text></Paragraph><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704351" lims:id="704351"><Label>(b)</Label><Text>the frequency of payment of interest;</Text></Paragraph><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704352" lims:id="704352"><Label>(c)</Label><Text>the manner, if any, in which the balance in the deposit account affects the rate of interest; and</Text></Paragraph><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704353" lims:id="704353"><Label>(d)</Label><Text>any other circumstance that affects the rate of interest.</Text></Paragraph></Subsection><Subsection lims:inforce-start-date="2009-02-12" lims:fid="704354" lims:id="704354"><MarginalNote lims:inforce-start-date="2009-02-12" lims:fid="704355" lims:id="704355">Presumption</MarginalNote><Label>(4)</Label><Text>A written statement referred to in subsection (2) that is sent to a customer by mail is deemed to be provided to the customer on the fifth day after the postmark date on the statement.</Text></Subsection><HistoricalNote><HistoricalNoteSubItem lims:inforce-start-date="2009-02-12" lims:fid="704357" lims:id="704357">SOR/2009-46, s. 2</HistoricalNoteSubItem></HistoricalNote></Section><Section lims:inforce-start-date="2009-02-12" lims:lastAmendedDate="2009-02-12" lims:fid="704358" lims:id="704358"><MarginalNote lims:inforce-start-date="2009-02-12" lims:fid="704359" lims:id="704359">Disclosure of changes</MarginalNote><Label>3</Label><Text>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</Text><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704360" lims:id="704360"><Label>(a)</Label><Text>a written statement delivered to the person in whose name the account is kept;</Text></Paragraph><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704361" lims:id="704361"><Label>(b)</Label><Text>a written statement copies of which are available and displayed in each branch of the retail association where deposit accounts are kept; or</Text></Paragraph><Paragraph lims:inforce-start-date="2009-02-12" lims:fid="704362" lims:id="704362"><Label>(c)</Label><Text>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.</Text></Paragraph><HistoricalNote><HistoricalNoteSubItem lims:inforce-start-date="2009-02-12" lims:fid="704364" lims:id="704364">SOR/2009-46, s. 3</HistoricalNoteSubItem></HistoricalNote></Section><Section lims:inforce-start-date="2009-02-12" lims:lastAmendedDate="2009-02-12" lims:fid="704365" lims:id="704365"><Label>4</Label><Text><Repealed>[Repealed, SOR/2009-46, s. 4]</Repealed></Text></Section><Heading lims:inforce-start-date="2006-03-22" lims:fid="704366" lims:id="704366" level="1"><TitleText>Advertising</TitleText></Heading><Section lims:inforce-start-date="2006-03-22" lims:lastAmendedDate="2006-03-22" lims:fid="704367" lims:id="704367"><MarginalNote lims:inforce-start-date="2006-03-22" lims:fid="704368" lims:id="704368">Manner of disclosure</MarginalNote><Label>5</Label><Text>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</Text><Paragraph lims:inforce-start-date="2006-03-22" lims:fid="704369" lims:id="704369"><Label>(a)</Label><Text>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</Text></Paragraph><Paragraph lims:inforce-start-date="2006-03-22" lims:fid="704370" lims:id="704370"><Label>(b)</Label><Text>all other circumstances that will affect the rate of interest.</Text></Paragraph></Section><Heading lims:inforce-start-date="2006-03-22" lims:fid="704371" lims:id="704371" level="1"><TitleText>Coming into Force</TitleText></Heading><Section lims:inforce-start-date="2006-03-22" lims:lastAmendedDate="2006-03-22" lims:fid="704372" lims:id="704372" type="transitional"><MarginalNote lims:inforce-start-date="2006-03-22" lims:fid="704373" lims:id="704373">Coming into force</MarginalNote><Label>6</Label><Text>These Regulations come into force on the day on which they are registered.</Text></Section></Body></Regulation>