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Disclosure of Interest (Retail Associations) Regulations (SOR/2003-298)

Regulations are current to 2024-11-26 and last amended on 2009-02-12. Previous Versions

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Disclosure of Interest (Retail Associations) Regulations

SOR/2003-298

COOPERATIVE CREDIT ASSOCIATIONS ACT

Registration 2003-08-13

Disclosure of Interest (Retail Associations) Regulations

P.C. 2003-1220 2003-08-13

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 385.09Footnote a, subsection 385.1(6)a and sections 385.28a and 463Footnote b of the Cooperative Credit Associations ActFootnote c, hereby makes the annexed Disclosure of Interest (Retail Associations) Regulations.

Interpretation

Marginal note:Definitions

1 The following definitions apply in these Regulations.

Act

Act means the Cooperative Credit Associations Act. (Loi)

deposit account

deposit account means an interest-bearing deposit account. (compte de dépôt)

point of service

point of service 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. (point de service)

  • SOR/2009-46, s. 1
Previous Version

Deposit Accounts

Marginal note:Manner of disclosure

  • 2 (1) 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

    • (a) 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

    • (b) if no statement of account is provided in respect of the deposit account, by means of

      • (i) a written statement, copies of which are available and displayed in each branch of the retail association where deposit accounts are kept, or

      • (ii) 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.

  • Marginal note:Opening of account on telephone request

    (2) 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.

  • Marginal note:Required contents

    (3) A written statement and a general notice referred to in subsection (1) or a written statement referred to in subsection (2) shall include

    • (a) the annual rate of interest;

    • (b) the frequency of payment of interest;

    • (c) the manner, if any, in which the balance in the deposit account affects the rate of interest; and

    • (d) any other circumstance that affects the rate of interest.

  • Marginal note:Presumption

    (4) 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.

  • SOR/2009-46, s. 2
Previous Version

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
Previous Version

4 [Repealed, SOR/2009-46, s. 4]

Previous Version

Advertising

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.

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