GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Cooperative Credit Associations Act — C-41.01 382.2
Restriction on charges to borrowers 382.2 (1) Subject to any regulations made under subsection (2), a retail association that has obtained insurance or a guarantee against default on a loan made in Canada on the security of residential property shall not charge a borrower an amount for the insurance or guarantee that exceeds the actual cost to the retail association of the insurance or guarantee. Regulations (2) The Governor in Council may make regulations (a) respecting the determination of the actual cost to a retail association for the purposes of subsection (1); (b) respecting the circumstances in which a retail association is exempt from the application of subsection (1); (c) respecting, in relation to insurance or a guarantee against default on a loan made by a retail association in Canada on the security of residential property, (i) the arrangements into which the retail association, its representatives and its employees may or may not enter, and (ii) the payments or benefits that the retail association, its representatives and its employees may or may not accept from an insurer or the insurer’s affiliates; and (d) respecting any other matters necessary to carry out the purposes of subsection (1). Regulations — disclosure (3) The Governor in Council may make regulations respecting the disclosure by a retail association of information relating to insurance or a guarantee against default on a loan made by the retail association in Canada on the security of residential property, including regulations respecting (a) the information that must be disclosed, including information relating to (i) the person who benefits from the insurance or guarantee, (ii) the arrangements between the retail association, its representatives or its employees and the insurer or the insurer’s affiliates, and (iii) the payments and benefits that the retail association, its representatives and its employees accept from an insurer or the insurer’s affiliates; (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and (c) the circumstances under which a retail association is not required to disclose information. 2009, c. 2, s. 277; 2012, c. 5, s. 107(E)
Cooperative Credit Associations Act — C-41.01 383
Policies re security interests 383 (1) The directors of an association shall establish and the association shall adhere to policies regarding the creation of security interests in property of the association to secure obligations of the association and the acquisition by the association of beneficial interests in property that is subject to security interests. Order to amend policies (2) The Superintendent may, by order, direct an association to amend its policies as specified in the order. Compliance (3) An association shall comply with an order made under subsection (2) within the time specified in the order. 1991, c. 48, s. 383; 2001, c. 9, s. 311; 2007, c. 6, s. 162(F)
Cooperative Credit Associations Act — C-41.01 383.1
Regulations and guidelines 383.1 The Governor in Council may make regulations and the Superintendent may make guidelines respecting the creation by an association of security interests in its property to secure obligations of the association and the acquisition by the association of beneficial interests in property that is subject to security interests. 2001, c. 9, s. 311
Cooperative Credit Associations Act — C-41.01 383.2
Exception 383.2 Sections 383 and 383.1 do not apply in respect of a security interest created by an association to secure an obligation of the association to the Bank of Canada or the Canada Deposit Insurance Corporation. 2001, c. 9, s. 311
Cooperative Credit Associations Act — C-41.01 384
Restriction on receivers 384 An association shall not grant to a person the right to appoint a receiver or a receiver and manager of the property or business of the association.
Cooperative Credit Associations Act — C-41.01 385
Restriction on partnerships 385 (1) Except with the approval of the Superintendent, an association may not be a general partner in a limited partnership or a partner in a general partnership. Meaning of general partnership (2) For the purposes of subsection (1), general partnership means any partnership other than a limited partnership. 1991, c. 48, s. 385; 2001, c. 9, s. 312
Cooperative Credit Associations Act — C-41.01 385.01
Deposit acceptance 385.01 (1) A retail association may, without the intervention of any other person, (a) accept a deposit from any person whether or not the person is qualified by law to enter into contracts; and (b) pay all or part of the principal of the deposit and all or part of the interest on that principal to or to the order of that person. Exception (2) Paragraph (1)(b) does not apply if, before payment, the money deposited in the association pursuant to paragraph (1)(a) is claimed by some other person (a) in any action or proceeding to which the association is a party and in respect of which service of a writ or other process originating that action or proceeding has been made on the association; or (b) in any other action or proceeding pursuant to which an injunction or order made by the court requiring the association not to make payment of that money or to make payment thereof to some person other than the depositor has been served on the association. If such a claim is made, the money so deposited may be paid to the depositor with the consent of the claimant or to the claimant with the consent of the depositor. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.02
Execution of trust 385.02 (1) An association is not bound to see to the execution of any trust to which any deposit made under the authority of this Act is subject. Payment when association has notice of trust (2) Subsection (1) applies regardless of whether the trust is express or arises by the operation of law, and it applies even when the association has notice of the trust if it acts on the order of or under the authority of the holder or holders of the account into which the deposit is made. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.03
and (b) at the rate and computed in the manner that the Minister determines. Enforcing liability (4) The liability of the Bank of Canada under subsection (3) may be enforced by action against the Bank of Canada in the court in the province in which the deposit or instrument was payable. Application of subsection (1) (5) Subsection (1) applies only in respect of deposits made, and cheques, drafts and bills of exchange issued, certified or accepted, after the day that subsection comes into force. 2001, c. 9, s. 313; 2007, c. 6, s. 163
Cooperative Credit Associations Act — C-41.01 385.04
Notice of unpaid amount 385.04 (1) A retail association shall mail to each person, insofar as is known to the association, to whom a deposit referred to in paragraph 385.03(1)(a) is payable, or to whom or at whose request an instrument referred to in paragraph 385.03(1)(b) was issued, certified or accepted, at the person’s recorded address, a notice stating that the deposit or instrument remains unpaid. When notice to be sent (2) The notice must be sent during the month of January next following the end of the first two-year period, during the month of January next following the end of the first five-year period and also during the month of January next following the end of the first nine-year period (a) in the case of a deposit made for a fixed period, after the fixed period has terminated; (b) in the case of any other deposit in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor; and (c) in the case of a cheque, draft or bill of exchange, in respect of which the instrument has remained unpaid. Notification of transfer to the Bank of Canada (3) The notice to be sent during the month of January next following the end of the first nine-year period determined under paragraphs (2)(a) to (c), as the case may be, must also (a) [Repealed before coming into force, 2008, c. 20, s. 3] (b) include the mailing address and websites where information can be obtained on how to claim the unpaid deposit or instrument. 2001, c. 9, s. 313; 2007, c. 6, s. 164 2008, c. 20, s. 3
Cooperative Credit Associations Act — C-41.01 385.05
Definitions 385.05 The following definitions apply in this section and sections 385.1 to 385.13, 385.27 and 385.28. member association means a retail association that is a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act . ( association membre ) personal deposit account means a deposit account in the name of one or more natural persons that is kept by that person or those persons for a purpose other than that of carrying on business. ( compte de dépôt personnel ) retail deposit account means a personal deposit account that is opened with a deposit of less than $150,000 or any greater amount that may be prescribed. ( compte de dépôt de détail ) 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01
member association means a retail association that is a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act . ( association membre )
Cooperative Credit Associations Act — C-41.01
personal deposit account means a deposit account in the name of one or more natural persons that is kept by that person or those persons for a purpose other than that of carrying on business. ( compte de dépôt personnel )
Cooperative Credit Associations Act — C-41.01
retail deposit account means a personal deposit account that is opened with a deposit of less than $150,000 or any greater amount that may be prescribed. ( compte de dépôt de détail )
Cooperative Credit Associations Act — C-41.01 385.06
Account charges 385.06 A retail association shall not, directly or indirectly, charge or receive any sum for the keeping of an account unless the charge is made by express agreement between the association and a customer or by order of a court. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.07
Disclosure on opening account 385.07 (1) A retail association shall not open or maintain an interest-bearing deposit account in Canada in the name of any natural person unless the association discloses, in accordance with the regulations, to the person who requests the association to open the account, the rate of interest applicable to the account and how the amount of interest to be paid is to be calculated. Exception (2) Subsection (1) does not apply in respect of an interest-bearing deposit account that is opened with a deposit in excess of $150,000 or any greater amount that may be prescribed. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.08
Disclosure in advertisements 385.08 No person shall authorize the publication, issue or appearance of any advertisement in Canada that indicates the rate of interest offered by a retail association on an interest-bearing deposit or a debt obligation unless the advertisement discloses, in accordance with the regulations, how the amount of interest is to be calculated. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.09
Disclosure regulations 385.09 The Governor in Council may make regulations respecting (a) the time and place at which and the form and manner in which disclosure is to be made by a retail association of (i) interest rates applicable to debts of the association and deposits with the association, and (ii) the manner in which the amount of interest paid is to be calculated; (b) the time and place at which and the form and manner in which any charges for the keeping of an account are to be disclosed by a retail association to its customers; and (c) any other matters or things that may be necessary to carry out the requirements of sections 385.06 to 385.08. 2001, c. 9, s. 313; 2012, c. 5, s. 108
Cooperative Credit Associations Act — C-41.01 385.1
Disclosure required on opening a deposit account 385.1 (1) Subject to subsections (2) to (4), a retail association shall not open a deposit account in the name of a customer unless, at or before the time the account is opened, the retail association provides in writing to the individual who requests the opening of the account (a) a copy of the account agreement with the association; (b) information about all charges applicable to the account; (c) information about how the customer will be notified of any increase in those charges and of any new charges applicable to the account; (d) information about the association’s procedures relating to complaints about the application of any charge applicable to the account; and (e) any other information that may be prescribed. Exception (2) If a deposit account is not a personal deposit account and the amount of a charge applicable to the account cannot be established at or before the time the account is opened, the retail association shall, as soon as is practicable after the amount is established, provide the customer in whose name the account is kept with a notice in writing of the amount of the charge. Exception (3) If a retail association has a deposit account in the name of a customer and the customer by telephone requests the opening of another deposit account in the name of the customer and the retail association has not complied with subsection (1) in respect of the opening of that other account, the retail association shall not open the account unless it provides the customer orally with any information prescribed at or before the time the account is opened. Disclosure in writing (4) If a retail association opens an account under subsection (3), it shall, not later than seven business days after the account is opened, provide to the customer in writing the agreement and information referred to in subsection (1). Right to close account (5) A customer may, within 14 business days after a deposit account is opened under subsection (3), close the account without charge and in such case is entitled to a refund of any charges related to the operation of the account, other than interest charges, incurred while the account was open. Regulations (6) For the purposes of subsection (4), the Governor in Council may make regulations prescribing circumstances in which, and the time when, the agreement and information will be deemed to have been provided to the customer. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.11
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. 2001, c. 9, s. 313; 2012, c. 5, s. 109
Cooperative Credit Associations Act — C-41.01 385.12
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. 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. 2001, c. 9, s. 313; 2012, c. 5, s. 109
Cooperative Credit Associations Act — C-41.01 385.13
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. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.131
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. 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. 2007, c. 6, s. 165
Cooperative Credit Associations Act — C-41.01 385.14
Definition of cost of borrowing 385.14 For the purposes of this section and sections 385.15 to 385.24, cost of borrowing means, in respect of a loan made by a retail association, (a) the interest or discount applicable to the loan; (b) any amount charged in connection with the loan that is payable by the borrower to the association; and (c) any charge prescribed to be included in the cost of borrowing. For those purposes, however, “cost of borrowing” does not include any charge prescribed to be excluded from the cost of borrowing. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.15
Rebate of borrowing costs 385.15 (1) If a retail association makes a loan in respect of which the disclosure requirements of section 385.16 apply and the loan is not secured by a mortgage on real property and is required to be repaid either on a fixed future date or by instalments, the association shall, if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan. Exception (2) The charges to be rebated do not include the interest or discount applicable to the loan. Regulations (3) The Governor in Council may make regulations governing the rebate of charges under subsection (1). The rebate shall be made in accordance with those regulations. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.16
Disclosing borrowing costs 385.16 (1) A retail association shall not make a loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 385.17, and other prescribed information have been disclosed by the association to the borrower at the prescribed time and place and in the prescribed form and manner. Non-application (2) Subsection (1) does not apply in respect of a loan that is of a prescribed class of loans. 2001, c. 9, s. 313; 2012, c. 5, s. 110
Cooperative Credit Associations Act — C-41.01 385.17
Calculating borrowing costs 385.17 The cost of borrowing shall be calculated, in the prescribed manner, on the basis that all obligations of the borrower are duly fulfilled and shall be expressed as a rate per annum and, in prescribed circumstances, as an amount in dollars and cents. 2001, c. 9, s. 313
Cooperative Credit Associations Act — C-41.01 385.19
Renewal statement 385.19 If a retail association makes a loan in respect of which the disclosure requirements of section 385.16 apply and the loan is secured by a mortgage on real property, the association shall disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan. 2001, c. 9, s. 313; 2012, c. 5, s. 112
Cooperative Credit Associations Act — C-41.01 385.2
Disclosure in advertising 385.2 No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 385.18(4), loans, credit cards, payment cards or charge cards, offered to natural persons by a retail association, and purporting to disclose prescribed information about the cost of borrowing or about any other matter unless the advertisement discloses prescribed information at the prescribed time and place and in the prescribed form and manner. 2001, c. 9, s. 313; 2012, c. 5, s. 112
Cooperative Credit Associations Act — C-41.01 385.21
Regulations re borrowing costs 385.21 The Governor in Council may make regulations (a) respecting the time and place at which, and the form and manner in which, a retail association is to disclose to a borrower (i) the cost of borrowing, (ii) any rebate of the cost of borrowing, and (iii) any other information relating to a loan, arrangement, credit card, payment card or charge card referred to in section 385.18; (b) respecting the contents of any statement disclosing the cost of borrowing and other information required to be disclosed by a retail association to a borrower; (c) respecting the manner of calculating the cost of borrowing; (d) respecting the circumstances under which the cost of borrowing is to be expressed as an amount in dollars and cents; (e) specifying any class of loans that are not to be subject to section 385.15, subsection 385.16(1) or 385.18(1) or (4) or section 385.19 or 385.2 or the regulations or any specified provisions of the regulations; (f) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 385.15 to 385.2 are to be disclosed; (g) prohibiting the imposition of any charge or penalty referred to in section 385.18 or providing that the charge or penalty, if imposed, will not exceed a prescribed amount; (h) respecting the nature or amount of any charge or penalty referred to in paragraph 385.18(1)(b), (3)(a) or (4)(a) and the costs of the retail association that may be included or excluded in the determination of the charge or penalty; (i) respecting the method of calculating the amount of rebate of the cost of borrowing, or the portion of the cost of borrowing referred to in subparagraph 385.18(1)(a)(ii); (j) respecting advertisements made by a retail association regarding arrangements referred to in subsection 385.18(4), loans, credit cards, payment cards or charge cards; (k) respecting the renewal of loans; and (l) respecting such other matters or things as are necessary to carry out the purposes of sections 385.15 to 385.2. 2001, c. 9, s. 313; 2012, c. 5, s. 113