GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Trust and Loan Companies Act — T-19.8 427
Disclosure on opening account 427 (1) A company shall not, after the day that is six months after the coming into force of this Part, open or maintain an interest-bearing deposit account in Canada in the name of any natural person unless the company discloses, in accordance with the regulations, to the person who requests the company 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. 1991, c. 45, s. 427; 2001, c. 9, s. 539
Trust and Loan Companies Act — T-19.8 428
Disclosure in advertisements 428 No person shall authorize the publication, issue or appearance of any advertisement in Canada that indicates the rate of interest offered by a company 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.
Trust and Loan Companies Act — T-19.8 429
Disclosure regulations 429 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 company of (i) interest rates applicable to debts of the company and deposits with the company, and (ii) the manner in which the amount of interest paid is to be calculated; (b) the manner in which any charges for the keeping of an account are to be disclosed by a company to its customers and when the disclosure is to be made; and (c) such other matters or things as may be necessary to carry out the requirements of sections 426 to 428. 1991, c. 45, s. 429; 2012, c. 5, s. 168
Trust and Loan Companies Act — T-19.8 431
Disclosure required on opening a deposit account 431 (1) Subject to subsections (2) to (4), a company shall not open a deposit account in the name of a customer unless, at or before the time the account is opened, the company provides in writing to the individual who requests the opening of the account (a) a copy of the account agreement with the company; (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 company’s procedures relating to complaints about the application of any charge applicable to the account; and (e) such other information as 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 company 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 company 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 company has not complied with subsection (1) in respect of the opening of that other account, the company 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 company 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. 1991, c. 45, s. 431; 1997, c. 15, s. 378; 2001, c. 9, s. 541
Trust and Loan Companies Act — T-19.8 432
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. 1991, c. 45, s. 432; 2012, c. 5, s. 169
Trust and Loan Companies Act — T-19.8 433
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. 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. 1991, c. 45, s. 433; 2012, c. 5, s. 169
Trust and Loan Companies Act — T-19.8 434
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. 1991, c. 45, s. 434; 2001, c. 9, s. 542
Trust and Loan Companies Act — T-19.8 434.1
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. 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. 2007, c. 6, s. 363
Trust and Loan Companies Act — T-19.8 435
Definition of cost of borrowing 435 For the purposes of this section and sections 435.1 to 442, cost of borrowing means, in respect of a loan made by a company, (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 company; 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. 1991, c. 45, s. 435; 1997, c. 15, s. 379; 2001, c. 9, s. 543
Trust and Loan Companies Act — T-19.8 435.1
Rebate of borrowing costs 435.1 (1) Where a company makes a loan in respect of which the disclosure requirements of section 436 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 company 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. 1997, c. 15, s. 379
Trust and Loan Companies Act — T-19.8 436
Disclosing borrowing costs 436 (1) A company 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 437, and other prescribed information have been disclosed by the company 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. 1991, c. 45, s. 436; 1997, c. 15, s. 379; 2012, c. 5, s. 170
Trust and Loan Companies Act — T-19.8 437
Calculating borrowing costs 437 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.
Trust and Loan Companies Act — T-19.8 438.1
Renewal statement 438.1 If a company makes a loan in respect of which the disclosure requirements of section 436 apply and the loan is secured by a mortgage on real property, the company 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. 1997, c. 15, s. 381; 2012, c. 5, s. 172
Trust and Loan Companies Act — T-19.8 439
Disclosure in advertising 439 No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 438(3), loans, credit cards, payment cards or charge cards, offered to natural persons by a company, 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. 1991, c. 45, s. 439; 1997, c. 15, s. 381; 2012, c. 5, s. 172
Trust and Loan Companies Act — T-19.8 440
Regulations re borrowing costs 440 The Governor in Council may make regulations (a) respecting the time and place at which, and the form and manner in which, a company 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 438; (b) respecting the contents of any statement disclosing the cost of borrowing and other information required to be disclosed by a company 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 435.1, subsection 436(1) or 438(1) or (3) or section 438.1 or 439 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 435.1 to 439 are to be disclosed; (g) prohibiting the imposition of any charge or penalty referred to in section 438 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 438(1)(b), (2)(a) or (3)(a) and the costs of the company 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 438(1)(a)(ii); (j) respecting advertisements made by a company regarding arrangements referred to in subsection 438(3), 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 435.1 to 439. 1991, c. 45, s. 440; 1997, c. 15, s. 381; 2012, c. 5, s. 173
Trust and Loan Companies Act — T-19.8 441
Procedures for dealing with complaints 441 (1) A company shall (a) establish procedures for dealing with complaints made by persons having requested or received products or services in Canada from the company; (b) designate an officer or employee of the company to be responsible for implementing those procedures; and (c) designate one or more officers or employees of the company to receive and deal with those complaints. Procedures to be filed with Commissioner (2) A company shall file with the Commissioner a copy of its procedures established under paragraph (1)(a). How procedures to be made available (3) A company shall make its procedures established under paragraph (1)(a) available (a) in the form of a brochure, at its branches where products or services are offered in Canada; (b) on its websites through which products or services are offered in Canada; and (c) in written format to be sent to any person who requests them. Information on contacting Agency (4) A company shall also make prescribed information on how to contact the Agency available whenever it makes its procedures established under paragraph (1)(a) available under subsection (3). 1991, c. 45, s. 441; 1997, c. 15, s. 382; 2001, c. 9, s. 545; 2007, c. 6, s. 364
Trust and Loan Companies Act — T-19.8 441.1
Obligation to be member of complaints body 441.1 In any province, if there is no law of the province that makes a company subject to the jurisdiction of an organization that deals with complaints made by persons having requested or received products or services in the province from a company, the company shall be a member of an organization that is not controlled by it and that deals with those complaints that have not been resolved to the satisfaction of the persons under procedures established by companies under paragraph 441(1)(a). 2001, c. 9, s. 546
Trust and Loan Companies Act — T-19.8 442
Information on contacting Agency 442 (1) A company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide a person requesting or receiving a product or service from it with prescribed information on how to contact the Agency if the person has a complaint about a deposit account, an arrangement referred to in subsection 438(3), a payment, credit or charge card, the disclosure of or manner of calculating the cost of borrowing in respect of a loan or about any other obligation of the company under a consumer provision. Report (2) The Commissioner shall prepare a report, to be included in the report referred to in section 34 of the Financial Consumer Agency of Canada Act , respecting (a) procedures for dealing with complaints established by companies pursuant to paragraph 441(1)(a); and (b) the number and nature of complaints that have been brought to the attention of the Agency by persons who have requested or received a product or service from a company. 1991, c. 45, s. 442; 1997, c. 15, s. 383; 2001, c. 9, s. 547; 2012, c. 5, s. 174
Trust and Loan Companies Act — T-19.8 442.1
Charges for prescribed products or services 442.1 A company shall not, directly or indirectly, charge or receive any sum for the provision of any prescribed products or services unless the charge is made by express agreement between it and a customer or by order of a court. 2007, c. 6, s. 365
Trust and Loan Companies Act — T-19.8 443
Prepayment protected 443 (1) A company shall not make a loan to a natural person that is repayable in Canada, the terms of which prohibit prepayment of the money advanced or any instalment thereon before its due date. Minimum balance (2) Except by express agreement between the company and the borrower, the making in Canada of a loan or advance by a company to a borrower shall not be subject to a condition that the borrower maintain a minimum credit balance with the company. Non-application of subsection (1) (3) Subsection (1) does not apply in respect of a loan (a) that is secured by a mortgage on real property; or (b) that is made for business purposes and the principal amount of which is more than $100,000 or such other amount as may be prescribed. Government cheques (4) A company shall not make a charge (a) for cashing a cheque or other instrument drawn on the Receiver General or on the Receiver General’s account in the Bank of Canada, in a company or in any other deposit-taking Canadian financial institution incorporated by or under an Act of Parliament; (b) for cashing any other instrument issued as authority for the payment of money out of the Consolidated Revenue Fund; or (c) in respect of any cheque or other instrument that is (i) drawn in favour of the Receiver General, the Government of Canada or any department thereof or any public officer acting in the capacity of a public officer, and (ii) tendered for deposit to the credit of the Receiver General. Deposits of Government of Canada (5) Nothing in subsection (4) precludes any arrangement between the Government of Canada and a company concerning (a) compensation for services performed by the company for the Government of Canada; or (b) interest to be paid on any or all deposits of the Government of Canada with the company. 1991, c. 45, s. 443; 1997, c. 15, s. 384
Trust and Loan Companies Act — T-19.8 443.1
Regulations respecting the holding of funds 443.1 The Governor in Council may make regulations respecting the maximum period during which a company may hold funds in respect of specified classes of cheques or other instruments that are deposited into an account at a branch or prescribed point of service in Canada before permitting the customer in whose name the account is kept to access the funds. 2007, c. 6, s. 366
Trust and Loan Companies Act — T-19.8 443.2
Regulations — activities 443.2 The Governor in Council may make regulations respecting any matters involving a company’s dealings, or its employees’ or representatives’ dealings, with customers or the public, including (a) what a company may or may not do in carrying out any of the activities in which it is permitted to engage, or in providing any of the services that it may provide, under section 409 and any ancillary, related or incidental activities or services; and (b) the time and place at which and the form and manner in which any of those activities are to be carried out or any of those services are to be provided. 2009, c. 2, s. 291; 2012, c. 5, s. 175
Trust and Loan Companies Act — T-19.8 444
Regulations re customer information 444 The Governor in Council may make regulations (a) requiring a company to establish procedures regarding the collection, retention, use and disclosure of any information about its customers or any class of customers; (b) requiring a company to establish procedures for dealing with complaints made by a customer about the collection, retention, use or disclosure of information about the customer; (c) respecting the disclosure by a company of information relating to the procedures referred to in paragraphs (a) and (b); (d) requiring a company to designate the officers and employees of the company who are responsible for (i) implementing the procedures referred to in paragraph (b), and (ii) receiving and dealing with complaints made by a customer of the company about the collection, retention, use or disclosure of information about the customer; (e) requiring a company to report information relating to (i) complaints made by customers of the company about the collection, retention, use or disclosure of information, and (ii) the actions taken by the company to deal with the complaints; and (f) defining “information”, “collection” and “retention” for the purposes of paragraphs (a) to (e) and the regulations made under those paragraphs. 1991, c. 45, s. 444; 1997, c. 15, s. 385
Trust and Loan Companies Act — T-19.8 444.1
Notice of branch closure 444.1 (1) Subject to regulations made under subsection (5), a member company with a branch in Canada at which it, through a natural person, opens retail deposit accounts and disburses cash to customers, shall give notice in accordance with those regulations before closing that branch or having it cease to carry on either of those activities. Pre-closure meeting (2) After notice is given but before the branch is closed or ceases to carry on the activities, the Commissioner shall, in prescribed situations, require the company to convene and hold a meeting between representatives of the company, representatives of the Agency and interested parties in the vicinity of the branch in order to exchange views about the closing or cessation of activities, including, but not limited to, alternative service delivery by the company and measures to help the branch’s customers adjust to the closing or cessation of activities. Meeting details (3) The Commissioner may establish rules for convening a meeting referred to in subsection (2) and for its conduct. Not statutory instruments (4) The Statutory Instruments Act does not apply in respect of rules established under subsection (3). Regulations (5) The Governor in Council may make regulations prescribing (a) the time and place at which and the form and manner in which notice shall be given under subsection (1), the persons to whom it shall be given and the information to be included, the time, place, form and manner being permitted to vary according to circumstances specified in the regulations; (b) circumstances in which a member company is not required to give notice under subsection (1), circumstances in which the Commissioner may exempt a member company from the requirement to give notice under that subsection, and circumstances in which the Commissioner may vary the time and place at which and the form and manner in which notice is required to be given under any regulation made under paragraph (a); and (c) circumstances in which a meeting may be convened under subsection (2). 2001, c. 9, s. 548; 2007, c. 6, s. 367; 2012, c. 5, s. 176
Trust and Loan Companies Act — T-19.8 444.2
Public accountability statements 444.2 (1) A company with equity of $1 billion or more shall, in accordance with regulations made under subsection (4), annually publish a statement describing the contribution of the company and its prescribed affiliates to the Canadian economy and society. Filing (2) A company shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner. Provision of statement to public (3) A company shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public. Regulations (4) The Governor in Council may make regulations prescribing (a) the name, contents and form of a statement referred to in subsection (1) and the time within which, the place at which and the manner in which it must be prepared; (b) affiliates of a company referred to in subsection (1); (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a company’s customers and to the public. 2001, c. 9, s. 548; 2012, c. 5, s. 177