Notices of Uninsured Deposits Regulations (Trust and Loan Companies)
AI-assisted research summary: Trust and loan companies must give uninsured-deposit notices in the prescribed form and display them prominently in branches, on websites, and in certain advertisements.
Notices of Uninsured Deposits Regulations (Trust and Loan Companies) Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 413.1(3)a of the Trust and Loan Companies Actb, hereby makes the annexed Notices of Uninsured Deposits Regulations (Trust and Loan Companies). S.C. 2007, c. 6, s. 358 S.C. 1991, c. 45 The notice required under subsection 413.1(1) of the Trust and Loan Companies Act shall be given either as part of the account agreement or as a separate document. If the notice is given to a person on premises that the company shares with a member institution within the meaning of section 2 of the Canada Deposit Insurance Corporation Act, the notice shall contain an additional statement indicating that the company’s business is separate and distinct from that of the member institution; and the company shall verbally explain all the information contained in the notice to the person requesting the account and obtain from them a signed declaration stating that the person has been given and has read the notice, the company has verbally explained the information contained in the notice, and the person understands that deposits with the company are not insured by the Canada Deposit Insurance Corporation. The notice required to be posted under paragraph 413.1(2)(a) of the Trust and Loan Companies Act shall be in the following form: Deposits with (name of company) are not insured by the Canada Deposit Insurance Corporation. A notice in a branch shall be prominently displayed in such a manner that it is clearly visible in the area of the branch that is open to the public. The notice shall be 27.94 cm in height and 43.18 cm in width; and display letters having a font size of 120 points in the heading and a font size of 50 points in the remainder of the text. A notice on a website shall be prominently displayed in such a manner that it is clearly visible to the person accessing the website. The notice required under paragraph 413.1(2)(b) of the Trust and Loan Companies Act shall be in the form set out in subsection 2(1) and shall appear prominently in advertisements in which the company offers deposit facilities or solicits deposits. These Regulations come into force on the day on which section 358 of An Act to amend the law governing financial institutions and to provide for related and consequential matters, chapter 6 of the Statutes of Canada, 2007, comes into force, but if they are registered after that day, they come into force on the day on which they are registered. [Note: Regulations in force March 8, 2008, see SI/2008-33.]