Trust and loan companies
The Trust and Loan Companies Act is the primary legislation governing all federally regulated trust and loan companies in Canada. FCAC is responsible for administering the sections of the Act designated as consumer provisions, in addition to monitoring the compliance of federally regulated financial institutions with codes of conduct and public commitments.
The complete text of the Act is posted on the Department of Justice Canada’s website. For your convenience, we have also extracted the specific sections related to consumer provisions.
Trust and Loan Companies Act
Sections related to consumer provisions:
- (d) Paragraphs 161(2)(e) and (f), subsection 418.1(3) and sections 425.1 to 444.3 of the Trust and Loan Companies Act together with any regulations made under or for the purposes of those provisions;
- (d.1) sections 539.01 to 539.12 of the Trust and Loan Companies Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (d).
Trust and Loan Companies Act Regulations
- Access to Funds Regulations
- Credit Business Practices (Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Foreign Insurance Companies) Regulations
- Complaint Information (Trust and Loan Companies) Regulations
- Cost of Borrowing (Trust and Loan Companies) Regulations
- Deposit Type Instruments Regulations
- Disclosure of Charges (Trust and Loan Companies) Regulations
- Disclosure of Interest (Trust and Loan Companies) Regulations
- Disclosure on Account Opening by Telephone Request (Trust and Loan Companies) Regulations
- Electronic Documents (Trust and Loan Companies) Regulations
- Mortgage Insurance Disclosure (Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Canadian Societies) Regulations
- Negative Option Billing Regulations
- Notice of Branch Closure (Trust and Loan Companies) Regulations
- Notices of Uninsured Deposits Regulations (Trust and Loan Companies)
- Prepaid Payment Products Regulations
- Prescribed Deposits (Trust and Loan Companies without Deposit Insurance) Regulations
- Principal Protected Notes Regulations
- Public Accountability Statements (Insurance Companies, Trust and Loan Companies) Regulations
- Registered Products Regulations
Codes of conduct
- Canadian Code of Practice for Consumer Debit Card Services
This code of conduct is designed to protect Canadian consumers who use debit card services. It outlines industry practices and the responsibilities of both consumers and industry in relation to debit card transactions and liability. Certain trust and loan companies have stated that they have voluntarily adopted the Code.
- Code of Conduct for the Credit and Debit Card Industry in Canada
This code applies to debit and credit card networks and their participants. It outlines payment card networks operators’ responsibilities for providing information, flexibility and choice to merchant. - Code of Conduct for Federally Regulated Financial Institutions: Mortgage prepayment information
The Code of Conduct is designed to ensure that enhanced information is available to assist borrowers in making decisions about mortgage prepayment.
Public commitments
Fraud protection
Several organizations and institutions have made formal commitments to protect consumers from the unauthorized use of their credit cards. These commitments outline consumers’ liability in relation to fraudulent transactions on their credit cards.