Trust and loan companies

From: Financial Consumer Agency of Canada

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

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.

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.

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