I-13.2.2, r. 1 - Regulation respecting the application of the Deposit Institutions and Deposit Protection Act

Section 7 Disposition versions

2020-04-30

7. (Revoked).

M.O. 2010-12, s. 7; M.O. 2020-09, s. 8.

2012-09-01

7. In addition to the requirements set out in section 6, the Authority issues a permit to any institution that fulfills the following conditions:

(1)  it has provided all documents and information required by the Authority;

(2)  it intends to solicit and receive deposits of money from the public within the meaning of the Act and this Regulation;

(3)  it complies with the provisions of the laws and regulations applicable to it as well as any guidelines, written directions and undertakings made pursuant to such laws;

(4)  it is in a position to discharge, when due, any obligation resulting from the receipt of a deposit of money;

(5)  it follows sound commercial and financial practices;

(6)  it holds an insurance policy covering fraud, misappropriation and theft;

(7)  it is not insolvent or about to become so; and

(8)  it is in a satisfactory financial position.

Where an institution is not constituted under an Act of Québec, the deposits it holds outside Québec must be insured in accordance with the Canada Deposit Insurance Corporation Act (R.S.C. 1985, c. C-3) or under a guarantee policy issued by the Authority.

M.O. 2010-12, s. 7.