Definitions

1   In this regulation:

"Act" means the Financial Institutions Act;

"administrator" has the same meaning as in the Unclaimed Property Act.

[en. B.C. Reg. 120/2003, s. 1.]

Application

1.1   This regulation and section 85 of the Act do not apply to debt that consists of a deposit in a credit union that is insured by the credit union or under insurance arranged by the credit union pursuant to section 54 of the Credit Union Act repealed by the Financial Institutions Act.

[en. B.C. Reg. 104/92.]

Rates of interest

2   (1) Repealed. [B.C. Reg. 101/2000.]

(2) For the purpose of section 85 (6) of the Act, the rate of interest payable by a credit union on an amount treated by it as income referred to in section 85 (6) of the Act shall be, during each successive 3 month period, beginning on July 1, October 1, January 1 and April 1 in every year, the bank rate set by the Bank of Canada in effect on the 15th day of the month immediately preceding that 3 month period less 5 percentage points, but shall not for any period be less than 3%.

(3) For the purpose of section 85 (6) of the Act, the rate of interest payable on a non-interest bearing deposit is 0% notwithstanding subsection (2).

[am. B.C. Regs. 101/2000, s. 1; 597/2004, Sch. s. 5.]

Procedure relating to payment over of inactive deposits

2.1   When a credit union pays an amount under section 85 (4) of the Act to the administrator, the credit union must submit to the administrator a copy of each related signature card and signing authority.

[en. B.C. Reg. 101/2000, s. 2; am. B.C. Regs. 120/2003, ss. 2 and 3; 597/2004, Sch. s. 5.]

Record retention periods

3   For the purposes of section 85 (7) of the Act, the following is the prescribed period for keeping signature cards and signing authorities or microfilm copies of them:

(a) if they relate to a debt treated as income under section 85 (2) of the Act, 6 years from the date the debt, including interest, became an inactive deposit;

(b) if they relate to an amount paid to the administrator under section 85 (4) of the Act, until the credit union concerned is notified that copies of the signature cards and signing authorities submitted by it under section 2.1 of this regulation have been received by the administrator.

[en. B.C. Reg. 101/2000, s. 3; am. B.C. Regs. 120/2003, ss. 2 and 3; 597/2004, Sch. s. 5.]

Repealed

4   Repealed. [B.C. Reg. 101/2000, s. 4.]