Periodic statements—exemption for passbook accounts
7.9.71A Periodic statements—exemption for passbook accounts
For paragraph 1020G(1)(b) of the Act, a basic deposit product (an account) for which the holder of the product is provided with, and keeps, a document commonly referred to as a ‘passbook’ is exempt from section 1017D of the Act if, under the terms of the operation of the account:
the client has a right to a reasonable opportunity to present the passbook to the issuer; and
the issuer enters particulars of each transaction involving the account including the amount of the transaction and the current balance of the account; and
there is no fee associated with the passbook or the entry of particulars into the passbook.
This Act’s bill:Explanatory statement
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