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Can you summarize SOR /2012-24?
Consolidated Regulations > Access to Funds Regulations
Short Summary
The Access to Funds Regulations govern the availability of funds deposited by cheques or other instruments in Canadian financial institutions. The regulations apply to financial institutions, eligible enterprises, and individuals who deposit such instruments. The regulations specify the maximum hold periods for funds deposited, with different timeframes based on the amount and manner of deposit. There are exceptions to these hold periods, such as when there is a material increased credit risk or when the deposit is made for illegal or fraudulent purposes. The regulations also require institutions to disclose their hold period policies to customers and the public, and provide notice of any changes to these policies. However, no specific penalties are mentioned in the document.
Whom does it apply to?
Financial institutions, eligible enterprises, and individuals who deposit cheques or other instruments in Canadian institutions
What does it govern?
Access to Funds Regulations
What are exemptions?
Exceptions include deposits made for illegal or fraudulent purposes, accounts open for less than 90 days, cheques or instruments that have been endorsed more than once, and cheques or instruments deposited at least six months after the date of the cheque.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Canada