Commonwealth Consolidated Regulations

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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:

                     (a)  the client has a right to a reasonable opportunity to present the passbook to the issuer; and

                     (b)  the issuer enters particulars of each transaction involving the account including the amount of the transaction and the current balance of the account; and

                     (c)  there is no fee associated with the passbook or the entry of particulars into the passbook.

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