Bill 22 - Unclaimed Property Act

BILL 22

Unclaimed Property Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

PART 1

PRELIMINARY MATTERS

Definitions

1 The following definitions apply in this Act.

“apparent owner” means, in relation to property, the person whose name appears on the books, records or documents of a holder as the person entitled to the property held, issued or owing by the holder. (propriétaire apparent)

“business organization” means a sole proprietorship, a partnership, a limited partnership, a corporation, a body corporate, an unincorporated association, an unincorporated syndicate, an unincorporated organization, a not-for-profit company, an association, whether operated for profit or not, and includes a mutual fund corporation, an insurer, a fraternal benefit society, a mutual benefit association and any other entity prescribed by regulation. (entreprise)

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act. (Commission)

“compliance officer” means a person appointed as a compliance officer under section 30. (agent de conformité)

“Court” means The Court of Queen’s Bench of New Brunswick. (Cour)

“Director” means the Director of Unclaimed Property appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Commission or the Director to act on the Director’s behalf. (directeur)

“foreign administrator” means the person who, in any other jurisdiction, performs duties and exercises powers similar to those of the Director in relation to unclaimed property. (administrateur étranger)

“governmental organization” means (organisme gouvernemental)

aa public body as defined in the Right to Information and Protection of Privacy Act,

bthe Court, The Court of Appeal of New Brunswick, The Probate Court of New Brunswick, the Provincial Court of New Brunswick or the Small Claims Court of New Brunswick, or

ca health care body as defined in the Right to Information and Protection of Privacy Act.

“holder” means any person, including a business organization and a governmental organization, that is or becomes obligated to hold property for the account of, or to deliver, pay or transfer property to, an owner or apparent owner. (détenteur)

“investigator” means a person appointed as an investigator under section 37. (enquêteur)

“Minister” means the Minister of Finance and Treasury Board includes any person designated by the Minister to act on the Minister’s behalf. (ministre)

“owner” means a person who has a legal or equitable interest in property and includes the person’s legal representative. (propriétaire)

“property” means (bien)

aa right or interest in intangible property that is held, issued or owed by a holder, and includes all income earned on the property and any property that is referred to as or is evidenced by the following, but does not include any thing or class of thing excluded by the regulations:

( i) money or a cheque, money order, traveller’s cheque, draft, bill of exchange, deposit, interest or dividend;

( ii) a credit balance, customer’s overpayment, security deposit, refund, credit memorandum, unpaid wage or salary, unused ticket or unidentified remittance;

( iii) a share or other evidence of ownership of an interest in a business organization;

( iv) a bond, debenture, note or other evidence of indebtedness;

( v) a derivative as defined in the Securities Act;

( vi) the right to an amount due and payable by an insurer under the terms of an insurance policy, including an annuity and a refund of premiums; and

( vii) the right to receive an amount distributable from a trust or custodial fund established under

( A) a plan to provide education, health, welfare, vacation, severance, retirement or death benefits,

( B) a share purchase, profit sharing, employee savings or supplemental employment insurance plan, or

( C) a similar benefit plan; and

bany other thing or class of thing prescribed by regulation.

“regulation” means a regulation made under this Act and, unless the context otherwise indicates, includes a rule. (règlement)

“rule” means a rule made under section 55, or, if the context requires, a rule made under the Financial and Consumer Services Commission Act. (règle)

“Tribunal” means the Financial and Consumer Services Tribunal established under the Financial and Consumer Services Commission Act. (Tribunal)

“unclaimed property” means property that is presumed to be unclaimed within the meaning of section 4. (bien non réclamé)

Application

2( 1) This Act applies to all property presumed to be unclaimed under section 4 unless, before the commencement of this Act, a provision of an Act of the Legislature or an Act of Parliament of Canada extinguished or forfeited an owner’s right or interest in the property or, before the five-year period immediately preceding the date of the commencement of this Act, a provision of a contract, a by-law, letters patent, articles of association, articles of incorporation or another similar instrument extinguished or forfeited an owner’s right or interest in the property.

2( 2) This Act or any provision of it does not apply to

aan individual who receives a loan or other extension of credit that is primarily for that individual’s personal, family or household purposes,

bany person or class of persons exempted by regulation, or

cany person or class of persons exempted from the application of the Act or provision by an order of the Director made under subsection 3(1).

2( 3) A person exempted under paragraph (2)(b) from the application of this Act or any provision of it shall comply with any terms or conditions prescribed by regulation.

Exemptions

3( 1) If the Director considers it appropriate to do so, the Director may, by order and subject to any terms and conditions the Director considers appropriate, exempt any person or class of persons from the application of this Act or any provision of it or from the application of the regulations or any provision of them.

3( 2) An order under subsection (1) may be made on the Director’s own motion or on the application of an interested person and may be retroactive in its operation.

3( 3) An application referred to in subsection (2) shall be accompanied by the fee prescribed by regulation.

3( 4) A person to whom the order applies shall comply with the terms and conditions imposed by the Director under subsection (1).

When property is unclaimed

4( 1) Property is presumed to be unclaimed if, within the period prescribed by regulation for that type of property, the owner or apparent owner has not indicated to the holder in writing or by other means reflected in a record prepared by or on behalf of the holder at the time of the indication that the owner or apparent owner has

aa right or interest in the property in accordance with subsection (4), or

ba right or interest in the property in accordance with the regulations.

4( 2) The period referred to in subsection (1) may begin or end at any time during the five-year period immediately preceding the date of the commencement of this Act.

4( 3) When property is presumed unclaimed under subsection (1), any other property right accrued or accruing to the owner or apparent owner as a result of a right or the interest in the property, and not previously presumed unclaimed, is also presumed unclaimed.

4( 4) For the purposes of paragraph (1)(a), an indication of an owner or apparent owner’s right or interest in property includes,

ain the case of a dividend or other distribution made with respect to an account or underlying share or other right or interest in a business organization, the presentation of a cheque or other instrument of payment of a dividend or other distribution or, in the case of a distribution made by electronic means or by any other similar means, evidence that the distribution has been received,

bin the case of an account in which the property is held, any activity in the account directed by or done on behalf of the owner or apparent owner, including a direction by the owner or apparent owner to increase, decrease or change the amount or type of property held in the account,

cin the case of a deposit account, the making of a deposit to or withdrawal from the account, and,

din the case of an insurance policy, the payment of a premium or other satisfaction with respect to a right or interest in the policy, but does not include a communication with the owner or apparent owner by a person other than the holder unless the person is the holder’s representative and the representative has been identified in writing to the owner or apparent owner.

4( 5) Despite paragraph (4)(d), the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from maturing or terminating if the insured has died or the insured or the beneficiary of the policy has otherwise become entitled to the proceeds before the depletion of the cash surrender value of a policy by the application of those provisions.

4( 6) If property is apparently owned jointly by two or more persons, a right or interest in the property for the purposes of subsection (1) may be indicated by any one of the owners or apparent owners.

4( 7) Property is deliverable for the purposes of this Act despite the owner or apparent owner’s failure to make a demand or present an instrument or document required to obtain delivery.

Based in a jurisdiction

5 For the purposes of this Act, a person who is not an individual is based in a jurisdiction if the person’s central management is exercised in that jurisdiction.

Carry on a business in a jurisdiction

6 For the purposes of this Act, a person who is not an individual carries on business in a jurisdiction if

ait has, or is required by law to have, in that jurisdiction,

( i) a head office or registered office, or,

( ii) in the case of a partnership, a registered office or business address,

baccording to law,

( i) it has registered in that jurisdiction an address at which process may be served generally, or

( ii) it has nominated in that jurisdiction an agent on whom process may be served generally,

cit has a place of business in that jurisdiction, or

dits central management is exercised in that jurisdiction.

PART 2

RIGHTS AND DUTIES OF HOLDERS

Notice to apparent owner

7( 1) Subject to subsection (4), a holder shall send a written notice to the apparent owner of any unclaimed property for whom the holder is obligated to hold, deliver, pay or transfer, at least 90 days, but not more than 180 days, before the date on which the holder is required to submit a report to the Director under section 9 in relation to that unclaimed property.

7( 2) The holder shall send the notice to the last known address of the apparent owner.

7( 3) The notice shall

aidentify the unclaimed property,

bstate that the unclaimed property is subject to this Act,

cidentify the holder, and

dcontain any other information prescribed by regulation.

7( 4) A holder is not required to send the notice to an apparent owner if the holder has reasonable grounds to believe that

athe last known address of the apparent owner shown in the books, records or documents of the holder is not correct and the correct address for the apparent owner cannot reasonably be ascertained, or

bthe value of the unclaimed property is less than $100.

Fees

8( 1) A holder shall not charge a fee to an apparent owner for sending a notice under section 7 unless

athe fee is authorized by a written agreement between the holder and the apparent owner, and

bthe fee is reasonable and does not exceed the maximum amount prescribed by regulation.

8( 2) A holder shall not charge a fee to an owner or an apparent owner because the owner or apparent owner has failed to indicate to the holder a right or an interest in the property unless

athe fee is authorized by a written agreement between the holder and the owner or apparent owner, as the case may be, and

bthe fee is reasonable and does not exceed the maximum amount prescribed by regulation.

8( 3) For the purposes of this section, ceasing to make payment of interest is deemed to be the imposition of a fee and the amount of the unpaid interest is deemed to be the amount of the fee.

Obligation to deliver

9( 1) Any person who, on December 31 in any year, is a holder of unclaimed property shall, within 90 days after the end of the year, comply with subsections (2), (3), (4) and (5) if the holder meets any of the following requirements:

athe holder is an individual who is ordinarily resident in the Province, or

b in the case of a holder who is not an individual,

( i) the last known address of the apparent owner shown in the books, records or documents of the holder is in the Province and the holder is based in the Province,

( ii) the last known address of the apparent owner shown in the books, records or documents of the holder is in the Province and the holder carries on business in the Province,

( iii) the books, records or documents of the holder do not show any address for the apparent owner, and the holder is based in the Province, or

( iv) the books, records or documents of the holder do not show the identity of the owner and the holder is based in the Province.

9( 2) A holder shall submit to the Director, on a form provided by the Director, a report containing the following information:

athe type of unclaimed property to which the report refers and the value of the unclaimed property;

bif known, the name, last known address, social insurance number and date of birth of both the apparent owner and the owner of the unclaimed property;

cthe date on which property is presumed to be unclaimed under subsection 4(1) and the date on which the owner or apparent owner last indicated a right or interest in the property;

dthe name and address of the holder and if the holder changed its name while the holder was obligated to hold the property for the account of, or to deliver, pay or transfer the property to, the owner or apparent owner, its former name, and if the holder is a successor to another holder, the known names and addresses of all previous holders of the property; and

eany other information prescribed by regulation.

9( 3) A holder shall deliver to the Director the unclaimed property referred to in the report.

9( 4) If the unclaimed property is not in the holder’s possession or control, the holder shall pay to the Director, in compensation for that unclaimed property, an amount that the Director estimates, on the basis of the holder’s books, records or documents or in accordance with a prescribed method of estimating fair market value, is reasonably equal to the value of the unclaimed property that ought to have been delivered by the holder.

9( 5) If, for any reason, a holder’s books, records or documents are not sufficiently complete to allow the holder to submit a report containing all of the information referred to in subsection (2), the report shall contain the information to the extent possible.

9( 6) Despite subsection (1), the Director may extend the period for complying with subsections (2), (3), (4) and (5), before or after the expiration of the period, if the Director is satisfied that there are reasonable grounds for an extension.

9( 7) An amount referred to in subsection (4) is deemed to be unclaimed property for the purposes of this Act from the date on which it is received by the Director and, after that, the provisions of this Act relating to unclaimed property in the Director’s possession or control apply to the amount.

Late delivery

10( 1) If a holder fails to deliver to the Director unclaimed property, or to pay an amount to the Director in compensation for that unclaimed property, as required under section 9, the holder may apply to the Director, on a form provided by the Director, for permission

ato deliver the unclaimed property to the Director, or,

bif the unclaimed property is not in the holder’s possession or control, to pay to the Director, in compensation for that unclaimed property, an amount that the Director estimates, on the basis of the holder’s books, records or documents or in accordance with a prescribed method of estimating fair market value, is reasonably equal to the value of the unclaimed property that ought to have been delivered.

10( 2) An application shall be accompanied by the documents and the fee prescribed by regulation.

10( 3) If the Director considers it appropriate to do so, the Director may, in the prescribed circumstances and subject to any terms and conditions the Director considers appropriate, give the holder permission to deliver the unclaimed property to the Director under paragraph (1)(a) or to pay to the Director the amount referred to in paragraph (1)(b), as the case may be.

10( 4) The permission of the Director shall be in writing.

10( 5) If the Director gives the holder permission to deliver the unclaimed property to the Director under paragraph (1)(a) or to pay to the Director the amount referred to in paragraph (1)(b), the holder shall, on delivery of the unclaimed property or payment of the amount, as the case may be, submit to the Director a report referred to in section 9.

10( 6) If, for any reason, a holder’s books, records or documents are not sufficiently complete to allow the holder to submit a report containing all of the information referred to in subsection 9(2), the report shall contain the information to the extent possible.

10( 7) Any amount received by the Director under this section is deemed to be unclaimed property for the purposes of this Act from the date on which it is received by the Director and, after that, the provisions of this Act relating to unclaimed property in the Director’s possession or control apply to the amount.

Voluntary delivery

11( 1) Any holder of property that, had this Act then been in force, would have been presumed to be unclaimed on a date more than five years before the date of commencement of this Act, may, if the holder meets any of the requirements set out in paragraph 9(1)(a) or (b), submit to the Director a report referred to in subsection (2) and deliver to the Director the property referred to in the report or, if the property is not in the holder’s possession or control, pay to the Director, in compensation for that property, an amount that the Director estimates, on the basis of the holder’s books, records or documents or in accordance with a prescribed method of estimating fair market value, is reasonably equal to the value of the property that ought to have been delivered by the holder.

11( 2) A report under subsection (1) shall be on a form provided by the Director and shall contain the following information:

athe type of property to which the report refers and the value of the property;

bif known, the name, last known address, social insurance number and date of birth of both the apparent owner and the owner of the property;

cthe date on which property would have been presumed to be unclaimed and the date on which the owner or apparent owner last indicated a right or interest in the property;

dthe name and address of the holder and if the holder changed its name while the holder was obligated to hold the property for the account of, or to deliver, pay or transfer the property to, the apparent owner, its former name, and if the holder is a successor to another holder, the known names and addresses of all previous holders of the property; and

eany other information prescribed by regulation.

11( 3) If, for any reason, a holder’s books, records or documents are not sufficiently complete to allow the holder to submit a report containing all of the information referred to in subsection (2), the report may contain the information to the extent possible.

11( 4) Any property or amount received by the Director under this section is deemed to be unclaimed property for the purposes of this Act from the date on which it is received by the Director and, after that, the provisions of this Act relating to unclaimed property in the Director’s possession or control apply to the property or the amount.

Delivery on the holder’s initiative

12( 1) At any time before property is presumed to be unclaimed property, or, in the case of unclaimed property, before a report is required to be submitted under section 9, a holder who meets any of the requirements set out in paragraphs 9(1)(a) or (b) may apply to the Director, on a form provided by the Director, for permission

ato deliver the property or unclaimed property to the Director, or

bif the property or unclaimed property is not in the holder’s possession or control, to pay to the Director, in compensation for that property or unclaimed property, an amount that the Director estimates, on the basis of the holder’s books, records or documents or in accordance with a prescribed method of estimating fair market value, is reasonably equal to the value of the property or unclaimed property that ought to have been delivered.

12( 2) An application shall be accompanied by the documents and the fee prescribed by regulation.

12( 3) If the Director considers it appropriate to do so, the Director may, in the prescribed circumstances and subject to any terms and conditions the Director considers appropriate, give the holder permission to deliver the property or unclaimed property to the Director under paragraph (1)(a) or to pay to the Director the amount referred to in paragraph (1)(b), as the case may be.

12( 4) The permission of the Director shall be in writing.

12( 5) If the Director gives the holder permission to deliver to the Director the unclaimed property under paragraph (1)(a) or to pay to the Director an amount in compensation for unclaimed property under paragraph (1)(b), the holder shall, on delivery of the unclaimed property or payment of the amount, as the case may be, submit to the Director a report referred to in section 9.

12( 6) If the Director gives the holder permission to deliver to the Director the property under paragraph (1)(a) or to pay to the Director an amount in compensation for property under paragraph (1)(b), the holder shall, on delivery of the property or payment of the amount, as the case may be, submit to the Director, on a form provided by the Director, a report containing the following information:

athe type of property to which the report refers and the value of the property;

bif known, the name, last known address, social insurance number and date of birth of both the apparent owner and the owner of the property;

cthe date on which property is presumed to be unclaimed under subsection 4(1) and the date on which the owner or apparent owner last indicated a right or interest in the property;

dthe name and address of the holder and if the holder changed its name while the holder was obligated to hold the property for the account of, or to deliver, pay or transfer the property to, the apparent owner, its former name, and if the holder is a successor to another holder, the known names and addresses of all previous holders of the property; and

eany other information prescribed by regulation.

12( 7) If, for any reason, a holder’s books, records or documents are not sufficiently complete to allow the holder to submit a report containing all of the information referred to in subsection(6) or subsection 9(2), as the case may be, the report shall contain the information to the extent possible.

12( 8) Any property or amount received by the Director under this section is deemed to be unclaimed property for the purposes of this Act from the date on which it is received by the Director and, after that, the provisions of this Act relating to unclaimed property in the Director’s possession or control apply to the property or the amount.

Delivery relieves holder from liability

13( 1) If a holder delivers to the Director property or unclaimed property or pays to the Director an amount in compensation for property or unclaimed property in accordance with section 9, 10, 11, 12, 15, 16 or 17, the holder is relieved of all liability in relation to the property or unclaimed property delivered to the Director or the amount paid to the Director.

13( 2) A holder shall, in relation to any delivery of property or unclaimed property to the Director under section 9, 10, 11, 12, 15, 16 or 17, make the same withholdings and remittances that the holder would be required to make under an Act of the Legislature or an Act of the Parliament of Canada as if the holder were delivering the property or unclaimed property to the owner.

13( 3) The Director is entitled to receive from a holder only that portion of the property or unclaimed property that an owner would be entitled to receive from the holder after the withholdings and remittances referred to in subsection (2) have been made.

13( 4) Nothing in subsection (1) relieves a holder from the holder’s obligations under subsection (2) or section 29.

Interest and late fee

14( 1) If a holder fails to deliver unclaimed property to the Director or to pay to the Director an amount in compensation for that unclaimed property as required under section 9, 15, 16 or 17, the holder shall, unless exempted from doing so by the Director, pay to the Director

ainterest on an amount that the Director estimates, on the basis of the holder’s books, records or documents or in accordance with a prescribed method of estimating fair market value, is reasonably equal to the value of the property that ought to have been delivered by the holder, and

bthe late fee prescribed by regulation.

14( 2) Interest payable under subsection (1) shall be paid at the rate prescribed by regulation for the period commencing on April 1 of the year in which the holder was required to deliver to the Director the unclaimed property or to pay to the Director an amount in compensation for that unclaimed property and ending on the date on which the Director receives the unclaimed property or the amount, as the case may be.

PART 3

RIGHTS AND DUTIES OF DIRECTOR

Director claims unclaimed property

15( 1) The Director may, in writing, claim unclaimed property from a holder.

15( 2) Unless a holder sends a notice of objection in accordance with section 17, the holder shall, within 60 days after receiving a claim,

asubmit to the Director a report referred to in section 9, and

bdeliver to the Director the unclaimed property referred to in the claim or, if the unclaimed property is not in the holder’s possession or control, pay to the Director, in compensation for that unclaimed property, an amount that the Director estimates, on the basis of the holder’s books, records or documents or in accordance with a prescribed method of estimating fair market value, is reasonably equal to the value of the unclaimed property that ought to have been delivered.

Director’s determination

16( 1) If the Director determines that a holder has not delivered unclaimed property or paid an amount in compensation for unclaimed property as required under section 9, the Director may make a determination as to

athe type of unclaimed property, and

bthe value of the unclaimed property as of the date by which the holder was required to deliver the unclaimed property or, if the unclaimed property is not in the holder’s possession or control, the amount the holder ought to have paid in compensation for the unclaimed property.

16( 2) The Director shall immediately send a copy of a determination to a holder.

16( 3) Unless a holder sends a notice of objection in accordance with section 17, the Director’s determination is final and the holder shall, within 60 days after receiving the determination, deliver to the Director the unclaimed property or pay to the Director an amount in compensation for that unclaimed property, as the case may be, in accordance with the determination.

Objection

17( 1) Within 60 days after receiving a claim under section 15 or a determination under section 16, as the case may be, a holder may send the Director a notice of objection on a form provided by the Director setting out the reasons for the objection and all relevant facts.

17( 2) The Director shall, within the period prescribed by regulation, reconsider a claim or a determination, as the case may be, and shall,

aif the Director is satisfied that the holder is not required to deliver unclaimed property or pay an amount in compensation for unclaimed property to the Director, determine that the holder is not required to deliver the unclaimed property or pay the amount and, if required, return to the holder any unclaimed property or amount that the holder delivered to the Director and that the Director has determined should be returned, or,

bif the Director is satisfied that the holder is required to deliver unclaimed property or pay an amount in compensation for unclaimed property to the Director,

( i) in the case of a claim,

( A) determine the type of unclaimed property,

( B) determine the value of the unclaimed property as of the date by which the holder was required to deliver the unclaimed property or, if the unclaimed property is not in the holder’s possession or control, the amount the holder ought to have paid in compensation for the unclaimed property, and,

( C) if required, return to the holder any unclaimed property or amount that the holder delivered to the Director and that the Director has determined should be returned, or,

( ii) in the case of a determination, confirm the determination and, if required, return to the holder any unclaimed property or amount that the holder delivered to the Director and that the Director has determined should be returned.

17( 3) If, in the opinion of the Director, the circumstances warrant an extension, the Director may extend the period for reconsidering a claim or a determination, as the case may be, by giving notice of the extension with reasons to the holder.

17( 4) The Director shall immediately send a copy of a decision to a holder.

17( 5) If the Director makes a decision in accordance with paragraph (2)(b), the holder shall, within 60 days after receiving the Director’s decision, deliver to the Director the unclaimed property or pay to the Director an amount in compensation for that unclaimed property, as the case may be, in accordance with the decision.

Director has rights of owner

18( 1) The Director may, in relation to any unclaimed property in the Director’s possession or control as a result of this Act,

adispose of the unclaimed property in any manner the Director considers reasonable,

bif the Director considers it prudent to do so, retain the unclaimed property in the form in which it was delivered to the Director,

cinvest the unclaimed property,

dif the unclaimed property is a security,

( i) make an endorsement or originate an instruction or entitlement order by which may be invoked the duty of the issuer, transfer agent or securities intermediary to transfer or dispose of the security in accordance with the applicable law, and

( ii) obtain a new or replacement certificate for that security,

eestimate the value of the unclaimed property on the basis of the holder’s books, records or documents or in accordance with a prescribed method of estimating fair market value, and

fotherwise exercise all the rights and powers of a legal and equitable owner.

18( 2) When investing any of the following, the Director shall exercise the judgment and care that a person of prudence, discretion and intelligence would exercise as a trustee of the property of others:

asubject to subsection (3), any unclaimed property in the Director’s possession or control as a result of this Act;

bany amounts the Director receives from the disposition of unclaimed property in the Director’s possession or control as a result of this Act; and

cany other amounts the Director receives under this Act.

18( 3) No issuer, holder, transfer agent or other person acting or purporting to act under the instructions of and on behalf of the issuer or holder of a security is liable for complying with any endorsement, instruction or order of the Director acting under the powers available to the Director under paragraph (1)(d).

When unclaimed property vests in Commission

19( 1) Any unclaimed property in the Director’s possession or control as a result of this Act of which the net value is less than $50 vests in the Commission immediately after the Director receives the unclaimed property.

19( 2) Any unclaimed property in the Director’s possession or control as a result of this Act, of which the net value is less than $500 vests in the Commission ten years after the date on which the Director received the unclaimed property.

Account re unclaimed property

20( 1) The Commission shall maintain one or more accounts in accordance with section 21 of the Financial and Consumer Services Commission Act for any amounts of money in the Director’s possession or control as a result of this Act.

20( 2) The Commission shall annually, as soon as practicable after the close of each fiscal year, ascertain and certify the total amount of the expenditure incurred by the Commission for or in connection with the administration of this Act during the last preceding fiscal year and that amount is final and conclusive for all purposes of this section.

20( 3) The Commission shall annually, as soon as practicable after the close of each fiscal year, ascertain and certify the total amount used by the Commission during the last preceding fiscal year for endeavours or activities that, in the opinion of the Commission, enhance or may enhance consumer protection.

20( 4) The Commission is entitled to claim against the account the amount referred to in subsection (2).

20( 5) The Commission is entitled to claim against the account the amount used in each fiscal year by the Commission for endeavours or activities that, in the opinion of the Commission, enhance or may enhance consumer protection and is approved by the Minister.

20( 6) If the amount at any time held in the account is not sufficient to meet the claims against it, the Minister shall pay from the Consolidated Fund to the credit of the account, without any appropriation other than this section, an amount sufficient to allow the Director to meet those claims.

Record re unclaimed property

21 The Commission shall maintain a record of any amounts of money and unclaimed property in the Director’s possession or control as a result of this Act.

Unclaimed property list

22( 1) The Director shall establish, maintain and publish electronically a list of unclaimed property, the purpose of the list is to facilitate the return of unclaimed property to its owners, and the list shall include the following information:

aif known, the name of both the apparent owner and the owner of unclaimed property of which the net value is $50 and greater; and

bany other information prescribed by regulation.

22( 2) The Director may remove from the list information concerning unclaimed property of which the net value is less than $500 at any time after ten years from the date on which the Director received the unclaimed property.

Director’s rights and obligations re: foreign administrators

23( 1) If a foreign administrator claims from the Director any unclaimed property in the Director’s possession or control as a result of this Act, the Director shall deliver to the foreign administrator the unclaimed property and provide the foreign administrator with any related documents or information in the possession of the Director if the last known address of the owner is in the jurisdiction in which the foreign administrator operates or, if no address is known for the owner, the last known address of the apparent owner is in the jurisdiction in which the foreign administrator operates.

23( 2) If a foreign administrator receives unclaimed property, the Director may claim and receive from the foreign administrator the unclaimed property and any related documents or information in the possession of the foreign administrator if

athe last known address of the owner is in the Province or, if no address is known for the owner, the last known address of the apparent owner is in the Province, or

bno address is known for the owner or the apparent owner and the holder is based in the Province.

Agreements with foreign administrators

24( 1) The Commission may enter into an agreement with a foreign administrator for the purposes of the enforcement of this Act, the regulations and similar legislation in the jurisdiction in which the foreign administrator operates.

24( 2) An agreement may authorize the Director to perform duties and exercise powers on behalf of a foreign administrator and authorize the foreign administrator to perform duties and exercise powers on behalf of the Director.

PART 4

CLAIMS

Claims

25( 1) Subject to section 19, any person may claim any unclaimed property in the Director’s possession or control as a result of this Act by submitting to the Director a claim on a form provided by the Director that includes the following information:

athe name and address of the claimant;

bthe basis on which the claim is made; and

cany other information the Director may reasonably require in support of the claim.

25( 2) The Director shall, within the period prescribed by regulation, consider a claim and

ashall allow the claim if the Director is satisfied that the claimant is the owner of the unclaimed property,

bmay allow the claim if the Director is satisfied that the claimant is entitled to the unclaimed property but is prevented from asserting full rights as owner to that unclaimed property because of a procedural impediment to the claimant assuming those ownership rights, including, in the case of an entitlement arising under an estate, the fact that the estate has not yet been probated, or

cmay deny the claim if the Director is not satisfied under paragraph (a) or (b).

25( 3) The Director may request additional information from, or disclose information to, a claimant for the purpose of resolving the claim.

25( 4) If, in the opinion of the Director, the circumstances warrant an extension, the Director may extend the period for considering a claim by giving notice of the extension with reasons to the claimant.

25( 5) If the Director allows a claim submitted under subsection (1), the Director shall, within the period prescribed by regulation, deliver the unclaimed property to the claimant and, in the prescribed circumstances, pay interest at the rate prescribed by regulation on the unclaimed property calculated from the date on which the Director received the unclaimed property.

25( 6) The Director may deduct from the money that the Director is required to pay to a claimant under subsection (5) any reasonable expenditures incurred by the Director in relation to that unclaimed property.

Creditor and other claims

26( 1) Subject to section 19, the following persons may claim any unclaimed property in the Director’s possession or control as a result of this Act:

aa person or governmental organization that has obtained a judgment of the Court or a court in a foreign country as defined in the Reciprocal Enforcement of Judgments Act against the owner or apparent owner of the unclaimed property; and

ba person who belongs to a class of person prescribed by regulation in the circumstances prescribed by regulation.

26( 2) A person referred to in subsection (1) may claim the unclaimed property by submitting to the Director a claim on a form provided by the Director that includes the following information:

athe name and address of the claimant;

bthe basis on which the claim is made;

cif the claim is made by a person or governmental organization referred to in paragraph (1)(a), an exemplification or a certified copy of the judgment, in support of the claim; and

dany other information the Director may reasonably require in support of the claim.

26( 3) The Director shall, within the period prescribed by regulation, consider a claim and

ashall allow the claim if the Director is satisfied that the claimant is entitled to the unclaimed property, or

bmay deny the claim if the Director is not satisfied under paragraph (a).

26( 4) The Director may request additional information from, or disclose information to, a claimant for the purpose of resolving the claim.

26( 5) If, in the opinion of the Director, the circumstances warrant an extension, the Director may extend the period for considering a claim by giving notice of the extension with reasons to the claimant.

26( 6) If the Director allows a claim submitted under subsection (2), the Director shall, within the period prescribed by regulation, deliver the unclaimed property to the claimant and, in the prescribed circumstances, pay interest at the rate prescribed by regulation on the unclaimed property calculated from the date on which the Director received the unclaimed property.

26( 7) The Director may deduct from the money that the Director is required to pay to a claimant under subsection (6) any reasonable expenditures incurred by the Director in relation to that unclaimed property.

Rights unaffected by limitation periods

27( 1) If a limitation period applies in relation to property, unclaimed property or any person’s right or interest in property or unclaimed property and the limitation period expires on, before or after the commencement of this Act, the expiration of the limitation period does not, subject to subsection (2),

aaffect the person’s rights to claim the unclaimed property from the Director,

bpreclude the property from being or becoming unclaimed property, and

caffect any duty arising under this Act to

( i) provide any notice,

( ii) deliver any report,

( iii) keep any books, records or documents,

( iv) pay any amount, or

( v) deliver unclaimed property to the Director.

27( 2) A claim under section 25 or 26 with respect to unclaimed property of which the net value is less than $500 shall not be submitted to the Director more than ten years after the date on which the Director received the unclaimed property.

27( 3) If no claim in respect of unclaimed property of which the net value is less than $500 has been submitted to the Director within the period specified in subsection (2), any legal or equitable right or interest of a claimant in relation to the unclaimed property is extinguished.

27( 4) If there is a conflict between this Act and the Limitation of Actions Act, this Act prevails.

PART 5

RECORD-KEEPING AND COMPLIANCE REVIEWS

Definition of “holder”

28 In this Part, “holder” has the same meaning as in section 1, and includes a person who the Director or compliance officer has reasonable grounds to believe is a holder.

Record-keeping

29( 1) A holder shall keep books, records and documents that are necessary for the proper recording of property that the holder is obligated to hold for the account of, or to deliver, pay or transfer to, the apparent owner, and shall keep any other books, records and documents that are otherwise required under this Act or the regulations, including the following:

abooks of account;

brecords indicating the amount of cash or cash equivalents held by the holder;

cbank account records;

dvouchers;

ecorrespondence;

fcontracts; and

gfinancial statements.

29( 2) A holder shall keep the books, records and documents at a safe location and in a durable form.

29( 3) If a holder delivers to the Director property or unclaimed property or pays to the Director an amount in compensation for property or unclaimed property in accordance with section 9, 10, 11, 12, 15, 16 or 17, the holder shall keep the books, records and documents relating to that property, unclaimed property or amount for at least ten years after the date on which the Director receives the property, unclaimed property or amount.

29( 4) A holder shall deliver to the Director, or to any other employee of the Commission, at any time that the Director or other employee requires,

aany of the books, records and documents that are required to be kept by the holder under this Act or the regulations, and

bany filings, reports or other communications made to any other regulatory authority.

Compliance officers – appointment

30( 1) The Commission may appoint in writing a person as a compliance officer for the purpose of ensuring compliance with this Act and the regulations.

30( 2) The Commission shall issue to every compliance officer a certificate of appointment and every compliance officer, in the execution of the compliance officer’s duties under this Act or the regulations, shall produce the certificate of appointment on request.

Compliance reviews

31( 1) For the purpose of determining whether this Act and the regulations are being complied with, a compliance officer, in carrying out a compliance review, may

aenter the premises of any holder during normal business hours,

brequire a holder or an officer or employee of the holder to produce for inspection, examination, audit or copying any of the books, records and documents that are required to be kept by the holder under this Act or the regulations,

cinspect, examine, audit or copy the books, records or documents, and

dquestion a holder or an officer or employee of the holder in relation to property or unclaimed property.

31( 2) In carrying out a compliance review, a compliance officer may

ause a data-processing system at the premises where the books, records or documents are kept,

breproduce any book, record or document, and

cuse any copying equipment at the premises where the books, records or documents are kept to make copies of a book, record or document.

31( 3) A compliance officer may carry out a compliance review within or outside the Province.

31( 4) A compliance officer shall not enter a private dwelling under subsection (3) unless the compliance officer has the consent of the occupier or has obtained an entry warrant under the Entry Warrants Act.

31( 5) Before or after attempting to enter or to have access to any premises, a compliance officer may apply for an entry warrant under the Entry Warrants Act.

Removal of books, records and documents

32( 1) A compliance officer who removes books, records or documents to make a copy or extract of them or any part of them shall give a receipt to the occupier of the premises for the books, records or documents removed and return the books, records or documents as soon as possible after the making of copies or extracts.

32( 2) A copy or extract of any book, record or document related to a compliance review and purporting to be certified by a compliance officer is admissible in evidence in any action, proceeding or prosecution and is proof, in the absence of evidence to the contrary, of the original without proof of the appointment, authority or signature of the person purporting to have certified the copy or extract.

Obstruction of compliance officer

33( 1) No person shall obstruct or interfere with a compliance officer who is carrying out or attempting to carry out a compliance review under this Part, or withhold, destroy, conceal, alter or refuse to produce any information or thing reasonably required by a compliance officer for the purposes of the compliance review.

33( 2) A refusal of consent to enter a private dwelling is not and shall not be considered to be interfering with or obstructing within the meaning of subsection (1), except if an entry warrant has been obtained.

Misleading statements

34 No person shall knowingly make a false or misleading statement, either orally or in writing, to a compliance officer while the compliance officer is engaged in carrying out the compliance officer’s duties under this Act or the regulations.

Fees and expenses payable for compliance review

35 The Commission may, in circumstances prescribed by regulation, require a holder in respect of which a compliance review was carried out to pay the Commission any fee prescribed by regulation and to reimburse the Commission for any expenses prescribed by regulation.

PART 6

INVESTIGATIONS

Provision of information to Director

36( 1) In this section, “holder” has the same meaning as in section 1, and includes a person who the Director has reasonable grounds to believe is a holder.

36( 2) The Director may make an order under subsection (3)

afor the administration of this Act or the regulations, or

bto assist in the administration of similar legislation of a jurisdiction.

36( 3) By an order applicable generally or to one or more persons named or otherwise described in the order, the Director may require a holder to provide information or to produce books, records or documents or classes of books, records or documents specified or otherwise described in the order within the time or at the intervals specified in the order.

36( 4) The Director may require that the authenticity, accuracy or completeness of information provided or of a book, record or document or a class of books, records or documents produced in accordance with an order under subsection (3) be verified by affidavit.

36( 5) The Director may require that the information provided or that the books, records or documents or classes of books, records or documents produced in accordance with an order made under subsection (3) be delivered in electronic form, if the information or the books, records or documents or classes of books, records or documents are already available in that form.

Investigation order

37( 1) The Commission may, by order, appoint a person as an investigator to make any investigation that the Commission considers expedient

afor the administration of this Act or the regulations, or

bto assist in the administration of similar legislation of a jurisdiction.

37( 2) In its order, the Commission shall specify the scope of an investigation to be carried out under subsection (1).

Powers of investigator

38( 1) An investigator may, with respect to the person who is the subject of the investigation, investigate, inspect and examine

athe business or affairs of that person,

bany records, documents or communications connected with that person, and

cany property or assets owned, acquired or disposed of, in whole or in part, by that person or by a person acting on behalf of or as agent for that person.

38( 2) For the purposes of an investigation under this Part, an investigator may inspect and examine any record, document or thing in the possession or control of the person in respect of whom the investigation is ordered.

38( 3) An investigator making an investigation under this Part may, on production of the order appointing the investigator,

aenter the business premises of any person named in the order during normal business hours and inspect and examine any record, document or thing that is used in the business of that person and that relates to the order,

brequire the production of any record, document or thing referred to in paragraph (a) for inspection or examination, and

con giving a receipt, remove the record, document or thing inspected or examined under paragraph (a) or (b) for the purpose of further inspection or examination.

38( 4) An inspection or examination under this section shall be completed as soon as possible and the records, documents or things shall be returned promptly to the person who produced them.

38( 5) No person shall withhold, destroy, conceal, alter or refuse to give any information or withhold, destroy, conceal, alter or refuse to produce any record, document or thing reasonably required under subsection (3) by an investigator.

Power to compel evidence

39( 1) An investigator making an investigation under this Part has the same power to summon and enforce the attendance of witnesses, to compel witnesses to give evidence under oath or in any other manner and to compel witnesses to produce records, documents and things or classes of records, documents and things as the Court has for the trial of civil actions.

39( 2) On the application of an investigator to the Court, the failure or refusal of a person to attend, to take an oath, to answer questions or to produce records, documents and things or classes of records, documents and things in the custody, possession or control of the person makes the person liable to be committed for contempt as if in breach of an order or judgment of the Court.

39( 3) A person giving evidence at an investigation conducted under this section may be represented by legal counsel.

39( 4) Testimony given by a person under this section shall not be admitted into evidence against that person in any prosecution other than for perjury in the giving of that testimony or the giving of evidence contradictory to that testimony.

Investigators authorized as peace officers

40 Every investigator in carrying out the investigator’s duties under this Act and the regulations is a person employed for the preservation and maintenance of the public peace and has and may exercise all the powers, authorities and immunities of a peace officer as defined in the Criminal Code (Canada).

Seized property

41( 1) On request to an investigator by a person who, at the time of a seizure, was in lawful possession of records, documents or things seized under this Part, the records, documents or things seized shall, at a time and place mutually convenient to the person who was in lawful possession of them at the time of the seizure and the investigator, be made available for consultation and copying by the person.

41( 2) If records, documents or things are seized under this Part and the matter for which the records, documents or things were seized is concluded, the investigator shall return those records, documents or things to the person who was in lawful possession of them at the time of the seizure within 60 days after the day that the matter is concluded.

41( 3) If records, documents or things are seized under this Part and the person who was in lawful possession of the records, documents or things at the time of the seizure alleges that the records, documents or things are not relevant in respect of the matter for which they were seized, that person may apply by notice of motion to the Court for the return of the records, documents or things.

41( 4) On a motion under subsection (3), the Court shall order the return of any records, documents or things that it determines are not relevant to the matter for which they were seized to the person who was in lawful possession of the records, documents or things at the time of the seizure.

Report of investigation

42( 1) If an investigation has been made under this Part, the investigator shall, at the request of the Commission, provide a report of the investigation to the Commission or any transcripts of evidence or any material or other things in the investigator’s possession relating to the investigation.

42( 2) A report that is provided to the Commission under this section is privileged and is inadmissible in evidence in any action or proceeding.

Prohibition against disclosure

43( 1) For the purpose of protecting the integrity of an investigation under this Part, the Commission may make an order that applies for the duration of the investigation, prohibiting a person from disclosing to any person other than the person’s lawyer the following information:

athe fact that an investigation is being conducted;

bthe name of any person examined or sought to be examined;

cthe nature or content of any questions asked;

dthe nature or content of any demands for the production of any document or other thing; or

ethe fact that any document or other thing was produced.

43( 2) An order under subsection (1) does not apply to disclosures authorized by the regulations or by the Director in writing.

43( 3) An investigator making an investigation under this Part may make, or authorize the making of, any disclosure of information that may be required for the effectual conduct of the investigation.

Non-compellability

44 None of the following persons is compellable to give evidence in any court or in any proceeding of a judicial nature concerning any information that comes to the knowledge of the person in the exercise of the powers or performance of the duties of that person in relation to an investigation under this Part:

aan investigator;

bthe Commission;

ca member of the Commission;

dan employee of the Commission;

ea member of the Tribunal; and

fa person engaged by the Commission under section 18 of the Financial and Consumer Services Commission Act.

PART 7

ENFORCEMENT

Offences generally

45( 1) A person who does any of the following commits an offence, and is liable on conviction, for each offence, if an individual, to a fine of not more than $50,000 or to imprisonment for a term of not more than one year, or to both, and if a person other than an individual, to a fine of not more than $250,000:

amakes a statement in any information or material submitted, provided, produced, delivered or given to or filed with the Commission, the Director, a compliance officer, an investigator or any person acting under the authority of the Commission or the Director that is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading;

bmakes a statement in any information or material required to be submitted, provided, produced, delivered, given or filed under this Act or the regulations that is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading;

cwithholds, destroys, conceals, alters or refuses to produce any information or thing reasonably required for the purposes of an administrative proceeding under this Act or the regulations;

dviolates or fails to comply with a provision of this Act that is listed in Schedule A;

eviolates or fails to comply with a decision, ruling, order, temporary order or direction of the Commission, the Director or the Tribunal made or given under this Act or the regulations;

fviolates or fails to comply with a written undertaking made by that person to the Commission, the Director or the Tribunal under this Act or the regulations; or

gviolates or fails to comply with any provision of the regulations.

45( 2) Without limiting the availability of other defences, no person commits an offence under paragraph (1)(a) or (b) if

athe person did not know and in the exercise of reasonable diligence could not have known that the statement was misleading or untrue or that it omitted to state a fact that was required to be stated or that was necessary to make the statement not misleading in light of the circumstances in which it was made, and

bon becoming aware that the statement was misleading or untrue or that it omitted to state a fact that was required to be stated or that was necessary to make the statement not misleading, the person notified the Commission.

Orders in the public interest

46( 1) On the application of the Commission, the Tribunal, if in its opinion it is in the public interest to do so, may make one or more of the following orders:

aan order that any exemptions contained in this Act or the regulations do not apply to a person permanently or for any period specified in the order;

ban order that a person submit to a review of the person’s practices and procedures relating to unclaimed property and institute any changes directed by the Tribunal;

cif the Tribunal is satisfied that this Act or the regulations have not been complied with, an order that any document or statement described in the order

( i) be provided by a person,

( ii) not be provided to a person, or

( iii) be amended to the extent that amendment is practicable;

dan order that a person be reprimanded;

ean order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;

fan order that a person cease violating or comply with, and that the directors and officers of the person cause the person to cease violating or to comply with, this Act and the regulations;

gif a person has not complied with this Act or the regulations, an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance.

46( 2) The Tribunal may impose any terms and conditions that the Tribunal considers appropriate on an order under this section.

46( 3) A person who is the subject of an order made under this section shall comply with any terms and conditions imposed on the order.

46( 4) Unless the parties and the Tribunal consent, no order shall be made under this section without a hearing.

46( 5) Despite subsection (4), if in the opinion of the Tribunal the length of time required to hold a hearing could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under paragraph (1)(a) or (d).

46( 6) The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Tribunal.

46( 7) The Tribunal may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.

46( 8) The Commission shall as soon as possible give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.

Administrative penalty

47( 1) On the application of the Commission and after conducting a hearing, the Tribunal may order a person to pay an administrative penalty of not more than $25,000, in the case of an individual, and of not more than $100,000, in the case of a person other than an individual, if the Tribunal

adetermines that the person has violated or failed to comply with this Act or the regulations, and

bis of the opinion that it is in the public interest to make the order.

47( 2) The Tribunal may make an order under this section despite the imposition of any other penalty on the person or the making of any other order by the Tribunal, the Commission or the Director related to the same matter.

Directors and officers – deemed violation or non-compliance

48 If a person other than an individual violates or has not complied with this Act or the regulations, a director or officer of the person who authorized, permitted or acquiesced in the violation or non-compliance shall be deemed also to have violated or not complied with this Act or the regulations, whether or not any proceeding has been commenced against the person under this Act or the regulations or any order has been made against the person under section 46.

Resolution of administrative proceedings

49( 1) Despite any other provision of this Act or the regulations, an administrative proceeding conducted by the Commission, the Tribunal or the Director under this Act or the regulations may be disposed of by

aan agreement approved by the Commission, the Tribunal or the Director, as the case may be,

ba written undertaking made by a person to the Commission, the Tribunal or the Director that has been accepted by the Commission, the Tribunal or the Director, as the case may be, or

ca decision of the Commission, the Tribunal or the Director, as the case may be, made without a hearing or without compliance with a requirement of this Act or the regulations, if the parties have waived the hearing or compliance with the requirement.

49( 2) An agreement approved, a written undertaking accepted or a decision made under subsection (1) may be enforced in the same manner as a decision made by the Commission, the Tribunal or the Director under any other provision of this Act or under the regulations.

Limitation period

50 No proceeding under this Act or the regulations shall be commenced more than six years after the date of the occurrence of the last event on which the proceeding is based.

PART 8

GENERAL

Appeal

51( 1) A person who is directly affected by a decision of the Director may appeal the decision to the Tribunal within 30 days after the date of the decision.

51( 2) Despite subsection (1), the Tribunal may extend the period for appealing a decision, before or after the expiration of the time, if it is satisfied that there are reasonable grounds for an extension.

51( 3) The Director is a party to an appeal of a decision of the Director under this section.

51( 4) The Tribunal may, by order, confirm, vary or rescind the whole or any part of a decision under appeal or make any other decision that the Tribunal considers proper.

51( 5) Despite the fact that an appeal is held under this section, a decision under appeal takes effect immediately, but the Tribunal may grant a stay of the decision until the disposition of the appeal.

Agreements to locate unclaimed property

52( 1) An agreement by which a person agrees to locate or recover unclaimed property for an owner shall

aclearly set out the terms of the agreement, including the approximate value of the unclaimed property and the total cost of the agreement to the owner,

bbe in writing and signed by the owner, and

ccontain any other information prescribed by regulation.

52( 2) A provision in an agreement referred to in subsection (1) is of no force or effect if the provision

ais, in the opinion of the Director, unconscionable,

bestablishes compensation in excess of the maximum amount of compensation determined in accordance with the regulations, or

cprovides for the reimbursement of expenses that, in the opinion of the Director, exceed the necessary and reasonable expenses actually incurred.

52( 3) Despite any provision of an agreement referred to in subsection (1), the Director may deliver any unclaimed property directly to a claimant who satisfies the Director under paragraph 25(2)(a) or (b).

52( 4) An agreement referred to in subsection (1) made within the period beginning on the date on which the property is presumed to be unclaimed property under this Act and ending on the date that is two years after the date on which the Director obtains the unclaimed property under this Act is void.

52( 5) This section does not apply to an agreement between an owner and a lawyer under which the lawyer agrees to act in a professional capacity, as lawyer for the owner to assist the owner to locate or recover unclaimed property.

No contracting out

53 An agreement excluding or purporting to exclude one or more provisions of this Act is void.

Administration

54 The Commission is responsible for the administration of this Act.

Regulations and rules

55( 1) The Lieutenant-Governor in Council may make regulations and the Commission may make rules

aprescribing an entity for the purposes of the definition “business organization”;

bexcluding any thing or class of thing for the purposes of the definition “property”;

cprescribing any thing or class of thing for the purposes of the definition “property”;

dexempting any person or class of persons for the purposes of paragraph 2(2)(b);

eprescribing terms and conditions attached to an exemption referred to in paragraph (d);

fprescribing a period for the purposes of section 4, which period may vary for different types of property;

ggoverning the manner of indicating a right or interest in property for the purposes of section 4;

hprescribing information to be contained in a notice to an apparent owner under section 7;

iprescribing the maximum amount of fees that a holder may charge an owner or an apparent owner under section 8;

jprescribing circumstances for the purposes of sections 10 and 12;

kprescribing documents to accompany an application under sections 10 and 12;

lprescribing fees for an application under sections 3, 10 and 12;

mprescribing information to be contained in a report referred to in sections 9, 11 and 12;

ngoverning any or all of the form of any books, records or documents, the information to be contained in any books, records or documents and the manner of providing any books, records or documents that are to be provided to or by the Director;

ogoverning the books, records or documents that a holder is required to keep;

pprescribing late fees for the purposes of section 14;

qprescribing the rate of interest for the purposes of section 14;

rprescribing the period within which the Director is to reconsider a claim or determination under section 17;

sprescribing information to be contained in the list referred to in section 22;

tprescribing the period within which the Director is to consider a claim under sections 25 and 26;

uprescribing the period to deliver unclaimed property and, if applicable, to pay interest under sections 25 and 26;

vprescribing the rate of interest for the purposes of sections 25 and 26 and the circumstances in which interest is paid;

wprescribing the class of person who may claim unclaimed property under section 26 and the circumstances in which a claim may be made;

xprescribing fees, circumstances and expenses for the purposes of section 35;

ygoverning the practice and procedure for investigations under Part 6;

zauthorizing disclosures of information for the purposes of section 43;

aaprescribing information to be contained in an agreement referred to in section 52;

bbgoverning the method of determining the maximum amount of compensation that may be provided for in an agreement under section 52, including any formula, ratio or percentage to be used to calculate the amount;

ccprescribing the method of estimating fair market value;

dddefining any word or expression used in but not defined in this Act for the purposes of this Act, the regulations or both; or

eegoverning any other matter that may be necessary for the proper administration of this Act.

55( 2) The Lieutenant-Governor in Council may, by order, amend or repeal a rule made by the Commission.

55( 3) Subject to the approval of the Minister, the Commission, concurrently with making a rule, may make a regulation that amends or repeals any provision of a regulation made by the Lieutenant-Governor in Council under this Act or by the Commission under this subsection that in the opinion of the Commission is necessary or advisable to implement the rule effectively.

55( 4) A regulation made under subsection (3) is not effective before the rule referred to in that subsection comes into force.

55( 5) Subject to subsection (4), a regulation made under subsection (3) may be retroactive in its operation.

55( 6) A regulation or rule authorized by this section may incorporate by reference, in whole or in part, any laws, any by-laws or other regulatory instruments or any codes, standards, procedures or guidelines as they are amended from time to time before or after the making of the regulation or the rule or as they read at a fixed time and may require compliance with any law, any by-law or other regulatory instrument or any code, standard, procedure or guideline so incorporated.

55( 7) Regulations or rules may vary for or be made in respect of different persons, matters or things or different classes or categories of persons, matters or things.

55( 8) A regulation or a rule may be general or particular in its application, may be limited as to time or place or both and may exclude any place from the application of the regulation or rule.

55( 9) The Regulations Act does not apply to the rules made under this Act.

55( 10) If there is a conflict or an inconsistency between a regulation made by the Lieutenant-Governor in Council under this Act and a rule made under this Act, the regulation prevails but in all other respects a rule has the same force and effect as a regulation.

Notice and publication of rules

56( 1) As soon as the circumstances permit after a rule is made under section 55, the Commission shall

apublish the rule electronically, and

bpublish in The Royal Gazette notice of the rule in accordance with the regulations made under the Financial and Consumer Services Commission Act.

56( 2) As soon as possible after the Commission makes a rule, it shall make a copy of the rule available for public review at each of the Commission’s offices during the normal business hours of the Commission.

56( 3) When notice of a rule has been published in The Royal Gazette in accordance with paragraph (1)(b), a person affected by the rule shall be deemed to have notice of it on the date the rule is published in accordance with paragraph (1)(a).

Changes by Secretary of the Commission

57 The Secretary of the Commission may make changes respecting form, style, numbering and typographical, clerical or reference errors in a rule made by the Commission without changing the substance of the rule if the changes are made before the date the rule is published in accordance with paragraph 56(1)(a).

Consolidated rules

58( 1) The Secretary of the Commission may maintain a consolidation of the rules made by the Commission.

58( 2) In maintaining a consolidation of the rules, the Secretary of the Commission may make changes respecting form and style and respecting typographical errors without changing the substance of a rule.

58( 3) The Commission may publish the consolidated rules in the frequency that it considers appropriate.

58( 4) A consolidated rule does not operate as new law but shall be interpreted as a consolidation of the law contained in the original rule and any subsequent amendments.

58( 5) In the event of an inconsistency between a consolidated rule published by the Commission and the original rule or a subsequent amendment, the original rule or amendment prevails to the extent of the inconsistency.

PART 9

CONSEQUENTIAL AMENDMENTS AND COMMENCEMENT

Credit Unions Act

59( 1) Section 53 of the Credit Unions Act, chapter 25 of the Acts of New Brunswick, 2019, is repealed and the following is substituted:

53 If a deposit account contains an amount and no business has been transacted in connection with the account during the period prescribed in the Unclaimed Property Act, the credit union shall pay to the Director of Unclaimed Property in accordance with the Unclaimed Property Act an amount equal to the principal amount of the deposit, plus interest, if any, calculated in accordance with the terms of the deposit or instrument.

59( 2) Section 166 of the Act is amended

aby repealing subsection (1);

bby repealing subsection (2);

cby repealing subsection (3).

59( 3) Section 169 of the Act is repealed and the following is substituted:

169 If a credit union is revived under section 168, any property other than unclaimed property under the Unclaimed Property Act that vested in the Corporation and that has not been disposed of shall be returned to the credit union or, if that property has been disposed of, the Corporation shall pay to the credit union an amount equal to the lesser of

athe value of the property at the date it vested in the Corporation, and

bthe amount realized by the Corporation from the disposition of the property.

Financial and Consumer Services Commission Act

60( 1) Section 1 of the Financial and Consumer Services Commission Act, chapter 30 of the Acts of New Brunswick, 2013, is amended

ain the definition “financial and consumer services legislation” by adding the following after paragraph (s):

s.1the Unclaimed Property Act,

bin the definition “regulator”

( i) in paragraph (g) of the English version by striking out “and” at the end of the paragraph;

( ii) in paragraph (h) by striking out the period at the end of the paragraph and substituting a comma followed by “and”;

( iii) by adding after paragraph (h) the following:

ithe Director of Unclaimed Property appointed under paragraph 18(2)(k).

60( 2) Subsection 18(2) of the Act is amended

ain paragraph (i) of the English version by striking out “and” at the end of the paragraph;

bin paragraph (j) by striking out the period at the end of the paragraph and substituting a semicolon followed by “and”;

cby adding after paragraph (j) the following:

ka Director of Unclaimed Property.

60( 3) Subsection 21(6) of the Act is amended

ain paragraph (j) by striking out the period at the end of the paragraph and substituting a semicolon;

bby adding after paragraph (j) the following:

kparagraph 46(1)(g) of the Unclaimed Property Act.

60( 4) Subsection 56(3) of the Act is amended

ain paragraph (b) of the English version by striking out “or” at the end of the subparagraph;

bin paragraph (c) by striking out the period at the end of the paragraph and substituting a semicolon followed by “or”;

cby adding after paragraph (c) the following:

dan agreement entered into under section 24 of the Unclaimed Property Act.

Loans and Trust Companies Act

61( 1) Section 160 of the Loan and Trust Companies Act, chapter L-11.2, of the Acts of New Brunswick, 1987, is amended

ain subsection (1) by striking out “subject to section 175, pay to the Minister on demand and in any event before the final liquidation of the business of the company, any amount that is payable by the liquidator or the company to a creditor or shareholder of the company to whom payment of the amount has not, for any reason, been made” and substituting “subject to section 175 and in accordance with the Unclaimed Property Act, pay any amount that is payable by the liquidator or the company to a creditor or shareholder of the company to whom payment of the amount has not, for any reason, been made to the Director of Unclaimed Property”.

bby repealing subsection (2).

61( 2) Section 174 of the Act is amended

ain subsection (1) by striking out “shall be converted into money and paid to the Minister in accordance with and subject to section 160” and substituting “shall be converted into money and paid in accordance with the Unclaimed Property Act to the Director of Unclaimed Property”.

bby repealing subsection (2);

cby repealing subsection (3).

61( 3) The heading “Final vesting in Province” preceding section 176 of the Act is repealed.

61( 4) Section 176 of the Act is repealed.

Commencement

62 This Act or any provision of it comes into force on a day or days to be fixed by proclamation.

SCHEDULE A

2(3)
3(4)
7(1)
8(1)
8(2)
9(1)
14(1)
15(2)
16(3)
17(5)
29(1)
29(2)
29(3)
29(4)(a)
29(4)(b)
33(1)
34
38(5)
46(3)