20. Before making the first deposit in trust, in Québec, with the financial institution chosen by the seller to receive deposits in trust under this Act, the seller must obtain the institution’s written undertaking that it will assume the duties, obligations and responsibilities imposed by this Act on a depositary with respect to the amounts entrusted to it by the seller.
The written undertaking must be consistent with the model appearing in Schedule 2 and be forwarded to the president of the Office de la protection du consommateur at his request.
“Financial institution” means a deposit institution authorized under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) or a bank.
The word “depositary” means the financial institution having signed an undertaking in accordance with the first paragraph.
1987, c. 65, s. 20; 2018, c. 23, s. 7171.