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Ontario Regulation 26/05 Flashcards

6 cards from real TICO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Ontario Regulation 26/05 flashcards as text

  1. Under Ontario Regulation 26/05, a travel agent who receives a client's payment must deposit it into the designated trust account within what timeframe?

    Answer: Two business days of receiving the payment

    Ontario Regulation 26/05 requires client payments to be deposited into the designated trust account within two business days of receipt.

  2. Ontario Regulation 26/05 provides that a travel agent may withdraw funds from the designated trust account when which condition is met?

    Answer: When the funds are due and payable to a travel supplier, or when the agent has earned their commission after the supplier confirms receipt

    Funds may be withdrawn from the trust account when they are due and payable to a supplier or when the agent has legitimately earned their commission portion.

  3. Under Ontario Regulation 26/05, which of the following is required when a travel registrant receives a complaint from a consumer?

    Answer: The registrant must acknowledge the complaint, investigate it, and maintain a written record of the complaint and its resolution

    Registrants must acknowledge, investigate, document, and maintain records of all consumer complaints and their resolutions under Ontario Regulation 26/05.

  4. Which of the following correctly describes the relationship between Ontario Regulation 26/05 and the Travel Industry Act, 2002?

    Answer: The Regulation provides detailed rules and requirements that give practical effect to the broader framework established by the Act

    Ontario Regulation 26/05 is a subordinate instrument that provides detailed operational rules flowing from the authority granted by the Travel Industry Act, 2002.

  5. Under Ontario Regulation 26/05, which of the following best describes a consumer's protection regarding credit card refunds?

    Answer: Refunds for credit card payments should be processed back to the original credit card used for payment

    Under TICO's standards, refunds for credit card transactions should be credited back to the same credit card. Converting credit card refunds to travel credits without the consumer's agreement is not permitted.

  6. Under Ontario Regulation 26/05, when is a registered travel agent required to disclose the details of a supplier's cancellation policy to the consumer?

    Answer: Before the consumer makes any payment, so the consumer understands the conditions before committing financially

    Cancellation policies are material terms that must be disclosed before any payment is accepted, including the initial deposit.