Jobs and Economic Growth Act (S.C. 2010, c. 12)
Full Document:
Assented to 2010-07-12
1852. (1) Subsection 5(2) of the Act is replaced by the following:
Marginal note:Personal information
(2) The Commissioner may collect any personal information that he or she considers necessary in furtherance of the objects described in subsection 3(2).
(2) Subsection 5(5) of the Act is replaced by the following:
Marginal note:Activities
(5) The Commissioner may carry on any activity that he or she considers necessary in furtherance of the objects described in subsection 3(2).
1853. The Act is amended by adding the following after section 5:
Marginal note:Minister’s direction
5.1 (1) The Minister may give a written direction to the Commissioner if the Minister is of the opinion that it can strengthen consumer protection and the public’s confidence in that protection or enhance the public’s financial literacy.
Marginal note:Notification of implementation
(2) After implementing the direction, the Commissioner shall notify the Minister without delay that the direction has been implemented.
Marginal note:Best interests
(3) The Commissioner’s compliance with a direction is deemed to be in the best interests of the Agency.
Marginal note:Statutory Instruments Act
(4) The Statutory Instruments Act does not apply to a direction given under subsection (1).
Marginal note:Publication
(5) The Minister shall cause a notice to be published in the Canada Gazette that a direction was given under subsection (1) as soon as is feasible after the direction is implemented.
1854. Subsection 17(1) of the Act is replaced by the following:
Marginal note:Confidential information
17. (1) Subject to subsection (2) and except as otherwise provided in this Act, information regarding the business or affairs of a financial institution or regarding persons dealing with one that is obtained by the Commissioner or by any person acting under the direction of the Commissioner, in the course of the exercise or performance of powers, duties and functions referred to in subsections 5(1) and (2) and 5.1(2) and any information prepared from that information, is confidential and shall be treated accordingly.
1855. Subsections 18(2) and (3) of the Act are replaced by the following:
Marginal note:Commissioner to ascertain expenses — direction
(1.1) After the publication of a notice under subsection 5.1(5), the Commissioner shall ascertain the amount of expenses that the Agency incurred in complying with the direction.
Marginal note:Amount conclusive
(2) The amounts ascertained under subsections (1) and (1.1) are final and conclusive for the purposes of this section.
Marginal note:Assessment
(3) As soon as possible after ascertaining the amounts under subsections (1) and (1.1), the Commissioner shall assess a portion of the total amount of expenses against each financial institution to the extent and in the manner that the Governor in Council may, by regulation, prescribe.
1856. Paragraph 19(1)(a) of the Act is replaced by the following:
(a) designating, as a violation that may be proceeded with under sections 20 to 31, the contravention of a specified consumer provision, or the non-compliance with
(i) a compliance agreement entered into under an Act listed in Schedule 1, and
(ii) terms and conditions, undertakings or directions referred to in subparagraph 3(2)(a)(ii).
1857. Schedule 1 to the Act is amended by replacing “(Subsections 5(1) and 19(1) and section 20)” after the heading “SCHEDULE 1” with “(Subsections 3(2), 5(1) and 19(1) and section 20)”.
Consequential Amendments
1991, c. 46Bank Act
1858. Section 973.02 of the Bank Act is amended by adding the following after subsection (1):
Marginal note:Commissioner — supervision of terms, conditions and undertakings
(1.1) If the Minister specifies that the Commissioner is to supervise a bank to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the bank’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision.
1991, c. 48Cooperative Credit Associations Act
1859. Section 459.4 of the Cooperative Credit Associations Act is amended by adding the following after subsection (1):
Marginal note:Commissioner — supervision of terms, conditions and undertakings
(1.1) If the Minister specifies that the Commissioner is to supervise an association to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the association’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision.
1991, c. 47Insurance Companies Act
1860. Section 1016.2 of the Insurance Companies Act is amended by adding the following after subsection (1):
Marginal note:Commissioner — supervision of terms, conditions and undertakings
(1.1) If the Minister specifies that the Commissioner is to supervise a company to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the company’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision.
1991, c. 45Trust and Loan Companies Act
1861. Section 527.4 of the Trust and Loan Companies Act is amended by adding the following after subsection (1):
Marginal note:Commissioner — supervision of terms, conditions and undertakings
(1.1) If the Minister specifies that the Commissioner is to supervise a company to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the company’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision.
- Date modified: