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Financial System Review Act (S.C. 2012, c. 5)

Assented to 2012-03-29

Marginal note:2001, c. 9, s. 465

 Paragraph 1019(1)(a) of the Act is replaced by the following:

  • (a) applications for approval under subsection 69(1), 76(2), 79(4), 84(1), 178(1), 238(3), 472(1), 495(8) or (12), 498(1) or (2) or 512(1), subparagraph 519(2)(b)(vi), section 522, subsection 523(2), 527(3) or (4) or 528.3(1), section 542.09 or subsection 544.1(2), 557(1) or (2), 569(1), 597(1), 748(1), 755(2), 757(4), 762(1), 805(1), 851(3), 964(1), 971(6) or (10), 974(1) or 987(1);

Marginal note:2007, c. 6, s. 332
  •  (1) Paragraph 1019.1(1)(b) of the Act is replaced by the following:

    • (b) paragraphs 495(7)(b.1), (c), (d) and (d.1);

  • Marginal note:2007, c. 6, s. 332

    (2) Paragraph 1019.1(1)(e) of the Act is replaced by the following:

    • (e) paragraphs 971(5)(b.1), (c), (d) and (d.1).

PART 41991, c. 45TRUST AND LOAN COMPANIES ACT

Marginal note:2001, c. 9, s. 478(3)

 The definition “consumer provision” in section 2 of the Trust and Loan Companies Act is replaced by the following:

“consumer provision”

« disposition visant les consommateurs »

“consumer provision” means a provision referred to in paragraph (d) or (d.1) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;

Marginal note:2007, c. 6, s. 338

 Section 20 of the Act is replaced by the following:

Marginal note:Sunset provision
  • 20. (1) Subject to subsections (2) and (4), companies shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which companies may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Order not a regulation

    (3) The order is not a regulation for the purposes of the Statutory Instruments Act. However, it shall be published in Part II of the Canada Gazette.

  • Marginal note:Exception

    (4) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the six-month period before that anniversary or on any day within an extension under subsection (2), companies may continue to carry on business until the end of 180 days after the first day of the first session of the next Parliament.

 Subsection 63(3) of the Act is repealed.

 Subsection 396(2) of the Act is replaced by the following:

  • Marginal note:Exception

    (2) Despite subsection (1), a company may record in its securities register a transfer or issue of any share of the company to a foreign institution that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the share that is transferred or issued is beneficially owned by the foreign institution or by an entity controlled by the foreign institution.

 Section 399 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Exception

    (2.1) Subsection (2) does not apply to a foreign institution that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the shares referred to in subsection (1) are beneficially owned by the foreign institution or by an entity controlled by the foreign institution.

Marginal note:2009, c. 2, s. 290

 Paragraph 418.1(3)(b) of the English version of the Act is replaced by the following:

  • (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and

 The portion of paragraph 429(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) the time and place at which and the form and manner in which disclosure is to be made by a company of

 Sections 432 and 433 of the Act are replaced by the following:

Marginal note:Disclosure of charges

432. A company shall disclose to its customers and to the public, at the prescribed time and place and in the prescribed form and manner, the charges applicable to deposit accounts with the company and the usual amount, if any, charged by the company for services normally provided by the company to its customers and to the public.

Marginal note:No increase or new charges without disclosure
  • 433. (1) A company shall not increase any charge applicable to a personal deposit account with the company or introduce any new charge applicable to a personal deposit account with the company unless the company discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

  • Marginal note:Mandatory disclosure

    (2) With respect to prescribed services in relation to deposit accounts, other than personal deposit accounts, a company shall not increase any charge for any such service in relation to a deposit account with the company or introduce any new charge for any such service in relation to a deposit account with the company unless the company discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

Marginal note:1997, c. 15, s. 379

 Subsection 436(1) of the Act is replaced by the following:

Marginal note:Disclosing borrowing costs
  • 436. (1) A company shall not make a loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 437, and other prescribed information have been disclosed by the company to the borrower at the prescribed time and place and in the prescribed form and manner.

Marginal note:1997, c. 15, s. 380(2)
  •  (1) Paragraph 438(1)(c) of the Act is replaced by the following:

    • (c) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement;

  • Marginal note:1997, c. 15, s. 380(2)

    (2) Paragraph 438(1)(e) of the Act is replaced by the following:

    • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

  • Marginal note:1997, c. 15, s. 380(3)

    (3) Subsection 438(1.1) of the Act is replaced by the following:

    • Marginal note:Disclosure in credit card applications

      (1.1) A company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards and provide prescribed information to any person applying to it for a credit, payment or charge card.

  • Marginal note:1997, c. 15, s. 380(3)

    (4) Paragraphs 438(2)(d) and (e) of the Act are replaced by the following:

    • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

    • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

  • Marginal note:1997, c. 15, s. 380(3)

    (5) Paragraphs 438(3)(d) and (e) of the Act are replaced by the following:

    • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing under the arrangement; and

    • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

Marginal note:1997, c. 15, s. 381

 Sections 438.1 and 439 of the Act are replaced by the following:

Marginal note:Renewal statement

438.1 If a company makes a loan in respect of which the disclosure requirements of section 436 apply and the loan is secured by a mortgage on real property, the company shall disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan.

Marginal note:Disclosure in advertising

439. No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 438(3), loans, credit cards, payment cards or charge cards, offered to natural persons by a company, and purporting to disclose prescribed information about the cost of borrowing or about any other matter unless the advertisement discloses prescribed information at the prescribed time and place and in the prescribed form and manner.

 

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