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

Assented to 2012-03-29

Marginal note:1997, c. 15, s. 49

41. Subsection 450(1) of the Act is replaced by the following:

Marginal note:Disclosing borrowing costs

  • 450. (1) A bank 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 451, and other prescribed information have been disclosed by the bank to the borrower at the prescribed time and place and in the prescribed form and manner.

Marginal note:1997, c. 15, s. 50(2)

  • 42. (1) Paragraph 452(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. 50(2)

    (2) Paragraph 452(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. 50(3)

    (3) Subsection 452(1.1) of the Act is replaced by the following:

    • Marginal note:Disclosure in credit card applications

      (1.1) A bank 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. 50(3)

    (4) Paragraphs 452(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. 50(3)

    (5) Paragraphs 452(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. 51

43. Sections 452.1 and 453 of the Act are replaced by the following:

Marginal note:Renewal statement

452.1 If a bank makes a loan in respect of which the disclosure requirements of section 450 apply and the loan is secured by a mortgage on real property, the bank 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

453. No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 452(3), loans, credit cards, payment cards or charge cards, offered to natural persons by a bank, 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.

Marginal note:1997, c. 15, s. 51

  • 44. (1) The portion of paragraph 454(a) of the Act before subparagraph (i) is replaced by the following:

    • (a) respecting the time and place at which, and the form and manner in which, a bank is to disclose to a borrower

  • Marginal note:1997, c. 15, s. 51

    (2) Paragraph 454(f) of the Act is replaced by the following:

    • (f) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 449.1 to 453 are to be disclosed;

Marginal note:2001, c. 9, s. 122(1)

45. Subsection 456(1) of the Act is replaced by the following:

Marginal note:Information on contacting Agency

  • 456. (1) A bank shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide a person requesting or receiving a product or service from it with prescribed information on how to contact the Agency if the person has a complaint about a deposit account, an arrangement referred to in subsection 452(3), a payment, credit or charge card, the disclosure of or manner of calculating the cost of borrowing in respect of a loan or about any other obligation of the bank under a consumer provision.

Marginal note:2001, c. 9, s. 123

  • 46. (1) The portion of subsection 458.1(1) of the Act before paragraph (a) is replaced by the following:

    Marginal note:Cashing of government cheques

    • 458.1 (1) Subject to regulations made under subsection (2), a member bank shall, at any branch in Canada at which it, through a natural person, opens retail deposit accounts and disburses cash to customers, cash a cheque or other instrument for any individual, if

  • Marginal note:2001, c. 9, s. 123

    (2) Subsection 458.1(2) of the Act is amended by adding “and” at the end of paragraph (b), by striking out “and” at the end of paragraph (c) and by repealing paragraph (d).

Marginal note:2009, c. 2, s. 271

  • 47. (1) The portion of section 458.3 of the Act before paragraph (a) is replaced by the following:

    Marginal note:Regulations — activities

    458.3 The Governor in Council may make regulations respecting any matters involving a bank’s dealings, or its employees’, representatives’, agents’ or other intermediaries’ dealings, with customers or the public, including

  • Marginal note:2009, c. 2, s. 271

    (2) Paragraph 458.3(b) of the Act is replaced by the following:

    • (b) the time and place at which and the form and manner in which any of those activities are to be carried out or any of those services are to be provided.

Marginal note:2001, c. 9, s. 124(2); 2007, c. 6, s. 35

48. Subsections 459.1(4.1) and (4.2) of the Act are replaced by the following:

  • Marginal note:Disclosure

    (4.1) A bank shall, in accordance with the regulations, disclose the prohibition on coercive tied selling set out in subsection (1) in a statement in plain language that is clear and concise, displayed and available to customers and the public at all of its branches where products or services are offered in Canada, on all of its websites through which products or services are offered in Canada and at all prescribed points of service in Canada.

  • Marginal note:Regulations

    (4.2) The Governor in Council may make regulations for the purposes of subsection (4.1)

    • (a) respecting the time and place at which, and the form and manner in which, the prohibition on coercive tied selling set out in subsection (1) is to be disclosed, displayed and made available;

    • (b) defining “point of service”; and

    • (c) prescribing points of service.

Marginal note:2001, c. 9, s. 125

49. Paragraphs 459.2(5)(a) and (b) of the Act are replaced by the following:

  • (a) the time and place at which and the form and manner in which notice shall be given under subsection (1), the persons to whom it shall be given and the information to be included, with those times, places, forms and manners being permitted to vary according to circumstances specified in the regulations;

  • (b) circumstances in which a member bank is not required to give notice under subsection (1), circumstances in which the Commissioner may exempt a member bank from the requirement to give notice under that subsection, and circumstances in which the Commissioner may vary the time and place at which and the form and manner in which notice is required to be given under any regulation made under paragraph (a); and

Marginal note:2001, c. 9, s. 125

  • 50. (1) Subsections 459.3(2) and (3) of the Act are replaced by the following:

    • Marginal note:Filing

      (2) A bank shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.

    • Marginal note:Provision of statement to public

      (3) A bank shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.

  • Marginal note:2001, c. 9, s. 125

    (2) Paragraph 459.3(4)(a) of the Act is replaced by the following:

    • (a) the name, contents and form of the statement referred to in subsection (1) and the time within which, the place at which and the manner in which it must be prepared;

  • Marginal note:2001, c. 9, s. 125

    (3) Paragraphs 459.3(4)(c) and (d) of the Act are replaced by the following:

    • (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and

    • (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a bank’s customers and to the public.

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