Financial System Review Act (S.C. 2012, c. 5)
Full Document:
- HTMLFull Document: Financial System Review Act (Accessibility Buttons available) |
- PDFFull Document: Financial System Review Act [486 KB]
Assented to 2012-03-29
PART 11991, c. 46BANK ACT
Marginal note:1999, c. 28, s. 35(1)
63. The portion of paragraph 562(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 an authorized foreign bank of
Marginal note:1999, c. 28, s. 35(1)
64. Sections 565 and 566 of the Act are replaced by the following:
Marginal note:Disclosure of charges
565. An authorized foreign bank shall disclose, at the prescribed time and place and in the prescribed form and manner, to its customers and to the public, the charges applicable to deposit accounts with the authorized foreign bank and the usual amount, if any, charged by it for services normally provided to its customers and to the public.
Marginal note:No increase or new charges without disclosure
566. (1) An authorized foreign bank shall not increase any charge applicable to a personal deposit account with the authorized foreign bank or introduce any new charge applicable to a personal deposit account with the authorized foreign bank unless it 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) An authorized foreign bank shall not increase any charge for any service that is prescribed in relation to a deposit account, other than a personal deposit account, with the authorized foreign bank, or introduce any new charge for any of those services unless the authorized foreign bank 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:1999, c. 28, s. 35(4)
65. Subsection 568(1) of the Act is replaced by the following:
Marginal note:Disclosing borrowing costs
568. (1) An authorized foreign 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 569, and other prescribed information have been disclosed by the authorized foreign bank to the borrower at the prescribed time and place and in the prescribed form and manner.
Marginal note:1999, c. 28, s. 35(6)
66. (1) Paragraph 570(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:1999, c. 28, s. 35(6)
(2) Paragraph 570(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:1999, c. 28, s. 35(7)
(3) Subsection 570(1.1) of the Act is replaced by the following:
Marginal note:Disclosure in credit card applications
(1.1) An authorized foreign 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 form or related document 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:1999, c. 28, s. 35(7)
(4) Paragraphs 570(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:1999, c. 28, s. 35(7)
(5) Paragraphs 570(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:1999, c. 28, s. 35(8)
67. Sections 570.1 and 571 of the Act are replaced by the following:
Marginal note:Renewal statement
570.1 If an authorized foreign bank makes a loan in respect of which the disclosure requirements of section 568 apply and the loan is secured by a mortgage on real property, the authorized foreign 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
571. No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 570(3), loans, credit cards, payment cards or charge cards, offered to natural persons by an authorized foreign 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:1999, c. 28, s. 35(8)
68. (1) The portion of paragraph 572(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, an authorized foreign bank shall disclose to a borrower
Marginal note:1999, c. 28, s. 35(8)
(2) Paragraph 572(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 567.1 to 571 are to be disclosed;
Marginal note:2001, c. 9, s. 157(1)
69. Subsection 574(1) of the Act is replaced by the following:
Marginal note:Information on contacting Agency
574. (1) An authorized foreign 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 an arrangement referred to in subsection 570(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 authorized foreign bank under a consumer provision.
Marginal note:2009, c. 2, s. 274
70. (1) The portion of section 575.1 of the Act before paragraph (a) is replaced by the following:
Marginal note:Regulations — activities
575.1 The Governor in Council may make regulations respecting any matters involving an authorized foreign bank’s dealings, or its employees’, representatives’, agents’ or other intermediaries’ dealings, with customers or the public, including
Marginal note:2009, c. 2, s. 274
(2) Paragraph 575.1(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. 158(2); 2007, c. 6, s. 92
71. Subsections 576.1(4.1) and (4.2) of the Act are replaced by the following:
Marginal note:Disclosure
(4.1) An authorized foreign 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:2007, c. 6, s. 93
72. (1) Subparagraph 576.2(a)(iv) of the Act is replaced by the following:
(iv) any other matter that may affect their dealings, or their employees’, representatives’, agents’ or other intermediaries’ dealings, with customers or the public;
Marginal note:2001, c. 9, s. 159
(2) Paragraph 576.2(b) 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
73. The Act is amended by adding the following after section 576.2:
Marginal note:Affiliates
576.3 An authorized foreign bank shall not enter into any arrangement or otherwise cooperate with any of its representatives, agents or other intermediaries, with any of its affiliates that is controlled by an authorized foreign bank and that is a finance entity as defined in subsection 464(1) or other prescribed entity or with any of the representatives, agents or other intermediaries of such an affiliate, to sell or further the sale of a product or service of the authorized foreign bank or the affiliate in Canada unless
(a) the affiliate or the representative, agent or other intermediary of the authorized foreign bank or the affiliate, as the case may be, complies, with respect to the product or service, with the consumer provisions that apply to authorized foreign banks — other than section 573.1 — as if they were an authorized foreign bank, to the extent that those provisions are applicable to their activities; and
(b) the persons who request or receive the product or service have access to the authorized foreign bank’s procedures for dealing with complaints established under this Act.
- Date modified: