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Bank Act

Version of section 459.5 from 2012-05-24 to 2022-06-29:

Marginal note:Affiliates

 A 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 a bank or a bank holding company 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 bank or the affiliate unless

  • (a) the affiliate or the representative, agent or other intermediary of the bank or the affiliate, as the case may be, complies, with respect to the product or service, with the consumer provisions that apply to banks — other than section 455.1 — as if they were a 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 bank’s procedures for dealing with complaints established under this Act.

  • 2001, c. 9, s. 125
  • 2012, c. 5, s. 52

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