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Bank Act

Version of section 566.1 from 2011-11-01 to 2022-06-29:


Marginal note:Disclosure required concerning registered products

  •  (1) Subject to subsection (2), an authorized foreign bank shall not open an account that is or forms part of a registered product in the name of a customer, or enter into an agreement with a customer for a prescribed product or service that is or forms part of a registered product, unless the authorized foreign bank provides, in the prescribed manner, to the individual requesting the account or the prescribed product or service

    • (a) information about all charges applicable to the registered product;

    • (b) information about how the customer will be notified of any increase in those charges and of any new charges applicable to the registered product;

    • (c) information about the authorized foreign bank’s procedures relating to complaints about the application of any charge applicable to the registered product; and

    • (d) any other information that may be prescribed.

  • Marginal note:Regulations

    (2) The Governor in Council may make regulations specifying the circumstances under which an authorized foreign bank need not provide the information.

  • Definition of registered product

    (3) In this section, registered product means a product that is defined to be a registered product by the regulations.

  • 2007, c. 6, s. 89

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