Bank Act (S.C. 1991, c. 46)

Marginal note:Imposition of charges or penalties

• 627.12 (1) An institution shall not impose on a person a charge or penalty in relation to a product or service in Canada unless

  • (a) the institution has obtained from the person the express consent referred to in paragraph 627.08(1)(a);

  • (b) the agreement in respect of the product or service provides for its imposition; and

  • (c) the institution discloses the charge or penalty in accordance with this Part.

• Marginal note:Court order

  (2) Subsection (1) does not preclude the institution from receiving an amount in relation to a product or service that is determined under an order of a court.