Bank Act (S.C. 1991, c. 46)

Marginal note:Disclosure of information

• 627.55 (1) If an institution is required under this Division to disclose information, it shall do so in a manner, and using language, that is clear, simple and not misleading, and shall do so in writing, unless otherwise provided for under this Division.

• Marginal note:Agreement by telephone

  (2) Subject to the regulations, an institution that enters into an agreement with a person orally by telephone in respect of a product or service in Canada is deemed to have disclosed in writing the information referred to in subsection (1) if it

  • (a) discloses orally to the person, before entering into the agreement by telephone,

    • (i) the information or any prescribed portion of the information, and

    • (ii) any prescribed information; and

  • (b) provides the information in writing to the person without delay after entering into the agreement.