Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Bank Act

Version of section 448.3 from 2011-11-01 to 2022-06-29:


Marginal note:Disclosure required concerning registered products

  •  (1) Subject to subsection (2), a 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 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 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 a 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. 31

Date modified: