Bank Act

Marginal note:Definitions

• 627.01 (1) The following definitions apply in this Part.

  business day

  business day does not include a Saturday or a holiday. (jour ouvrable)

  charge

  charge includes interest and, for greater certainty, a fee. (frais)

  complaint

  complaint means dissatisfaction, whether justified or not, expressed to an institution with respect to

  • (a) a product or service in Canada that is offered, sold or provided by the institution; or

  • (b) the manner in which a product or service in Canada is offered, sold or provided by the institution. (plainte)

  credit agreement

  credit agreement includes an agreement for a line of credit, a credit card or any other kind of loan that is repayable in Canada. (convention de crédit)

  deposit-type instrument

  deposit-type instrument means a product that is issued in Canada by an institution, that is related to a deposit and that specifies a fixed investment period and either

  • (a) a fixed rate of interest; or

  • (b) a variable rate of interest that is calculated on the basis of the institution’s prime lending rate or an interest rate benchmark. (instrument de type dépôt)

  eligible enterprise

  eligible enterprise means a business with authorized credit of less than $1,000,000, fewer than 500 employees and annual revenues of less than $50,000,000. (entreprise admissible)

  institution

  institution means a bank or an authorized foreign bank. (institution)

  interest

  interest, in relation to an agreement for a deposit-type instrument, a principal-protected note or a prescribed product, includes any return payable by an institution under the agreement. (intérêt)

  interest rate benchmark

  interest rate benchmark means a rate that is determined from time to time by reference to an assessment of one or more underlying interests, is made available to the public, either free of charge or on payment, and is used for reference for determining the interest payable, or other sums that are due, under loan agreements or other financial contracts or instruments. (taux d’intérêt de référence)

  maintenance charge

  maintenance charge means a charge in relation to a prepaid payment product that is imposed after the product has been purchased, other than a charge associated with the use of the product or of any service related to it. (frais de tenue de compte)

  member bank

  member bank means a bank that is a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act. (banque membre)

  optional product or service

  optional product or service means a product or service that is provided in Canada by an institution, an affiliate that the institution controls or an agent or representative of the institution or affiliate, for an additional charge, as a supplement to another product or service that is offered or provided by the institution. (produit ou service optionnel)

  personal authentication information

  personal authentication information means a personal identification number or any other password or information that a borrower creates or adopts to be used to authenticate their identity in relation to a credit card or credit card account. (authentifiant personnel)

  personal deposit account

  personal deposit account means a deposit account in the name of one or more natural persons that is kept by that person or those persons other than for business purposes. (compte de dépôt personnel)

  point of service

  point of service means a physical location to which the public has access and at which an institution carries on business with the public through natural persons in Canada. (point de service)

  prepaid payment product

  prepaid payment product means a physical or electronic product that is issued in Canada by an institution, that is or can be loaded with funds and that can be used to make withdrawals or purchase goods or services. (produit de paiement prépayé)

  principal-protected note

  principal-protected note means a financial instrument that is issued in Canada by an institution to a person and that

  • (a) provides for one or more payments to be made by the institution that are determined, in whole or in part, by reference to an index or reference point, including

    • (i) the market price of a security, commodity, investment fund or other financial instrument, and

    • (ii) the exchange rate between any two currencies; and

  • (b) provides that the principal amount that the institution is obligated to repay at or before the note’s maturity is equal to or greater than the total paid by the person for the note.

  A principal-protected note does not include a financial instrument that specifies that the interest or return on the instrument is determined solely on the basis of a fixed rate of interest or return or a variable rate of interest or return that is calculated on the basis of the institution’s prime lending rate or an interest rate benchmark. (billet à capital protégé)

  promotional product

  promotional product means a prepaid payment product that is purchased by an entity and distributed as part of a promotional, loyalty or award program. (produit promotionnel)

  registered product

  registered product means a registered education savings plan, a registered retirement savings plan, a registered retirement income fund, a registered disability savings plan or any other plan, arrangement or fund to which Division G of Part I of the Income Tax Act applies that is provided by an institution to a natural person. (produit enregistré)

  residential mortgage

  residential mortgage means a loan made in Canada on the security of residential property that has four or fewer residential units. (hypothèque résidentielle)

  retail deposit account

  retail deposit account means a personal deposit account that is opened with a deposit of less than $150,000 or of less than any greater prescribed amount. (compte de dépôt de détail)

  retail deposit-taking branch

  retail deposit-taking branch means a branch or office in Canada of a financial institution at which the financial institution, through a natural person, opens retail deposit accounts and disburses cash to customers. (succursale de dépôt de détail)

  rural area

  rural area means an area located in Canada outside an urban area. (zone rurale)

  undue pressure

  undue pressure means any pressure, imposed in the form of a practice or communication or otherwise, that could be reasonably considered to be excessive or persistent in the circumstances. (pressions indues)

  urban area

  urban area, on a particular day, means a population centre, as defined in the census dictionary published by Statistics Canada for the purpose of the most recent general census whose results have been published before that day, that has a minimum population of 10,000 natural persons on the basis of that census. (zone urbaine)

• Marginal note:Business purposes

  (2) For greater certainty, a reference to “business purposes” in a provision of this Part is a reference to the business purposes of the natural person referred to in the provision.