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Financial System Review Act (S.C. 2012, c. 5)

Assented to 2012-03-29

 The Act is amended by adding the following after section 973.06:

Exceptions to Generally Accepted Accounting Principles

Marginal note:Calculations — generally accepted accounting principles
  • 973.07 (1) If, as a result of a change to the accounting principles referred to in subsections 308(4) and 840(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead.

  • Marginal note:Canada Gazette

    (2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect.

  • Marginal note:Five-year limit

    (3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made.

Marginal note:2007, c. 6, s. 127
  •  (1) Paragraph 976.1(1)(b) of the Act is replaced by the following:

    • (b) paragraphs 468(5)(b.1), (c), (d) and (d.1);

  • Marginal note:2007, c. 6, s. 127

    (2) Paragraph 976.1(1)(e) of the Act is replaced by the following:

    • (e) paragraphs 930(5)(b.1), (c), (d) and (d.1).

PART 21991, c. 48COOPERATIVE CREDIT ASSOCIATIONS ACT

Marginal note:2001, c. 9, s. 248(3)

 The definition “consumer provision” in section 2 of the Cooperative Credit Associations Act is replaced by the following:

“consumer provision”

« disposition visant les consommateurs »

“consumer provision” means a provision referred to in paragraph (b) or (b.1) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;

Marginal note:2007, c. 6, s. 138

 Section 22 of the Act is replaced by the following:

Marginal note:Sunset provision
  • 22. (1) Subject to subsections (2) and (4), associations shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which associations may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Order not a regulation

    (3) The order is not a regulation for the purposes of the Statutory Instruments Act. However, it shall be published in Part II of the Canada Gazette.

  • Marginal note:Exception

    (4) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the six-month period before that anniversary or on any day within an extension under subsection (2), associations may continue to carry on business until the end of 180 days after the first day of the first session of the next Parliament.

Marginal note:2001, c. 9, s. 307

 The portion of paragraph 376(1)(g) of the Act before subparagraph (i) is replaced by the following:

  • (g) outside Canada, or with the prior written approval of the Minister, in Canada, provide the following services to entities described in paragraph 375(1)(a), to members of the Canadian Payments Association to which that Association may provide clearing, settlement and payment services under paragraph 375.1(1)(b) or, if the association is a retail association, to any person:

Marginal note:2009, c. 2, s. 277

 Paragraph 382.2(3)(b) of the English version of the Act is replaced by the following:

  • (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and

Marginal note:2001, c. 9, s. 313
  •  (1) The portion of paragraph 385.09(a) of the Act before subparagraph (i) is replaced by the following:

    • (a) the time and place at which and the form and manner in which disclosure is to be made by a retail association of

  • Marginal note:2001, c. 9, s. 313

    (2) Paragraph 385.09(b) of the Act is replaced by the following:

    • (b) the time and place at which and the form and manner in which any charges for the keeping of an account are to be disclosed by a retail association to its customers; and

Marginal note:2001, c. 9, s. 313

 Sections 385.11 and 385.12 of the Act are replaced by the following:

Marginal note:Disclosure of charges

385.11 A retail association shall disclose to its customers and to the public, at the prescribed time and place and in the prescribed form and manner, the charges applicable to deposit accounts with the association and the usual amount, if any, charged by the association for services normally provided by the association to its customers and to the public.

Marginal note:No increase or new charges without disclosure
  • 385.12 (1) A retail association shall not increase any charge applicable to a personal deposit account with the association or introduce any new charge applicable to a personal deposit account with the association unless the association discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

  • Marginal note:Mandatory disclosure

    (2) With respect to prescribed services in relation to deposit accounts, other than personal deposit accounts, a retail association shall not increase any charge for any such service in relation to a deposit account with the association or introduce any new charge for any such service in relation to a deposit account with the association unless the association discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

Marginal note:2001, c. 9, s. 313

 Subsection 385.16(1) of the Act is replaced by the following:

Marginal note:Disclosing borrowing costs
  • 385.16 (1) A retail association shall not make a loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 385.17, and other prescribed information have been disclosed by the association to the borrower at the prescribed time and place and in the prescribed form and manner.

Marginal note:2001, c. 9, s. 313
  •  (1) Paragraph 385.18(1)(c) of the Act is replaced by the following:

    • (c) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement;

  • Marginal note:2001, c. 9, s. 313

    (2) Paragraph 385.18(1)(e) of the Act is replaced by the following:

    • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

  • Marginal note:2001, c. 9, s. 313

    (3) Subsection 385.18(2) of the Act is replaced by the following:

    • Marginal note:Disclosure in credit card applications

      (2) A retail association shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards and provide prescribed information to any person applying to it for a credit, payment or charge card.

  • Marginal note:2001, c. 9, s. 313

    (4) Paragraphs 385.18(3)(d) and (e) of the Act are replaced by the following:

    • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

    • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

  • Marginal note:2001, c. 9, s. 313

    (5) Paragraphs 385.18(4)(d) and (e) of the Act are replaced by the following:

    • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

    • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

Marginal note:2001, c. 9, s. 313

 Sections 385.19 and 385.2 of the Act are replaced by the following:

Marginal note:Renewal statement

385.19 If a retail association makes a loan in respect of which the disclosure requirements of section 385.16 apply and the loan is secured by a mortgage on real property, the association shall disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan.

Marginal note:Disclosure in advertising

385.2 No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 385.18(4), loans, credit cards, payment cards or charge cards, offered to natural persons by a retail association, and purporting to disclose prescribed information about the cost of borrowing or about any other matter unless the advertisement discloses prescribed information at the prescribed time and place and in the prescribed form and manner.

 

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