GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 627.57
Information box 627.57 (1) If an institution is required under this Division to disclose information in an application form or before entering into an agreement in respect of a product or service, it shall, at the time of that disclosure, disclose the information that is prescribed by presenting it prominently in a single prominently displayed information box. Information box — disclosure by telephone (2) An institution shall orally draw attention to the information that is required to be disclosed in the information box when (a) the institution solicits applications for the product or service from a person orally by telephone; or (b) a person contacts the institution orally by telephone for the purpose of applying for the product or service. 2018, c. 27, s. 329
Bank Act — B-1.01 627.58
Resource person 627.58 Subject to the regulations, an institution shall, before entering into an agreement with a person by electronic means or by mail in respect of a product or service in Canada, provide the person with the local or toll-free telephone number of a natural person who is an employee or agent of the institution and who is knowledgeable about the terms and conditions of the agreement. 2018, c. 27, s. 329
Bank Act — B-1.01 627.59
Other products or services 627.59 An institution shall, before entering into an agreement with a natural person in respect of any product or service in Canada to be provided on an ongoing basis and for which disclosure obligations are not otherwise provided under this Division, disclose to that person (a) the features of the product or service; (b) a list of all charges and penalties applicable to the product or service; (c) particulars of the person’s rights and obligations in respect of the product or service; (d) the information referred to in paragraphs 627.65(a) to (c); and (e) any prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.6
Renewal or rollover 627.6 (1) If an institution enters into an agreement with a natural person other than for business purposes in respect of a product or service in Canada — other than a loan that is secured by a mortgage on real property — and the agreement provides that a product or service may be renewed or that, after the end of the term of the product or service, a new product or service may be provided to the person without a further agreement being entered into, the institution shall disclose to the person the information set out in subsection (2), (a) in the case of a product or service that is provided for a term of more than 30 days, 21 days before, and five days before, the last day of the term; and (b) in the case of a product or service that is provided for a term of 30 days or less, five days before the last day of the term. Content (2) The information to be disclosed is the following: (a) the interest rate that will be applicable to the product or service on its renewal, or to the new product or service; (b) any charges or penalties that may be imposed on the person in relation to the product or service on its renewal, or to the new product or service; (c) particulars of the person’s rights and obligations in relation to the product or service on its renewal, or to the new product or service; (d) the period within which the institution shall allow the person to cancel the agreement in respect of the product or service that may be renewed, or in respect of the new product or service; and (e) any prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.61
Promotional and other offers 627.61 (1) If a natural person accepts, other than for business purposes, a promotional, preferential, introductory or special offer with respect to a product or service other than an optional product or service, the institution shall disclose to the person the information set out in subsection (2), (a) if the period during which the person will benefit from the offer is more than 30 days, 21 days before, and five days before, the last day of the period; and (b) if the period during which the person will benefit from the offer is 30 days or less, five days before the last day of the period. Content (2) The information to be disclosed is the following: (a) the interest rate that will be applicable to the product or service after the day on which the person will no longer benefit from the offer; (b) any charges or penalties that may be imposed on the person in relation to the product or service after the day on which the person will no longer benefit from the offer; (c) particulars of the person’s rights and obligations in relation to the product or service after the day on which the person will no longer benefit from the offer; (d) the period within which the institution shall allow the person to cancel the agreement in respect of the product or service after the day on which the person will no longer benefit from the offer; and (e) any prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.62
Prescribed amendments to agreements 627.62 An institution shall, before any prescribed amendment that it makes to a term or condition of an agreement with a person in respect of a product or service in Canada takes effect, disclose prescribed information to the person or any other person as directed by that person. 2018, c. 27, s. 329
Bank Act — B-1.01 627.63
Advertisements 627.63 If an institution is required under this Division to disclose information in an advertisement, it shall do so by presenting it prominently — as specified in any regulations — within the advertisement. 2018, c. 27, s. 329
Bank Act — B-1.01 627.64
Prohibited conduct 627.64 An institution shall disclose to its customers and to the public the fact that it shall not, under section 627.04, (a) impose undue pressure on a person, or coerce a person, for any purpose, including to obtain a product or service from a particular person, as a condition for obtaining another product or service from the institution; or (b) take advantage of a person. 2018, c. 27, s. 329
Bank Act — B-1.01 627.65
Complaints procedures 627.65 An institution shall disclose to its customers and to the public (a) its procedures for dealing with complaints established under paragraph 627.43(1)(a); (b) the name of the external complaints body and the manner in which that body may be contacted; and (c) the Agency’s mailing address, website address and telephone number. 2018, c. 27, s. 329 2023, c. 26, s. 132
Bank Act — B-1.01 627.66
Voluntary codes of conduct and public commitments 627.66 An institution shall disclose the voluntary codes of conduct that it has adopted, that are designed to protect the interests of its customers and that are publicly available — and the public commitments that it has made and that are designed to protect the interests of its customers — by (a) making the voluntary codes and commitments available (i) at each of its branches in Canada where it offers products or services and at each of its points of service, and (ii) on each of its websites through which it offers products or services in Canada; and (b) providing the voluntary codes and commitments in writing to any person who requests them. 2018, c. 27, s. 329
Bank Act — B-1.01 627.67
Member banks — customers and the public 627.67 A member bank shall disclose to its customers and to the public (a) the conditions to be met for the opening of a retail deposit account by a natural person under subsections 627.17(1) and (3); (b) the personal identification requirements set out in paragraph 627.25(1)(b); and (c) any prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.68
Institutions — customers and the public 627.68 An institution shall disclose to its customers and to the public (a) a list of all charges applicable to personal deposit accounts in Canada with the institution and the usual amount, if any, charged by the institution for services normally provided in Canada to its customers and to the public; (b) for a deposit account in Canada other than a personal deposit account, (i) a list of all charges applicable to any prescribed services that it provides in respect of the account and the fact that the list sets out all such charges, or (ii) a partial list of those charges and the manner in which information regarding charges not included in the list can be obtained; (c) the maximum periods during which the institution may hold funds deposited by cheque or other instrument before making them available for withdrawal, as set out in section 627.21; and (d) the institution’s policies concerning the maximum period during which the institution may hold funds deposited by cheque or other instrument in any situation to which section 627.21 does not apply. 2018, c. 27, s. 329
Bank Act — B-1.01 627.69
Opening of deposit account 627.69 (1) An institution shall, before entering into an agreement with a person for the opening of a deposit account in Canada, disclose to the person (a) subject to subsection (2), a list of all charges applicable to the account; (b) in the case of a personal deposit account, the circumstances in which the institution shall send the person an alert, in accordance with section 627.13; (c) in the case of a retail deposit account, (i) the rate of interest and the manner in which the amount of interest is calculated, (ii) the maximum periods during which the institution may hold funds deposited by cheque or other instrument before making them available for withdrawal, as set out in section 627.21, and (iii) the institution’s policies concerning the maximum period during which the institution may hold funds deposited by cheque or other instrument in any situation to which section 627.21 does not apply; and (d) any prescribed information. If amount of charge cannot be determined (2) If the amount of a charge referred to in paragraph (1)(a) cannot be determined before an agreement is entered into for the opening of a deposit account other than a personal deposit account, the institution shall, without delay after the amount is determined, disclose that amount to the person in whose name the account is kept. 2018, c. 27, s. 329
Bank Act — B-1.01 627.7
Changes to holding periods 627.7 (1) An institution shall disclose any changes to the information referred to in paragraph 627.68(c) or (d) to its customers and to the public for a period of at least 60 days ending on the effective date of the change, and disclose any changes to the information referred to in subparagraph 627.69(1)(c)(ii) or (iii) to each person in whose name the retail deposit account is kept and to whom a statement of account is provided — or to any other person as directed by that person — at least 30 days before the effective date of the change. Shortened holding period (2) If the change results in a shortened period during which an institution may hold funds deposited by cheque or other instrument, the institution may meet the obligations set out in subsection (1) after the effective date of the change. 2018, c. 27, s. 329
Bank Act — B-1.01 627.71
Change in rate of interest or manner of calculation 627.71 If there is a change in the rate of interest that is applicable to a deposit account in Canada or in the manner in which the amount of interest for such an account is calculated, an institution shall, without delay, disclose the change (a) to the person in whose name the account is kept or to any other person as directed by that person; or (b) to the public by displaying it prominently (i) at each of its branches in Canada where it offers deposit accounts and at each of its points of service, and (ii) on each of its websites through which it offers deposit accounts in Canada. 2018, c. 27, s. 329
Bank Act — B-1.01 627.72
Increase or new charge 627.72 (1) An institution shall disclose to a person to whom a statement of account is provided — or to any other person as directed by that person — any increase to a charge applicable to a personal deposit account in Canada — or applicable to a prescribed service in relation to deposit accounts in Canada, other than personal deposit accounts — or any new charge applicable to a personal deposit account in Canada at least 30 days before the effective date of the increase or new charge. Statement of account not provided (2) If there is a person in whose name the account is kept to whom a statement of account is not provided, an institution shall disclose to its customers and to the public any increase referred to in subsection (1) for a period of at least 60 days ending on the effective date of the increase or new charge, and if the increase or new charge is applicable to a personal deposit account, by displaying the increase or new charge prominently at each automated teller machine on which the name of the institution or information identifying the machine with the institution is displayed. Manner of obtaining further information (3) An institution shall, to meet its obligations under subsection (2), also disclose the manner in which further details with respect to the increase or new charge can be obtained. 2018, c. 27, s. 329
Bank Act — B-1.01 627.73
Authorized foreign banks — customers and the public 627.73 An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) and a bank referred to in paragraph 413(1)(b) or (c) shall disclose to their customers and to the public that deposits with them are not insured by the Canada Deposit Insurance Corporation. 2018, c. 27, s. 329
Bank Act — B-1.01 627.74
Authorized foreign banks — customers and the public 627.74 An authorized foreign bank that is subject to this section under an order referred to in subsection 524(2) shall disclose to its customers and to the public that it does not accept deposits in Canada and that it is not a member institution of the Canada Deposit Insurance Corporation. 2018, c. 27, s. 329
Bank Act — B-1.01 627.75
Authorized foreign banks — deposit accounts and agreements for prescribed products 627.75 An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) shall, before entering into an agreement with a person for the opening of a deposit account in Canada or in respect of a prescribed product that relates to a deposit, (a) disclose to the person the fact that deposits to the deposit account or in relation to the prescribed product, as the case may be, are not insured by the Canada Deposit Insurance Corporation, as well as any prescribed information; and (b) obtain the person’s signature immediately next to the disclosure statement. 2018, c. 27, s. 329
Bank Act — B-1.01 627.76
Certain banks — deposit accounts and agreements for prescribed products 627.76 (1) A bank referred to in paragraph 413(1)(b) or (c) shall, before entering into an agreement with a person for the opening of a deposit account in Canada or in respect of a prescribed product that relates to a deposit, disclose to the person the fact that deposits to the deposit account or in relation to the prescribed product are not insured by the Canada Deposit Insurance Corporation. Shared premises (2) A bank referred to in paragraph 413(1)(b) or (c) that shares premises with a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act shall, before entering into an agreement with a person for the opening of a deposit account in Canada or in respect of a prescribed product that relates to a deposit, (a) disclose to the person (i) the fact that the bank’s business is separate and distinct from that of the member institution, and (ii) the fact that deposits to the deposit account or in relation to the prescribed product are not insured by the Canada Deposit Insurance Corporation; (b) orally explain to the person the information that is to be disclosed under paragraph (a); and (c) obtain from the person a signed declaration stating that (i) the person has been given all of the information that is to be disclosed under paragraph (a) and has read it, (ii) the bank has orally explained all the information that is to be disclosed under paragraph (a), and (iii) the person understands all of the information that is to be disclosed under paragraph (a). 2018, c. 27, s. 329
Bank Act — B-1.01 627.77
Availability of information 627.77 An institution shall disclose prescribed information with respect to a deposit-type instrument, a principal-protected note or a prescribed product by (a) making the information available (i) at each of its branches in Canada and points of service where it offers any of these products, and (ii) on each of its websites through which it offers these products in Canada; and (b) providing the information to any person who requests it. 2018, c. 27, s. 329
Bank Act — B-1.01 627.78
Issuance 627.78 (1) An institution shall, before entering into an agreement with a person for the issuance of a deposit-type instrument, a principal-protected note or a prescribed product, disclose to the person (a) the term of the product, how and when the principal is to be repaid and how and when the interest, if any, is to be paid; (b) if the rate of interest in respect of the product is fixed, the annual rate of interest or, if the rate of interest is variable, (i) how the rate of interest is determined, (ii) the prime lending rate or the interest rate benchmark, as the case may be, that is used for the calculation of the rate of interest, (iii) the prime lending rate or the interest rate benchmark in effect when the information is disclosed, and (iv) how the person may obtain the rate of interest from the institution during the investment period; (c) any charges applicable to the product and their impact on the interest payable; (d) how interest is accrued and any limitations in respect of the interest payable; (e) any risks associated with the product, including, if applicable, the risk that no interest may accrue; (f) if the product relates to a deposit that is not eligible for deposit insurance coverage by the Canada Deposit Insurance Corporation, the fact that it is not eligible; (g) whether the person may cancel their purchase of the product and, if so, how the purchase may be cancelled; (h) whether the proposed agreement provides that the institution may amend a term or condition with respect to the product and, if so, in what circumstances; (i) whether the manner in which the product is structured or administered may place the institution in a conflict of interest; (j) any other information that could reasonably be expected to affect the person’s decision to enter into the agreement; and (k) any prescribed information. New instrument issued without further agreement (2) If, after the maturity of a deposit-type instrument issued under an agreement referred to in subsection (1), an institution issues a new deposit-type instrument under that agreement, the institution shall disclose prescribed information to the person without delay after the instrument is issued. 2018, c. 27, s. 329 2024, c. 17, s. 229
Bank Act — B-1.01 627.79
Principal-protected note — no interest 627.79 If a principal-protected note ceases to be linked to an index or reference point that was to be used to determine the interest payable under the note and, as a result, no interest will be paid, the institution shall, without delay, disclose that fact to the person to whom the note was issued. 2018, c. 27, s. 329
Bank Act — B-1.01 627.8
Current value 627.8 An institution shall disclose the following information without delay to a person who makes a request concerning the value of a product referred to in section 627.78 that was issued to the person: (a) in the case of a principal-protected note, (i) the net asset value of the note on the day specified by the person and how that value is related to the interest payable under the note, or (ii) the last available measure, before the day specified by the person, of the index or reference point on which the interest is determined and how that measure is related to the interest payable under the note; (b) in the case of a deposit-type instrument, the amount of the principal and accrued interest on the day on which the request was made; and (c) in the case of any prescribed product, prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.81
Amendments — deposit-type instruments or prescribed products 627.81 An institution shall, before any amendment that it makes to a term or condition with respect to a deposit-type instrument or a prescribed product takes effect, disclose the amendment and its potential impact on the interest payable to the person to whom the instrument or product was issued. 2018, c. 27, s. 329
Bank Act — B-1.01 627.82
Amendments — principal-protected notes 627.82 An institution shall, before any amendment that it makes to a term or condition with respect to a principal-protected note that may have an impact on the interest payable under the note takes effect, disclose the amendment and its potential impact on the interest payable to the person to whom the note was issued. However, if it is not possible to make that disclosure before the time the amendment takes effect, the institution shall do so as soon as possible after that time. 2018, c. 27, s. 329
Bank Act — B-1.01 627.83
Redemption or purchase before maturity 627.83 An institution shall (a) before redeeming or purchasing a principal-protected note before its maturity on the request of the person to whom it was issued, disclose to that person (i) the value of the note on the last business day before the day on which the request is made, or the value of the note based on the last available measure of the index or reference point on which the interest is determined, (ii) the amount of any charge or penalty, (iii) the net amount that the person would have received for the redemption or purchase after deducting the amount referred to in subparagraph (ii) from the value of the note referred to in subparagraph (i), and (iv) the time at which and the manner in which the value of the note will be calculated, and the fact that the value of the note may differ from the value referred to in subparagraph (i); (b) before redeeming a deposit-type instrument before its maturity on the request of the person to whom it was issued, disclose to that person the amount of the principal and accrued interest, the amount of any charge or penalty and the net amount payable by the institution on redemption; and (c) before redeeming any prescribed product before its maturity on the request of the person to whom it was issued, disclose to that person prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.84
Manner 627.84 For the purposes of sections 627.8 and 627.83, the institution shall disclose the information in the same manner in which the request is made unless otherwise directed by the person. 2018, c. 27, s. 329
Bank Act — B-1.01 627.85
Rate of interest 627.85 An institution shall — in any advertisement in Canada in which it indicates the rate of interest that it offers on a deposit or debt obligation — disclose the manner in which the amount of interest is calculated and any circumstances that will affect the rate of interest, including the balance of a deposit account. The information shall be disclosed in the same manner in which the rate is indicated, whether visually or orally, or both. 2018, c. 27, s. 329
Bank Act — B-1.01 627.86
Uninsured deposits 627.86 An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) and a bank referred to in paragraph 413(1)(b) or (c) shall — in any advertisement in Canada in respect of deposits — disclose, visually or orally, that deposits with it are not insured by the Canada Deposit Insurance Corporation. 2018, c. 27, s. 329