GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 627.27
General 627.27 (1) For greater certainty, any documents required to be presented by a natural person under any of sections 627.17 to 627.26 and subsection (2) shall be (a) original, valid and not substantially defaced; and (b) in the case of a piece of identification issued by the government of a province, usable for identification purposes under the law of the province. Different names (2) If any document presented by a natural person bears a former name of the person, the person shall present a certificate evidencing the change of name that has occurred or a certified copy of that certificate. 2018, c. 27, s. 329
Bank Act — B-1.01 627.28
Prepayment 627.28 (1) An institution shall not make a loan to a natural person that is repayable in Canada, the terms of which prohibit prepayment of the money advanced or any instalment on the money advanced before its due date. Non-application (2) Subsection (1) does not apply in respect of a loan that (a) is secured by a mortgage on real property; or (b) is made for business purposes and has a principal amount of more than the prescribed amount or, if there is no prescribed amount, $100,000. Prepayment of certain loans (3) If an institution enters into a credit agreement with a natural person other than for business purposes, the institution shall allow the person (a) in the case of a loan for a fixed amount, other than a loan that is secured by a mortgage on real property, (i) to prepay the outstanding balance under the agreement, at any time, without incurring any charge or penalty for making the prepayment, or (ii) to prepay a part of the outstanding balance (A) on the date of any scheduled payment, if payments are scheduled once a month or more often, or (B) at any time but only once a month, in any other case; and (b) in the case of any prescribed credit agreement, to prepay any prescribed amount at any prescribed time if the person meets any prescribed requirements. Refund or credit (4) If a person makes a prepayment referred to in paragraph (3)(a) or (b), the institution shall refund or credit to the person the prescribed amount of any prescribed charge other than any interest or discount applicable to the loan. 2018, c. 27, s. 329
Bank Act — B-1.01 627.29
No minimum credit balance without express consent 627.29 An institution shall not make a loan or advance in Canada to a natural person subject to the condition that the person maintain a minimum credit balance with the institution without first obtaining the person’s express consent to do so. 2018, c. 27, s. 329
Bank Act — B-1.01 627.3
Default charges 627.3 If a natural person fails to make a payment when it becomes due under a credit agreement that the person entered into other than for business purposes or fails to comply with any other obligation in the agreement an institution may impose, in addition to interest, other charges for the sole purpose of recovering the costs reasonably incurred (a) for legal services retained to collect or attempt to collect the payment; (b) in realizing on any security interest taken under the credit agreement or in protecting such a security interest, including the cost of legal services retained for that purpose; (c) in processing a cheque or other instrument that the person used to make a payment under the loan but that was dishonoured; or (d) for any prescribed purpose. 2018, c. 27, s. 329
Bank Act — B-1.01 627.31
Renewal of mortgages 627.31 If a natural person enters into a credit agreement other than for business purposes with an institution for a loan that is secured by a mortgage on real property and that is to be renewed on a specified day, (a) the institution shall not, during any prescribed period, make a change to the agreement that increases the cost of borrowing; and (b) the person’s rights under the agreement continue, and the renewal does not take effect, until the prescribed day. 2018, c. 27, s. 329
Bank Act — B-1.01 627.32
No increase or provision without express consent 627.32 (1) Subject to any regulations, an institution shall not (a) increase the credit limit on a line of credit that is extended — or a credit card account that is opened — in Canada for a natural person other than for business purposes without first obtaining the person’s express consent to do so; or (b) provide cheques that are issued on a credit card account that is opened in Canada for a natural person other than for business purposes without first obtaining the person’s express consent to do so. Oral consent — written confirmation (2) If the consent is given orally, the institution shall provide the person with written confirmation of the consent not later than the date of the first statement of account that is provided after the date of that consent. Use not consent (3) Use by the person of the line of credit or the credit card account, or of any service related to the line of credit or credit card account, does not constitute express consent for the purpose of subsection (1). 2018, c. 27, s. 329
Bank Act — B-1.01 627.33
Liability for unauthorized use 627.33 (1) The maximum liability of a borrower for the unauthorized use of a credit card issued to them in Canada, the account information of the credit card or the personal authentication information created or adopted in relation to the credit card or credit card account is $50, unless the borrower has demonstrated gross negligence or, in Quebec, gross fault, in safeguarding the credit card, the account information or the personal authentication information. Report of unauthorized use (2) If a borrower reports to an institution that a credit card issued to them in Canada, the account information of the credit card or the personal authentication information created or adopted in relation to the credit card or credit card account has been lost or stolen or is otherwise at risk of being used in an unauthorized manner, the borrower shall not be liable for any unauthorized use of the credit card, the account information or the personal authentication information after the report is received. Personal authentication information (3) The unauthorized use of a credit card issued to a borrower in Canada, or of account information of the credit card, by means of the personal authentication information created or adopted in relation to the credit card or credit card account does not by itself establish that the borrower demonstrated gross negligence or, in Quebec, gross fault, in safeguarding the personal authentication information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.34
Credit card statement 627.34 (1) Subject to any regulations, an institution shall, for a credit card issued in Canada to a natural person other than for business purposes, send a statement of account in respect of each billing cycle to the person. The statement is to be sent without delay after the last day of the billing cycle. Minimum payment — due date (2) An institution shall not require a minimum payment in respect of the outstanding balance owing for a particular billing cycle on the credit card account to be made by the person less than 21 days after the last day of that billing cycle. Non-business day (3) If the due date for a minimum payment in respect of the outstanding balance owing on the credit card account does not fall on a business day, the institution shall consider a payment made on the next business day as being made on time. No interest if balance paid in full (4) An institution shall not impose interest on purchases of goods or services made during a particular billing cycle on the credit card account if the person pays the outstanding balance owing on the credit card account in full on or before the due date. 2018, c. 27, s. 329
Bank Act — B-1.01 627.35
Different interest rates — allocation of payment 627.35 (1) If different interest rates apply to different amounts owing for a particular billing cycle on a credit card account that is opened in Canada by a natural person other than for business purposes, the institution shall allocate any payment made by the person that is greater than the required minimum payment for that billing cycle among those amounts using one of the following methods: (a) by allocating that payment first to the amount with the highest interest rate and then allocating any remaining portion of the payment to the other amounts in descending order, based on their applicable interest rates; or (b) by allocating that payment among those amounts in the same proportion as each amount bears to the outstanding balance owing on the credit card account. Rounding and adjustments (2) For the purpose of paragraph (1)(b), if the payment that the institution allocates to an amount owing on a credit card account contains a fraction of a dollar, the institution may round up that amount to the nearest dollar if the fraction of the dollar is equal to or greater than 50 cents, round down that amount to the nearest dollar if the fraction is less than 50 cents and, if necessary, make corresponding adjustments to the other amounts that are being allocated. 2018, c. 27, s. 329
Bank Act — B-1.01 627.36
No charge — holds 627.36 (1) An institution shall not impose a charge on a natural person for exceeding their credit limit as a result of a hold on a credit card that was issued in Canada to the person other than for business purposes. Non-application (2) Subsection (1) does not apply if the person would, in any case, have exceeded their credit limit during the period in which the hold was in effect. 2018, c. 27, s. 329
Bank Act — B-1.01 627.37
Debt recovery 627.37 In its dealings with a natural person who owes it a debt under a credit agreement entered into other than for business purposes, an institution (a) shall not communicate or attempt to communicate with the person, any member of the person’s family or household, any relative, neighbour, friend or acquaintance of the person or the person’s employer by any means that constitutes harassment, in a manner that constitutes harassment or with a frequency that constitutes harassment, including by (i) using threatening, profane, intimidating or coercive language, (ii) using undue pressure, or (iii) making public, or threatening to make public, the person’s failure to pay; and (b) shall comply with any other prescribed debt collection practices. 2018, c. 27, s. 329
Bank Act — B-1.01 627.38
No expiry unless promotional product 627.38 An institution shall not impose an expiry date on the right of a person with whom it entered into an agreement for the issuance of a prepaid payment product to use the funds that are loaded on the product unless it is a promotional product. 2018, c. 27, s. 329
Bank Act — B-1.01 627.39
Maintenance charges 627.39 An institution shall not impose any maintenance charges in respect of a prepaid payment product for the period of 12 months after the day on which the product is activated unless it is (a) a promotional product; or (b) a reloadable product for which the institution has obtained the express consent of the person with whom it entered into an agreement for the issuance of the product to the imposition of the charge. 2018, c. 27, s. 329
Bank Act — B-1.01 627.4
No overdraft charges without express consent 627.4 (1) An institution shall not impose any overdraft charges in respect of a prepaid payment product without first obtaining the express consent of the person with whom it entered into an agreement for the issuance of the product. Use not consent (2) Use by the person of the prepaid payment product does not constitute express consent for the purpose of subsection (1). 2018, c. 27, s. 329
Bank Act — B-1.01 627.41
Independent agreement 627.41 An institution shall not provide an optional product or service to a natural person — other than for business purposes — in an agreement in respect of another product or service. 2018, c. 27, s. 329
Bank Act — B-1.01 627.42
Express consent — temporary offer 627.42 (1) If an optional product or service, or a product or service that would have been an optional product or service if it had been provided for an additional charge, is provided to a natural person — other than for business purposes — under a promotional, preferential, introductory or special offer other than an offer referred to in subsection (2), an institution shall not impose any charges for the use of the product or service as of the day on which the person will no longer benefit from the offer without obtaining, within five business days before that day, the person’s express consent to impose that charge. Express consent — number of uses (2) If an optional product or service, or a product or service that would have been an optional product or service if it had been provided for an additional charge, is provided to a natural person — other than for business purposes — under a promotional, preferential, introductory or special offer based on a specified number of uses, an institution shall not impose any charges after the last use of the product or service without obtaining, immediately after the last use, the person’s express consent to impose that charge. Use not consent (3) Use by the person of the product or service does not constitute express consent for the purpose of subsections (1) and (2). 2018, c. 27, s. 329
Bank Act — B-1.01 627.43
Procedures for dealing with complaints 627.43 (1) An institution shall (a) establish procedures that are satisfactory to the Commissioner for dealing, within the prescribed period, with complaints; (b) designate one of its officers or employees in Canada to be responsible for implementing those procedures; and (c) designate one or more of its officers or employees in Canada to receive and deal with those complaints. Misleading terms (2) An institution shall not use any misleading term with respect to its procedures or designated officers or employees, including any term that suggests that the procedures, officers or employees are independent of the institution — such as the term “ombudsman” or any other term with a similar meaning — or any prescribed term. Filing with Commissioner (3) An institution shall file a copy of its procedures as amended from time to time with the Commissioner. Information regarding complaint procedure (4) An institution shall provide a person who makes a complaint with (a) a written acknowledgment of the date on which it received the complaint; (b) the information referred to in paragraphs 627.65(a) to (c); and (c) any information that is necessary to enable them to meet the requirements of the procedures referred to in paragraph 627.65(a). 2018, c. 27, s. 329
Bank Act — B-1.01 627.44
Record of complaint 627.44 An institution shall make, with respect to a complaint referred to in paragraph 627.43(1)(a), a record that is to be retained for a period of at least seven years and that contains (a) if the complaint was made in writing, the original version of the complaint; (b) if the complaint was made orally, (i) the recording or a transcript of the recording if the complaint was recorded, or (ii) the details of the complaint if the complaint was not recorded; (c) the name of the person who made the complaint; (d) the name of the person who requested or received from the institution the product or service to which the complaint relates; (e) the contact information provided by the person who made the complaint; (f) the date on which the institution received the complaint; (g) a description of the nature of the complaint and the product or service to which the complaint relates; (h) the date on which the complaint was resolved if, in the institution’s opinion, it was resolved to the satisfaction of the person who made the complaint; (i) a description of any actions that were taken by the institution to attempt to resolve the complaint; (j) a description of any compensation provided to the persons referred to in paragraph (c) or (d); (k) confirmation that the institution provided the information referred to in paragraphs 627.65(a) to (c) to the person who made the complaint, if the institution did so; and (l) any prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.45
Access to Commissioner 627.45 The institution shall ensure that the record retained under section 627.44 is accessible to the Commissioner. 2018, c. 27, s. 329
Bank Act — B-1.01 627.46
Report to Commissioner 627.46 Within 60 days after the end of each quarter, an institution shall submit to the Commissioner in a form satisfactory to him or her, with respect to each complaint received by an officer or employee referred to in paragraph 627.43(1)(c) during that quarter, (a) a copy of the record retained under section 627.44, except the contact information referred to in paragraph 627.44(e) other than the postal code; and (b) any prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.47
Annual information 627.47 An institution shall, free of charge and within 135 days after the end of each financial year, make available the following information for that year on each of its websites through which it offers products or services in Canada and provide the information in writing to any person who requests it: (a) the number and nature of any complaints that were dealt with by the officer or employee designated by the institution to deal with complaints who holds the most senior position identified for that purpose in the procedures established by the institution; (b) the average length of time taken to deal with the complaints received by that officer or employee; (c) the number of complaints that, in the institution’s opinion, were resolved by that officer or employee to the satisfaction of the persons who made them; and (d) any prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.471
Purpose 627.471 The purpose of sections 627.48 to 627.54 is to enhance the process for dealing with complaints by establishing a regime comprised of a sole external complaints body that discharges its functions and performs its activities in a transparent, effective, timely and fair manner based on the principles of accessibility, accountability, impartiality and independence. 2023, c. 26, s. 129
Bank Act — B-1.01 627.48
Designation of body corporate 627.48 (1) The Minister may, on the recommendation of the Commissioner, designate a body corporate incorporated under the Canada Not-for-profit Corporations Act or under a provincial statute equivalent to that Act to be the external complaints body to deal with complaints referred to in paragraph 627.43(1)(a) that have not been resolved by its member institutions to the satisfaction of the persons who made the complaints or that have not been dealt with within the prescribed period referred to in that paragraph. Matters for consideration (2) Before designating a body corporate, the Minister shall take into account all matters that the Minister considers relevant, including whether the body corporate has (a) the reputation required under paragraph 627.49(a); and (b) policies and procedures and terms of reference that would enable it to discharge its functions and perform its activities in a manner that is consistent with the purpose set out in section 627.471 and to comply with paragraphs 627.49(b) to (m). Obligation to be member (3) Every institution shall be a member of the external complaints body. Not an agent (4) The external complaints body is not an agent of His Majesty. Designation to be published (5) A designation made under subsection (1) shall be published in the Canada Gazette . 2018, c. 27, s. 329 2023, c. 26, s. 129
Bank Act — B-1.01 627.49
r institutions for its services and the manner in which those fees are calculated, and (C) the results of the most recent evaluation referred to in paragraph (l), (ii) a summary of the results of any consultation with its member institutions and with persons who made complaints to it, (iii) in respect of each of its member institutions, the number and nature of complaints that it received, the number of complaints that it determined were within its terms of reference, the number of final recommendations that it made and the number of complaints that, in its opinion, were resolved to the satisfaction of the persons who made them, (iv) the average length of time taken to deal with complaints, (v) the number of complaints that it determined were not within its terms of reference and the reasons for that determination, (v.1) the number of complaints for which an institution did not comply with a final recommendation, (vi) the number of final recommendations that it made in which compensation was recommended, and (vii) the average and total compensation provided with respect to complaints that it determined were within its terms of reference; (j.1) meet with the Commissioner annually; (k) without delay after it is filed with the Commissioner, make the report available on its website free of charge and provide it to any person who requests it; (l) submit, every five years, to an evaluation of the performance of its functions and activities that is conducted, at the discretion of the Commissioner, by the Commissioner or a third party in accordance with terms of reference that are established by the external complaints body in consultation with the Commissioner; and (m) meet any prescribed requirement. 2018, c. 27, s. 329 2023, c. 26, s. 130
Bank Act — B-1.01 627.52
Provision of information — external complaints body 627.52 An institution shall provide the external complaints body with all information in its possession or control that relates to a complaint in respect of the institution without delay after the external complaints body notifies it that the complaint has been received. 2018, c. 27, s. 329 2023, c. 26, s. 131
Bank Act — B-1.01 627.53
Provision of information 627.53 If an institution or a body corporate is required under sections 627.43 to 627.52 to provide information, it shall do so in a manner, and using language, that is clear, simple and not misleading. 2018, c. 27, s. 329
Bank Act — B-1.01 627.54
Content of Commissioner’s report 627.54 The Commissioner shall include in the report referred to in section 34 of the Financial Consumer Agency of Canada Act (a) the procedures for dealing with complaints established by institutions under paragraph 627.43(1)(a); (b) the number and nature of complaints that have been made to the Agency; and (c) a summary of the information referred to in section 627.47 and the information in the report referred to in paragraph 627.49(j). 2018, c. 27, s. 329
Bank Act — B-1.01 627.55
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. 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. 2018, c. 27, s. 329
Bank Act — B-1.01 627.56
Disclosure — customers and the public 627.56 If an institution is required under this Division to disclose information to its customers and to the public, it shall do so by (a) displaying the information prominently (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 information in writing to any person who requests it. 2018, c. 27, s. 329