GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 627.87
Financial instruments and notes 627.87 (1) An institution shall — in any advertisement in Canada for a product that is a deposit-type instrument, a principal-protected note or a prescribed product — disclose, visually or orally, (a) how the public may obtain information about the product; (b) if the advertisement refers to features of the product or the interest payable under it, (i) the manner in which interest is to be accrued and any limitations in respect of the interest payable, and (ii) the fact that the product relates to deposits that are not eligible to be insured by the Canada Deposit Insurance Corporation, if that is the case; and (c) any prescribed information. Non-application (2) Subparagraph (1)(b)(ii) does not apply to an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) or a bank referred to in paragraph 413(1)(b) or (c). Market performance (3) An institution shall — in any advertisement in Canada for a principal-protected note in which it uses past market performance — disclose, visually or orally, the assumptions underlying any hypothetical examples used in the advertisement to represent that performance, and the fact that past market performance is not an indicator of future market performance. Fair representation (4) The institution shall, in the advertisements referred to in subsection (3), represent the past market performance fairly and only use realistic assumptions to underlie hypothetical examples. 2018, c. 27, s. 329
Bank Act — B-1.01 627.88
Availability of information 627.88 An institution shall disclose prescribed information with respect to a credit agreement by (a) making the information available (i) at each of its branches in Canada and points of service, and (ii) on each of its websites through which it offers products or services in Canada; and (b) providing the information to any person who requests it. 2018, c. 27, s. 329
Bank Act — B-1.01 627.89
Agreement — natural persons 627.89 (1) An institution shall, before entering into a credit agreement with a natural person other than for business purposes, disclose to the person (a) the cost of borrowing, as calculated and expressed in accordance with section 627.9; (b) particulars of the person’s rights and obligations; (c) any charges or penalties that may be imposed on the person; (d) in the case of a line of credit or credit card account, the circumstances in which the institution shall send the person an alert, in accordance with section 627.13; and (e) any prescribed information. Agreement — other persons (2) An institution shall, before entering into a credit agreement with a person, other than a person referred to in subsection (1), disclose to the person prescribed information. Applications for credit, payment or charge card (3) An institution shall disclose in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards (a) in the case of a credit card, (i) a list of all non-interest charges, (ii) the information referred to in paragraph (1)(a), (iii) the day on which interest begins to accrue and information concerning any grace period that applies, and (iv) any prescribed information; and (b) in the case of a payment or charge card, any prescribed information. Subsequent disclosure (4) An institution shall, after entering into a credit agreement with a person, disclose prescribed information to the person. Amendments (5) An institution shall disclose to the person with whom it has entered into a credit agreement (a) any prescribed amendment to the terms or conditions of the credit agreement; and (b) any prescribed information resulting from the amendment. Renewal (6) An institution shall disclose to the person with whom it has entered into a credit agreement any prescribed information respecting the renewal of the credit agreement. 2018, c. 27, s. 329
Bank Act — B-1.01 627.9
Calculating borrowing costs 627.9 The cost of borrowing shall be calculated, in the prescribed manner, on the basis that all obligations of the borrower are fulfilled and shall be expressed as a rate per annum and, in the prescribed circumstances, as an amount in dollars and cents. 2018, c. 27, s. 329
Bank Act — B-1.01 627.91
Advertisements 627.91 An institution that makes a prescribed representation in an advertisement in Canada for a product that may be obtained by a natural person under a credit agreement shall disclose prescribed information in the advertisement. 2018, c. 27, s. 329
Bank Act — B-1.01 627.92
Issuance 627.92 (1) An institution shall, before entering into an agreement with a person for the issuance of a prepaid payment product, disclose to the person (a) the name of the issuing institution; (b) the day on which the product expires, if any; (c) if it is a promotional product, the day, if any, on which the person’s right to use the funds that are loaded on the product will expire; (d) a toll-free telephone number that can be used to make inquiries about the prepaid payment product, including its balance and the terms or conditions with respect to the product, and to make complaints; (e) the following restrictions on the use of the product, if imposed by the issuing institution: (i) the fact that the product is not reloadable, (ii) the fact that the product cannot be used to make withdrawals, and (iii) any other restriction that could reasonably be expected to affect the person’s decision to enter into the agreement; (f) all charges that may be imposed on the person by the issuing institution in respect of the product; (g) if the funds that are loaded on the product are not insured by the Canada Deposit Insurance Corporation, a statement to that effect; (h) a statement indicating (i) in the case of a promotional product, either that the person’s right to use the funds that are loaded on the product will not expire, or that that right will expire, along with the expiry date, as the case may be, and (ii) in the case of any other prepaid payment product, that the person’s right to use the funds that are loaded on the product will not expire; (i) a website address where the information referred to in paragraphs (a) and (d) to (g) can be obtained; and (j) any prescribed information. Means of disclosure (2) The institution shall disclose the information set out in paragraphs (1)(a) to (d) and (i) by setting it out directly on the prepaid payment product or, if the product is electronic, by disclosing it electronically on the person’s request. 2018, c. 27, s. 329
Bank Act — B-1.01 627.93
Increase or new charge 627.93 An institution shall not increase any charge or impose a new charge associated with a prepaid payment product that is issued to a natural person unless (a) the person has provided the institution with their name and mailing or email address; (b) the institution has given the person the opportunity to modify the information referred to in paragraph (a); and (c) the institution discloses the new or increased charge by (i) sending a notice to the most recent address provided for the person at least 30 days before the effective date of the new or increased charge, and (ii) displaying a notice on the institution’s website for a period of at least 60 days ending on the effective date of the new or increased charge. 2018, c. 27, s. 329
Bank Act — B-1.01 627.94
Agreement — natural persons 627.94 (1) An institution shall, before entering into an agreement with a natural person other than for business purposes for an optional product or service, disclose to the person the following information: (a) a description of the optional product or service; (b) the term of the agreement; (c) a list of all charges that will be imposed for the use of the product or service, or the method used for determining the charges and an example to illustrate the method; (d) the conditions under which the person may cancel the agreement; (e) the date from which the product or service is available for use and, if different, from which charges apply; and (f) the steps required to use the product or service. Content — cancellation (2) Before entering into the agreement, the institution shall also disclose (a) the fact that the person may cancel the agreement by notifying the institution that the agreement is to be cancelled; (b) the fact that the cancellation will take effect on the last day of the billing cycle, or 30 days after the institution receives the notification, whichever is earlier; and (c) the fact that it shall, without delay on receipt of the notification, refund or credit to the person any amount that it received for any part of the product or service that will be unused from the effective date of the cancellation, to be calculated in accordance with the prescribed formula. 2018, c. 27, s. 329
Bank Act — B-1.01 627.95
Promotional and other offers 627.95 The institution shall, immediately before obtaining a person’s express consent under section 627.42, disclose to the person the information set out in paragraphs 627.94(1)(b) to (e) and subsection 627.94(2) and, (a) if consent is to be obtained under subsection 627.42(1), the day on which the person will no longer benefit from the offer; and (b) if consent is to be obtained under subsection 627.42(2), the fact that the person no longer benefits from the offer. 2018, c. 27, s. 329
Bank Act — B-1.01 627.96
Amendments 627.96 If an institution makes an amendment to a term or condition of an agreement referred to in section 627.94 that results in a change to the information that was required to be disclosed under that section, the institution shall, at least 30 days before the day on which the amendment takes effect, disclose that change to the person. 2018, c. 27, s. 329
Bank Act — B-1.01 627.97
Cancellation 627.97 If an optional product or service, other than one provided in relation to a credit agreement, is provided on an ongoing basis by an institution, the institution shall, as part of any disclosure that it is required to make under section 627.95 or 627.96, disclose the information set out in paragraph 627.94(1)(d) and subsection 627.94(2). 2018, c. 27, s. 329
Bank Act — B-1.01 627.98
Availability of list of charges 627.98 An institution shall disclose a list of all charges applicable to registered products by (a) making the list available (i) at each of its branches in Canada and points of service where it offers registered products, and (ii) on each of its websites through which it offers registered products in Canada; and (b) providing the list to any person who requests it. 2018, c. 27, s. 329
Bank Act — B-1.01 627.99
Agreement — persons 627.99 An institution shall, before entering into an agreement with a person for a registered product in Canada, disclose to the person (a) information about all charges applicable to the product; (b) information about how the person will be notified of any increase in those charges and of any new charges applicable to the product; and (c) any prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.991
Amendments 627.991 An institution shall, before any amendment that it makes to a term or condition with respect to a registered product takes effect, disclose the amendment to the person to whom the product was issued. 2018, c. 27, s. 329
Bank Act — B-1.01 627.992
Availability of information 627.992 (1) If an institution or any of its affiliates imposes a charge for insurance or a guarantee that the institution obtains against default on a loan made in Canada on the security of residential property, the institution shall disclose prescribed information and any other information that could reasonably be expected to have an impact on a borrower by (a) making the information available (i) at each of its branches in Canada and points of service where it offers residential mortgages, and (ii) on each of its websites through which it offers residential mortgages in Canada; and (b) providing the information to any person who requests it. Agreement — persons (2) An institution shall, before entering into an agreement under which such a charge is imposed on a person, disclose prescribed information to the person and any other information that could reasonably be expected to have an impact on the person. 2018, c. 27, s. 329
Bank Act — B-1.01 627.993
Written notice 627.993 (1) A member bank that closes a retail deposit-taking branch — or that ceases to open retail deposit accounts or to disburse cash to customers through a natural person at a retail deposit-taking branch — shall (a) give a written notice to the Commissioner not later than (i) four months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in an urban area or in a rural area where there is another retail deposit-taking branch within a travelling distance of 10 km from the branch, or (ii) six months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in a rural area where there is no other retail deposit-taking branch within a travelling distance of 10 km from the branch; (b) give a written notice to each customer of the branch and to the public not later than four months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in an urban area or in a rural area where there is another retail deposit-taking branch within a travelling distance of 10 km from the branch; and (c) give a written notice to each customer of the branch, to the public and to the chairperson, mayor, warden, reeve or other similar chief officer of the municipal or local government body or authority for the area in which the branch is located not later than six months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in a rural area where there is no other retail deposit-taking branch within a travelling distance of 10 km from the branch. Notice to public (2) The member bank shall give the notice to the public by (a) displaying it prominently at the branch; and (b) if the notice is one that is required under paragraph (1)(c), publishing it in a newspaper in general circulation at or near the place where the branch is located. Content of notice (3) The notice shall include prescribed information. 2018, c. 27, s. 329
Bank Act — B-1.01 627.994
Exemptions 627.994 In prescribed circumstances, the Commissioner may, on the request of a member bank, exempt it from the requirement to give a notice under section 627.993 or vary the time and manner in which such a notice is required to be given. 2018, c. 27, s. 329
Bank Act — B-1.01 627.995
Meeting 627.995 (1) After a notice is given but before the branch is closed or ceases to carry on the activity, the Commissioner shall require the member bank to convene and hold a meeting between representatives of the bank, representatives of the Agency and interested persons in the area affected by the closure of the branch or the cessation of the activity in order to exchange views about the closure of the branch or the cessation of the activity, including alternate service delivery by the bank and measures to help the branch’s customers adjust to the closure or the cessation of the activity, if (a) the member bank has not consulted in the area well enough to ascertain the views of interested persons in the area with regard to the closure of the branch, the cessation of the activity, alternate service delivery by the bank or measures to help the branch’s customers adjust to the closure or the cessation of the activity; and (b) an area representative or a person from the area submits to the Commissioner a request for the meeting and the request is not frivolous or vexatious. Rules (2) The Commissioner may establish rules for the convening and conduct of a meeting. Non-application of Statutory Instruments Act (3) The Statutory Instruments Act does not apply to rules established under subsection (2). 2018, c. 27, s. 329
Bank Act — B-1.01 627.996
Content 627.996 (1) A bank with equity of $1,000,000,000 or more shall, within 135 days after the end of each financial year, (a) file a written statement with the Commissioner that includes, for that financial year, (i) prescribed information with respect to the contribution of the bank and its prescribed affiliates to the Canadian economy and society and with respect to any other matter, (ii) the names of 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 of any public commitments that it has made and that are designed to protect the interests of its customers — along with the means by which the codes and commitments are made available to its customers and the public, (iii) a description of the measures taken by the bank and its prescribed affiliates to provide products and services to low-income persons, senior persons, persons with disabilities and persons who face accessibility, linguistic or literacy challenges, and (iv) a description of the consultations undertaken by the bank and its prescribed affiliates with their customers and the public in relation to (A) existing products and services, including the means by which they are provided, (B) the development of new products and services, including the means by which they would be provided, (C) the identification of trends and emerging issues that may have an impact on their customers or the public, and (D) matters in respect of which the bank has received complaints; and (b) inform its customers and the public, through advertising, making public announcements, posting notices, mailing information or otherwise, about the means by which the statement is made available to them. Exception (2) A bank is not required to include in the statement the information required under subparagraphs (1)(a)(i), (iii) and (iv) with respect to a prescribed affiliate if a company referred to in subsection 489.1(1) of the Insurance Companies Act or subsection 444.2(1) of the Trust and Loan Companies Act has already published that information in its statement published under those subsections. Availability of statement (3) The bank shall make the statement available free of charge (a) on each of its websites through which it offers products or services in Canada; and (b) by providing it to any person who requests it. 2018, c. 27, s. 329
Bank Act — B-1.01 627.997
Credit or refund of charge or penalty 627.997 (1) An institution shall, if it has imposed a charge or penalty in relation to a product or service, (a) credit the amount of the charge or penalty or, if it was collected, refund the amount if the charge or penalty was not provided for in an agreement; or (b) credit the excess amount of the charge or penalty or, if it was collected, refund the excess amount if the charge or penalty was greater than the amount of charge or penalty that was provided for in an agreement. Credit or refund of charge or penalty — no express consent (2) An institution shall, if it has provided a person with a product or service without first having obtained from the person the express consent referred to in paragraph 627.08(1)(a), and if it has imposed a charge or penalty on the person in relation to the product or service, credit the amount of the charge or penalty or, if it was collected, refund the amount. Interest (3) The amount referred to in subsections (1) and (2) bears interest from the day on which it was imposed, at a rate equal to the Bank of Canada’s overnight rate on that day, until the day on which the amount is refunded or credited. 2018, c. 27, s. 329
Bank Act — B-1.01 628
Required information 628 (1) A bank shall provide the Superintendent with such information, at such times and in such form as the Superintendent may require. (2) [Repealed, 1997, c. 15, s. 86] 1999, c. 28, s. 36
Bank Act — B-1.01 632
Names of directors and auditors 632 (1) A bank shall, within thirty days after each annual meeting of the bank, provide the Superintendent with a return showing (a) the name, residence and citizenship of each director holding office immediately following the meeting; (b) the mailing address of each director holding office immediately following the meeting; (c) the bodies corporate of which each director referred to in paragraph (a) is an officer or director and the firms of which each director is a member; (d) the affiliation, within the meaning of section 162, with the bank of each director referred to in paragraph (a); (e) the names of the directors referred to in paragraph (a) who are officers or employees of the bank or any affiliate of the bank, and the positions they occupy; (f) the name of each committee of the bank on which each director referred to in paragraph (a) serves; (g) the date of expiration of the term of each director referred to in paragraph (a); and (h) the name, address and date of appointment of the auditor or auditors of the bank. Changes (2) Where (a) any information relating to a director or an auditor of a bank shown in the latest return made to the Superintendent under subsection (1), other than information referred to in paragraph (1)(c) or (d), becomes inaccurate or incomplete, (b) a vacancy in the office of auditor of the bank occurs or is filled by another person, or (c) a vacancy on the board of directors of the bank occurs or is filled, the bank shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form. 1999, c. 28, s. 38
Bank Act — B-1.01 633
Copy of by-laws 633 A bank shall send to the Superintendent, within thirty days after the coming into effect of a by-law or an amendment to a by-law, a copy of the by-law or amendment. 1999, c. 28, s. 38; 2001, c. 9, s. 173
Bank Act — B-1.01 634
Register of banks 634 (1) The Superintendent shall, in respect of each bank for which an order approving the commencement and carrying on of business has been made, cause a register to be maintained containing a copy of (a) the incorporating instrument of the bank; and (b) the information referred to in paragraphs 632(1)(a), (c) and (e) to (h) contained in the latest return sent to the Superintendent under section 632. Form (2) The register may be maintained in (a) a bound or loose-leaf form or in a photographic film form; or (b) a system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time. Access (3) Persons are entitled to reasonable access to the register and may make copies of or take extracts from the information in it. Evidence (4) A statement containing information in the register and purporting to be certified by the Superintendent is admissible in evidence in all courts as proof, in the absence of evidence to the contrary, of the facts stated in the statement without proof of the appointment or signature of the Superintendent. 1999, c. 28, s. 39; 2001, c. 9, s. 173
Bank Act — B-1.01 634.1
Certificate 634.1 On the application of a bank that has been incorporated by a special Act of Parliament, the Superintendent may issue a certificate stating that the bank was incorporated by a special Act of Parliament, and may include with the certificate any information in the Superintendent’s possession that relates to the bank’s incorporation. 2012, c. 5, s. 75