S-241
Second Session, Fortieth Parliament,
57-58 Elizabeth II, 2009
SENATE OF CANADA
BILL S-241
An Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards)
first reading, October 6, 2009
THE HONOURABLE SENATOR RINGUETTE
4020910
SUMMARY
This enactment amends the Office of the Superintendent of Financial Institutions Act to provide for the Superintendent to monitor and make recommendations relating to the use of credit and debit cards in Canada.
Available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
2nd Session, 40th Parliament,
57-58 Elizabeth II, 2009
senate of canada
BILL S-241
An Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards)
1985, c. 18 (3rd Supp.)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Section 3.1 of the Office of the Superintendent of Financial Institutions Act is renumbered as subsection 3.1(1) and is amended by adding the following:
Oversight body relating to credit and debit cards
(2) An additional purpose of this Act is to provide for an oversight body to monitor and make recommendations relating to the use of credit and debit cards in Canada, as provided for under section 7.2.
2. The Act is amended by adding the following after section 7.1:
CREDIT AND DEBIT CARDS
Duty of Superintendent
7.2 (1) The Superintendent shall
(a) monitor and publish information relating to the use of credit and debit cards in Canada, including the operation of the payment system relating to such cards, the fees and charges relating to such cards and the privacy of the users of such cards; and
(b) make such recommendations as the Superintendent considers advisable, including recommendations for changes to the law.
Required consultations
(2) In carrying out the duties set out in subsection (1), the Superintendent shall
(a) consult with the Financial Consumer Agency of Canada; and
(b) consult with provincial authorities with respect to provincial areas of responsibility.
No restriction relating to consumer provisions
(3) In carrying out the duties set out in subsection (1), the Superintendent is not restricted by subsection 6(1) from examining and reporting on matters connected with the administration of consumer provisions as defined in section 2 of the Financial Consumer Agency of Canada Act.
Report on credit and debit cards
7.3 (1) Within two months after the end of each fiscal year, the Superintendent shall submit a report to the Minister respecting the duties set out in subsection 7.2(1).
Recommendations
(2) The report shall include the recommendations under paragraph 7.2(1)(b) and information about what the government has done with respect to the recommendations under that paragraph from previous years.
Minister’s response required
(3) The Minister shall respond to the Superintendent with respect to the recommendations under paragraph 7.2(1)(b).
Inclusion in annual report
(4) The report and the response of the Minister under subsection (3) shall be included in the report referred to in section 40.
Published under authority of the Senate of CanadaAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada
Explanatory Notes
Office of the Superintendent of Financial Institutions Act
Clause 1: New.
Clause 2: New.