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Budget Implementation Act, 2009 (S.C. 2009, c. 2)

Assented to 2009-03-12

Marginal note:1991, c. 48

Cooperative Credit Associations Act

276. Subparagraph 376(1)(i)(iii) of the French version of the Cooperative Credit Associations Act is replaced by the following:

  • (iii) émettre des cartes de paiement, de crédit ou de débit et, conjointement avec d’autres établissements, y compris les institutions financières, exploiter un système de telles cartes,

277. The Act is amended by adding the following after section 382.1:

Marginal note:Restriction on charges to borrowers

  • 382.2 (1) Subject to any regulations made under subsection (2), a retail association that has obtained insurance or a guarantee against default on a loan made in Canada on the security of residential property shall not charge a borrower an amount for the insurance or guarantee that exceeds the actual cost to the retail association of the insurance or guarantee.

  • Marginal note:Regulations

    (2) The Governor in Council may make regulations

    • (a) respecting the determination of the actual cost to a retail association for the purposes of subsection (1);

    • (b) respecting the circumstances in which a retail association is exempt from the application of subsection (1);

    • (c) respecting, in relation to insurance or a guarantee against default on a loan made by a retail association in Canada on the security of residential property,

      • (i) the arrangements into which the retail association, its representatives and its employees may or may not enter, and

      • (ii) the payments or benefits that the retail association, its representatives and its employees may or may not accept from an insurer or the insurer’s affiliates; and

    • (d) respecting any other matters necessary to carry out the purposes of subsection (1).

  • Marginal note:Regulations — disclosure

    (3) The Governor in Council may make regulations respecting the disclosure by a retail association of information relating to insurance or a guarantee against default on a loan made by the retail association in Canada on the security of residential property, including regulations respecting

    • (a) the information that must be disclosed, including information relating to

      • (i) the person who benefits from the insurance or guarantee,

      • (ii) the arrangements between the retail association, its representatives or its employees and the insurer or the insurer’s affiliates, and

      • (iii) the payments and benefits that the retail association, its representatives and its employees accept from an insurer or the insurer’s affiliates;

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

    • (c) the circumstances under which a retail association is not required to disclose information.

278. The Act is amended by adding the following after section 385.251:

Marginal note:Regulations — activities

385.252 The Governor in Council may make regulations respecting any matters involving a retail association’s dealings, or its employees’ or representatives’ dealings, with customers or the public, including

  • (a) what a retail association may or may not do in carrying out any of the activities in which it is permitted to engage, or in providing any of the services that it may provide, under paragraph 375.1(1)(a) and subparagraphs 376(1)(i)(i) to (iii) and any ancillary, related or incidental activities or services; and

  • (b) the time, place and manner in which any of those activities are to be carried out or any of those services are to be provided.