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

“consumer provision”

« disposition visant les consomma­teurs »

“consumer provision” means

• (a) paragraphs 157(2)(e) and (f), section 413.1, subsection 418.1(3), sections 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c), subsection 552(3) and sections 559 to 576.2 of the Bank Act together with any regulations made under or for the purposes of those provisions;

• (b) paragraphs 167(2)(f) and (g), subsection 382.2(3) and sections 385.05 to 385.28 of the Cooperative Credit Associations Act together with any regulations made under or for the purposes of those provisions;

• (c) paragraphs 165(2)(f) and (g), subsection 469.1(3), sections 479 to 489.3, subsection 542.061(3) and sections 598 to 607.2 of the Insurance Companies Act together with any regulations made under or for the purposes of those provisions;

• (d) paragraphs 161(2)(e) and (f), subsection 418.1(3) and sections 425.1 to 444.3 of the Trust and Loan Companies Act together with any regulations made under or for the purposes of those provisions; and

• (e) subsection 469.1(3) as set out in paragraph 17(1)(f) of the Green Shield Canada Act and the provisions referred to in paragraph 17(1)(f.1) of that Act as they apply to Green Shield Canada in accordance with section 17 of that Act together with any regulations made under or for the purposes of those provisions.

• (i) Part XI, except sections 528.1 to 528.3, Parts XV and XVI, Part XVIII, except section 1016.7, and Part XIX.

• c) 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.

Marginal note:Restriction on charges to borrowers

• 469.1 (1) Subject to any regulations made under subsection (2), a company 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 company 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 company for the purposes of subsection (1);

  • (b) respecting the circumstances in which a company 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 company in Canada on the security of residential property,

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

    • (ii) the payments or benefits that the company, 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 company of information relating to insurance or a guarantee against default on a loan made by the company 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 company, its representatives or its employees and the insurer or the insurer’s affiliates, and

    • (iii) the payments and benefits that the company, 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 company is not required to disclose information.