Marginal note:Charges for prescribed products or services
442.1 A company shall not, directly or indirectly, charge or receive any sum for the provision of any prescribed products or services unless the charge is made by express agreement between it and a customer or by order of a court.
- 2007, c. 6, s. 365.
Marginal note:Prepayment protected
443. (1) A company 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 thereon before its due date.
Marginal note:Minimum balance
(2) Except by express agreement between the company and the borrower, the making in Canada of a loan or advance by a company to a borrower shall not be subject to a condition that the borrower maintain a minimum credit balance with the company.
Marginal note:Non-application of subsection (1)
(3) Subsection (1) does not apply in respect of a loan
(a) that is secured by a mortgage on real property; or
(b) that is made for business purposes and the principal amount of which is more than $100,000 or such other amount as may be prescribed.
Marginal note:Government cheques
(4) A company shall not make a charge
(a) for cashing a cheque or other instrument drawn on the Receiver General or on the Receiver General’s account in the Bank of Canada, in a company or in any other deposit-taking Canadian financial institution incorporated by or under an Act of Parliament;
(b) for cashing any other instrument issued as authority for the payment of money out of the Consolidated Revenue Fund; or
(c) in respect of any cheque or other instrument that is
(i) drawn in favour of the Receiver General, the Government of Canada or any department thereof or any public officer acting in the capacity of a public officer, and
(ii) tendered for deposit to the credit of the Receiver General.
Marginal note:Deposits of Government of Canada
(5) Nothing in subsection (4) precludes any arrangement between the Government of Canada and a company concerning
(a) compensation for services performed by the company for the Government of Canada; or
(b) interest to be paid on any or all deposits of the Government of Canada with the company.
- 1991, c. 45, s. 443;
- 1997, c. 15, s. 384.
Marginal note:Regulations respecting the holding of funds
443.1 The Governor in Council may make regulations respecting the maximum period during which a company may hold funds in respect of specified classes of cheques or other instruments that are deposited into an account at a branch or prescribed point of service in Canada before permitting the customer in whose name the account is kept to access the funds.
- 2007, c. 6, s. 366.
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