Consumer-Driven Banking Act (S.C. 2026, c. 3, s. 224)

Marginal note:Notice and addition to registry

18 As soon as feasible after deciding to accredit an applicant or refuse an application, the Bank must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

Marginal note:Accreditation

• The following provision is not in force.

  19 (1) Subject to sections 50 and 52, the Bank may, on application made in accordance with the regulations, accredit an entity other than a federal financial institution or provincial financial institution or a registered payment service provider, if the Bank is satisfied that the entity meets the requirements provided for in the regulations.

• The following provision is not in force.

  Marginal note:Fee

  (2) An applicant must include with the application an accreditation fee determined in accordance with the regulations.

• The following provision is not in force.

  Marginal note:Information

  (3) At the Bank’s request and within the time and in the manner specified by the Bank, an applicant must provide the Bank with any information that is relevant to the application.

• The following provision is not in force.

  Marginal note:Notice of change to information

  (4) As soon as feasible after an applicant becomes aware that information provided as part of the application has changed or is about to change, the applicant must notify the Bank of the change or anticipated change, and the Bank must then, as soon as feasible, notify the Minister and any designated person or government authority.

Marginal note:Notice and addition to registry

20 As soon as feasible after deciding to accredit an applicant or refuse an application, the Bank must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

Marginal note:Review

• The following provision is not in force.

  21 (1) An applicant that has been notified under section 16, 18 or 20 of a decision to refuse its application for accreditation may, within the period provided for in the regulations, make a request to the Governor for a review of the decision.

• The following provision is not in force.

  Marginal note:Decision

  (2) After giving the applicant an opportunity to make representations, the Governor must, within the period provided for in the regulations, confirm the refusal or accredit the applicant.

• The following provision is not in force.

  Marginal note:Notice and addition to registry

  (3) As soon as feasible after deciding to confirm the refusal or accredit the applicant, the Governor must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

Marginal note:Request for revocation

• The following provision is not in force.

  22 (1) The Bank must revoke a participating entity’s accreditation at the request of the participating entity if the Bank is satisfied that the participating entity

  • The following provision is not in force.

    (a) has complied with its duties under this Act;

  • The following provision is not in force.

    (b) has, in accordance with the regulations and at least 30 days before the day on which it makes the request for revocation, notified in writing any consumers that use the services that it provides in accordance with this Act of its intention to request revocation and provided those consumers with any other information that is provided for in the regulations; and

  • The following provision is not in force.

    (c) in the case of a participating entity that is a provincial financial institution, has, at least 30 days before the day on which it makes the request for revocation, notified in writing the appropriate provincial authority that regulates or supervises the provincial financial institution of its intention to request revocation.

• The following provision is not in force.

  Marginal note:Notice of decision

  (2) The Bank must, as soon as feasible, notify the participating entity in writing of the decision with respect to the request and the reasons for the decision.

• The following provision is not in force.

  Marginal note:Reference to revocation in registry

  (3) If the Bank decides to revoke the participating entity’s accreditation, the Bank must, as soon as feasible, include a reference to the revocation in the registry.

Marginal note:Suspension

• The following provision is not in force.

  23 (1) The Bank may suspend a participating entity’s accreditation if the Bank is satisfied that the participating entity has contravened this Act or the regulations.

• The following provision is not in force.

  Marginal note:Reference to suspension in registry

  (2) The Bank must, as soon as feasible, include a reference to the suspension in the registry.

• The following provision is not in force.

  Marginal note:Conditions

  (3) The Bank may impose any conditions that the Bank considers appropriate on a participating entity whose accreditation is suspended and the participating entity must comply with those conditions.

• The following provision is not in force.

  Marginal note:Notice

  (4) The Bank must, as soon as feasible, notify the participating entity in writing of the suspension and any conditions imposed.

• The following provision is not in force.

  Marginal note:Notice to consumers

  (5) As soon as feasible after being notified of the suspension, the participating entity must notify in writing any consumers that use the services that it provides in accordance with this Act of the suspension and any conditions imposed.

Marginal note:End of suspension

24 If the Bank is satisfied that the grounds for suspending a participating entity’s accreditation no longer exist, the Bank must end the suspension and must, as soon as feasible, notify the participating entity in writing that the suspension has ended and remove the reference to the suspension from the registry.

Marginal note:Notice of intent to revoke accreditation

25 The Bank may give a participating entity a notice of intent to revoke the participating entity’s accreditation if the Bank is satisfied that the participating entity has contravened this Act or the regulations. A notice of intent must include reasons.

Marginal note:Review of notice of intent

• The following provision is not in force.

  26 (1) A participating entity that has been given a notice of intent to revoke may, within the period provided for in the regulations, make a request to the Governor for a review of the notice of intent.

• The following provision is not in force.

  Marginal note:Decision

  (2) After giving the participating entity an opportunity to make representations, the Governor must, within the period provided for in the regulations, revoke the participating entity’s accreditation or withdraw the notice of intent.

• The following provision is not in force.

  Marginal note:Notice to participating entity

  (3) The Governor must, as soon as feasible, notify the participating entity in writing of the decision and the reasons for it.

Marginal note:Review not requested

27 If a participating entity that has been given a notice of intent to revoke does not make a request for a review within the period provided for in the regulations, the Bank must revoke the participating entity’s accreditation or withdraw the notice of intent. The Bank must, as soon as feasible, notify the participating entity in writing of the decision and the reasons for it.

Marginal note:Reference to revocation in registry

28 If the Governor revokes a participating entity’s accreditation under subsection 26(2) or the Bank does so under section 27, the Bank must, as soon as feasible, include a reference to the revocation in the registry.

Marginal note:Duties of former participating entity

29 A participating entity whose accreditation has been revoked must, as soon as feasible after being notified of the revocation under subsection 26(3) or section 27, comply with its duties under this Act and, in accordance with the regulations, notify in writing any consumers that used the services that it provided in accordance with this Act and provide those consumers with any other information that is provided for in the regulations.

Marginal note:Notice to appropriate provincial authority

30 If the Bank gives notice under subsection 22(2) or 23(4) or section 24, 25 or 27 to a participating entity that is a provincial financial institution, or the Governor does so under subsection 26(3), the Bank or the Governor, as the case may be, must, as soon as feasible, notify the appropriate provincial authority that regulates or supervises the provincial financial institution.

Marginal note:Accreditation required

31 A participating entity must not use a third-party service provider to perform any of the following activities under this Act unless the third-party service provider is accredited under section 32:

• The following provision is not in force.

  (a) obtaining or managing consumers’ consent on behalf of the participating entity;

• The following provision is not in force.

  (b) confirming consumers’ authentication information or managing the authentication of consumers on behalf of the participating entity;

• The following provision is not in force.

  (c) providing or receiving consumer data on behalf of the participating entity.

Marginal note:Accreditation

• The following provision is not in force.

  32 (1) Subject to sections 50 and 52, the Bank may, on application made in accordance with the regulations, accredit an individual or entity to perform one or more of the activities referred to in paragraphs 31(a) to (c) if the Bank is satisfied that the individual or entity meets the requirements provided for in the regulations.

• The following provision is not in force.

  Marginal note:Fee

  (2) An applicant must include with the application an accreditation fee determined in accordance with the regulations.

• The following provision is not in force.

  Marginal note:Information

  (3) At the Bank’s request and within the time and in the manner specified by the Bank, an applicant must provide the Bank with any information that is relevant to the application.

• The following provision is not in force.

  Marginal note:Notice of change to information

  (4) As soon as feasible after an applicant becomes aware that information provided as part of the application has changed or is about to change, the applicant must notify the Bank of the change or anticipated change, and the Bank must then, as soon as feasible, notify the Minister and any designated person or government authority.

Marginal note:Notice and addition to registry

33 As soon as feasible after deciding to accredit an applicant or refuse an application, the Bank must notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

Marginal note:Review

• The following provision is not in force.

  34 (1) An applicant that has been notified under section 33 of a decision to refuse its application for accreditation may, within the period provided for in the regulations, make a request to the Governor for a review of the decision.

• The following provision is not in force.

  Marginal note:Decision

  (2) After giving the applicant an opportunity to make representations, the Governor must, within the period provided for in the regulations, confirm the refusal or accredit the applicant.

• The following provision is not in force.

  Marginal note:Notice and addition to registry

  (3) The Governor must, as soon as feasible, notify the applicant in writing of the decision and the reasons for it and, in the case of a decision to accredit, add to the registry the applicant’s name, the date of accreditation and any other relevant information.

Marginal note:Request for revocation

• The following provision is not in force.

  35 (1) The Bank must revoke an accredited third-party service provider’s accreditation at the request of the accredited third-party service provider if the Bank is satisfied that the accredited third-party service provider has complied with its duties under this Act.

• The following provision is not in force.

  Marginal note:Notice of decision

  (2) The Bank must, as soon as feasible, notify the accredited third-party service provider in writing of the decision with respect to the request and the reasons for the decision.

• The following provision is not in force.

  Marginal note:Reference to revocation in registry

  (3) If the Bank decides to revoke the accredited third-party service provider’s accreditation, the Bank must, as soon as feasible, include a reference to the revocation in the registry.

Marginal note:Suspension

• The following provision is not in force.

  36 (1) The Bank may suspend an accredited third-party service provider’s accreditation if the Bank is satisfied that the accredited third-party service provider has contravened this Act or the regulations.

• The following provision is not in force.

  Marginal note:Reference to suspension in registry

  (2) The Bank must, as soon as feasible, include a reference to the suspension in the registry.

• The following provision is not in force.

  Marginal note:Conditions

  (3) The Bank may impose any conditions that the Bank considers appropriate on an accredited third-party service provider whose accreditation is suspended and the accredited third-party service provider must comply with those conditions.

• The following provision is not in force.

  Marginal note:Notice

  (4) The Bank must, as soon as feasible, notify the accredited third-party service provider in writing of the suspension and any conditions imposed.

• The following provision is not in force.

  Marginal note:Notice to participating entities

  (5) As soon as feasible after being notified of the suspension, the accredited third-party service provider must notify in writing any participating entities on whose behalf it is performing any of the activities for which it was accredited of the suspension and any conditions imposed.