Trust and Loan Companies Act (S.C. 1991, c. 45)
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Act current to 2021-01-10 and last amended on 2019-06-17. Previous Versions
PART VIIIBusiness and Powers (continued)
General Business (continued)
Borrowing Costs (continued)
Marginal note:Disclosure in advertising
439 No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 438(3), loans, credit cards, payment cards or charge cards, offered to natural persons by a company, and purporting to disclose prescribed information about the cost of borrowing or about any other matter unless the advertisement discloses prescribed information at the prescribed time and place and in the prescribed form and manner.
- 1991, c. 45, s. 439
- 1997, c. 15, s. 381
- 2012, c. 5, s. 172
Marginal note:Regulations re borrowing costs
440 The Governor in Council may make regulations
(a) respecting the time and place at which, and the form and manner in which, a company is to disclose to a borrower
(b) respecting the contents of any statement disclosing the cost of borrowing and other information required to be disclosed by a company to a borrower;
(c) respecting the manner of calculating the cost of borrowing;
(d) respecting the circumstances under which the cost of borrowing is to be expressed as an amount in dollars and cents;
(e) specifying any class of loans that are not to be subject to section 435.1, subsection 436(1) or 438(1) or (3) or section 438.1 or 439 or the regulations or any specified provisions of the regulations;
(f) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 435.1 to 439 are to be disclosed;
(g) prohibiting the imposition of any charge or penalty referred to in section 438 or providing that the charge or penalty, if imposed, will not exceed a prescribed amount;
(h) respecting the nature or amount of any charge or penalty referred to in paragraph 438(1)(b), (2)(a) or (3)(a) and the costs of the company that may be included or excluded in the determination of the charge or penalty;
(i) respecting the method of calculating the amount of rebate of the cost of borrowing, or the portion of the cost of borrowing referred to in subparagraph 438(1)(a)(ii);
(j) respecting advertisements made by a company regarding arrangements referred to in subsection 438(3), loans, credit cards, payment cards or charge cards;
(k) respecting the renewal of loans; and
(l) respecting such other matters or things as are necessary to carry out the purposes of sections 435.1 to 439.
- 1991, c. 45, s. 440
- 1997, c. 15, s. 381
- 2012, c. 5, s. 173
Complaints
Marginal note:Procedures for dealing with complaints
(a) establish procedures for dealing with complaints made by persons having requested or received products or services in Canada from the company;
(b) designate an officer or employee of the company to be responsible for implementing those procedures; and
(c) designate one or more officers or employees of the company to receive and deal with those complaints.
Marginal note:Procedures to be filed with Commissioner
(2) A company shall file with the Commissioner a copy of its procedures established under paragraph (1)(a).
Marginal note:How procedures to be made available
(3) A company shall make its procedures established under paragraph (1)(a) available
Marginal note:Information on contacting Agency
(4) A company shall also make prescribed information on how to contact the Agency available whenever it makes its procedures established under paragraph (1)(a) available under subsection (3).
- 1991, c. 45, s. 441
- 1997, c. 15, s. 382
- 2001, c. 9, s. 545
- 2007, c. 6, s. 364
Marginal note:Obligation to be member of complaints body
441.1 In any province, if there is no law of the province that makes a company subject to the jurisdiction of an organization that deals with complaints made by persons having requested or received products or services in the province from a company, the company shall be a member of an organization that is not controlled by it and that deals with those complaints that have not been resolved to the satisfaction of the persons under procedures established by companies under paragraph 441(1)(a).
- 2001, c. 9, s. 546
Marginal note:Information on contacting Agency
442 (1) A company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide a person requesting or receiving a product or service from it with prescribed information on how to contact the Agency if the person has a complaint about a deposit account, an arrangement referred to in subsection 438(3), a payment, credit or charge card, the disclosure of or manner of calculating the cost of borrowing in respect of a loan or about any other obligation of the company under a consumer provision.
Marginal note:Report
(2) The Commissioner shall prepare a report, to be included in the report referred to in section 34 of the Financial Consumer Agency of Canada Act, respecting
- 1991, c. 45, s. 442
- 1997, c. 15, s. 383
- 2001, c. 9, s. 547
- 2012, c. 5, s. 174
Miscellaneous
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
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
Marginal note:Deposits of Government of Canada
(5) Nothing in subsection (4) precludes any arrangement between the Government of Canada and a company concerning
- 1991, c. 45, s. 443
- 1997, c. 15, s. 384
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