Negative Option Billing Regulations

1 The following definitions apply in these Regulations.

institution

institution means any of the following:

• (a) a bank, as defined in section 2 of the Bank Act;

• (b) an authorized foreign bank, as defined in section 2 of the Bank Act;

• (c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act;

• (d) a company, as defined in subsection 2(1) of the Insurance Companies Act;

• (e) a foreign company, as defined in subsection 2(1) of the Insurance Companies Act;

• (f) a company, as defined in section 2 of the Trust and Loan Companies Act. (institution)

optional product or service

optional product or service means a product or service that is offered or provided to a person by an institution, an affiliate that it controls or an agent or representative of the institution or affiliate for an additional fee and is available only with an agreement for a primary financial product or service provided by the institution. (produit ou service optionnel)

primary financial product or service

primary financial product or service does not include a product or service that is offered or provided by a company or a foreign company as defined in the Insurance Companies Act to insure a risk. (produit ou service financier de base)