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|
(a) procedures for dealing with complaints
established by companies pursuant to
paragraph 441(1)(a); and
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|
(b) the number and nature of complaints
that have been brought to the attention of
the Agency by persons who have requested
or received a product or service from a
company.
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|
(2) If this section comes into force before
subsection 442(1) of the Act, as enacted by
section 383 of An Act to amend certain laws
relating to financial institutions, being
chapter 15 of the Statutes of Canada, 1997,
comes into force, section 383 of that Act is
repealed.
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|
548. The Act is amended by adding the
following after section 444:
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| Notice of
branch
closure
|
444.1 (1) Subject to regulations made under
subsection (5), a member company with a
branch in Canada at which it, through a natural
person, opens retail deposit accounts and
disburses cash to customers, shall give notice
in accordance with those regulations before
closing that branch or having it cease to carry
on either of those activities.
|
|
| Pre-closure
meeting
|
(2) After notice is given but before the
branch is closed or ceases to carry on the
activities, the Commissioner may, in
prescribed situations, require the company to
convene and hold a meeting between
representatives of the company,
representatives of the Agency and interested
parties in the vicinity of the branch in order to
exchange views about the closing or cessation
of activities.
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|
| Meeting
details
|
(3) The Commissioner may establish rules
for convening a meeting referred to in
subsection (2) and for its conduct.
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|
| Not statutory
instruments
|
(4) The Statutory Instruments Act does not
apply in respect of rules established under
subsection (3).
|
|
| Regulations
|
(5) The Governor in Council may make
regulations prescribing
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|
|
(a) the manner and time, which may vary
according to circumstances specified in the
regulation, in which notice shall be given
under subsection (1), to whom it shall be
given and the information to be included;
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|
|
(b) circumstances in which a member
company is not required to give notice
under subsection (1), circumstances in
which the Commissioner may exempt a
member company from the requirement to
give notice under that subsection, and
circumstances in which the Commissioner
may vary the manner and time in which
notice is required to be given under any
regulation made under paragraph (a); and
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|
|
(c) circumstances in which a meeting may
be convened under subsection (2).
|
|
| Public
accountability
statements
|
444.2 (1) A company with equity of $1
billion or more shall, in accordance with
regulations made under subsection (4),
annually publish a statement describing the
contribution of the company and its prescribed
affiliates to the Canadian economy and
society.
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|
| Filing
|
(2) A company shall, in the manner and at
the time prescribed, file a copy of the
statement with the Commissioner.
|
|
| Provision of
statement to
public
|
(3) A company shall, in the manner and at
the time prescribed, disclose the statement to
its customers and to the public.
|
|
| Regulations
|
(4) The Governor in Council may make
regulations prescribing
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|
|
(a) the name, contents and form of a
statement referred to in subsection (1) and
the time in which it must be prepared;
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|
(b) affiliates of a company referred to in
subsection (1);
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|
|
(c) the manner and time in which a
statement must be filed under subsection
(2); and
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|
|
(d) the manner and time in which a
statement mentioned in subsection (3) is to
be disclosed, respectively, to a company's
customers and to the public.
|
|
| Regulations re
disclosure
|
444.3 The Governor in Council may,
subject to any other provisions of this Act
relating to the disclosure of information, make
regulations respecting the disclosure of
information by companies or any prescribed
class of companies, including regulations
respecting
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|
(a) the information that must be disclosed,
including information relating to
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|
(i) any product or service or prescribed
class of products or services offered by
them,
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|
(ii) any of their policies, procedures or
practices relating to the offer by them of
any product or service or prescribed class
of products or services,
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|
(iii) anything they are required to do or to
refrain from doing under a consumer
provision, and
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|
|
(iv) any other matter that may affect their
dealings with customers or the public;
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|
|
(b) the manner, place and time in which, and
the persons to whom information is to be
disclosed; and
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|
|
(c) the content and form of any
advertisement by companies or any
prescribed class of companies relating to
any matter referred to in paragraph (a).
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|
|
|
549. Section 448 of the Act is replaced by
the following:
|
|
| Effect of writ,
etc.
|
448. (1) Subject to subsections (3) and (4),
the following documents are binding on
property belonging to a person and in the
possession of a company, or on money owing
to a person by reason of a deposit account in
a company, only if the document or a notice of
it is served at the branch of the company that
has possession of the property or that is the
branch of account in respect of the deposit
account, as the case may be:
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|
|
(a) a writ or process originating a legal
proceeding or issued in or pursuant to a
legal proceeding;
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|
(b) an order or injunction made by a court;
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|
|
(c) an instrument purporting to assign,
perfect or otherwise dispose of an interest in
the property or the deposit account; or
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|
|
(d) an enforcement notice in respect of a
support order or support provision.
|
|
| Notices
|
(2) Any notification sent to a company with
respect to a customer of the company, other
than a document referred to in subsection (1)
or (3), constitutes notice to the company and
fixes the company with knowledge of its
contents only if sent to and received at the
branch of the company that is the branch of
account of an account held in the name of that
customer.
|
|
| Exception
|
(3) Subsections (1) and (2) do not apply in
respect of an enforcement notice in respect of
a support order or support provision if
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|
|
(a) the enforcement notice, accompanied
by a written statement containing the
information required by the regulations, is
served at an office of a company designated
in accordance with the regulations in
respect of a province; and
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|
|
(b) the order or provision can be enforced
under the laws of that province.
|
|
| Time of
application
|
(4) Subsection (3) does not apply in respect
of an enforcement notice in respect of a
support order or support provision until the
second business day following the day of
service referred to in that subsection.
|
|
| Regulations
|
(5) The Governor in Council may make
regulations
|
|
|
|
(a) respecting the designation by a
company of a place, for the purpose of
subsection (3), in any province for the
service of enforcement notices in respect of
support orders and support provisions;
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|
|
(b) prescribing the manner in which a
company shall publicize the locations of
designated offices of the company; and
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|
|
(c) respecting the information that must
accompany enforcement notices in respect
of support orders and support provisions.
|
|
| Definitions
|
(6) The following definitions apply in this
section.
|
|
``designated
office''
« bureau
désigné »
|
``designated office'' means a place designated
in accordance with regulations made for the
purpose of subsection (3).
|
|
``enforcement
notice''
« avis
d'exécution »
|
``enforcement notice'', in respect of a support
order or support provision, means a
garnishee summons or other instrument
issued under the laws of a province for the
enforcement of the support order or support
provision.
|
|
``support
order''
« ordonnance
alimentaire »
|
``support order'' means an order or judgment
or interim order or judgment for family
financial support.
|
|
``support
provision''
« disposition
alimentaire »
|
``support provision'' means a provision of an
agreement relating to the payment of
maintenance or family financial support.
|
|
| 1991, c. 45,
s. 560; 1993,
c. 34,
s. 128(F);
1997, c. 15,
ss. 386 to 396;
1999, c. 28,
ss. 141 to 143
|
550. Sections 449 to 471 of the Act are
replaced by the following:
|
|
| Definitions
|
449. (1) The following definitions apply in
this Part.
|
|
``commercial
loan''
« prêt
commercial »
|
``commercial loan'' means
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|
|
|
(a) any loan made or acquired by a
company, other than
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|
|
(i) a loan to a natural person in an
amount of two hundred and fifty
thousand dollars or less,
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|
|
(ii) a loan to the Government of
Canada, the government of a province,
a municipality, or to any agency
thereof, or to the government of a
foreign country or any political
subdivision thereof, or any agency
thereof, or to a prescribed international
agency,
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|
|
(iii) a loan that is guaranteed by, or
fully secured by securities issued by, a
government, a municipality or an
agency referred to in subparagraph (ii),
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|
|
(iv) a loan that is secured by a
mortgage on real property, where
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|
|
(A) the mortgage is on residential
property and the amount of the loan,
together with the amount then
outstanding of any mortgage having
an equal or prior claim against the
property, does not exceed 75 % of
the value of the property at the time
the loan is made or acquired, or
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|
|
(B) the mortgage is on real property
other than residential property and
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|
|
(I) the amount of the loan,
together with the amount then
outstanding of any mortgage
having an equal or prior claim
against the property, does not
exceed 75 % of the value of the
property at the time the loan is
made or acquired, and
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|
|
|
(II) at the time the loan is made or
acquired, the property provides
an annual income sufficient to
pay all annual expenses related to
the property, including the
payments owing under the
mortgage and the mortgages
having an equal or prior claim
against the property,
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|
|
|
(v) a loan that is secured by a mortgage
on real property, where
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|
|
(A) the mortgage is on residential
property and
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|
|
(I) the amount of the loan,
together with the amount then
outstanding of any mortgage
having an equal or prior claim
against the property, exceeds
75 % of the value of the property
at the time the loan is made or
acquired, and
|
|
|
|
(II) repayment of the amount of
the loan that exceeds 75 % of the
value of the property is
guaranteed or insured by a
government agency or private
insurer approved by the
Superintendent,
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|
|
|
(B) the mortgage is on real property
other than residential property and
|
|
|
|
(I) the amount of the loan,
together with the amount then
outstanding of any mortgage
having an equal or prior claim
against the property, exceeds
75 % of the value of the property
at the time the loan is made or
acquired,
|
|
|
|
(II) repayment of the amount of
the loan that exceeds 75 % of the
value of the property is
guaranteed or insured by a
government agency or private
insurer approved by the
Superintendent, and
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|
|
|
(III) at the time the loan is made
or acquired, the property provides
an annual income sufficient to
pay all annual expenses related to
the property, including the
payments owing under the
mortgage and the mortgages
having an equal or prior claim
against the property, or
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|
|
|
(C) the loan is one referred to in
paragraph 418(2)(d),
|
|
|
|
|
|
|
|
(A) consists of a deposit made by the
company with another financial
institution,
|
|
|
|
(B) is fully secured by a deposit with
any financial institution, including
the company,
|
|
|
|
(C) is fully secured by debt
obligations guaranteed by any
financial institution other than the
company, or
|
|
|
|
(D) is fully secured by a guarantee of
a financial institution other than the
company, or
|
|
|
|
(vii) a loan to an entity controlled by
the company;
|
|
|
|
(b) an investment in debt obligations,
other than
|
|
|
|
(i) debt obligations that are
|
|
|
|
(A) guaranteed by any financial
institution other than the company,
|
|
|
|
(B) fully secured by deposits with
any financial institution, including
the company, or
|
|
|
|
(C) fully secured by debt obligations
that are guaranteed by any financial
institution other than the company,
|
|
|
|
(ii) debt obligations issued by the
Government of Canada, the
government of a province, a
municipality, or by any agency
thereof, or by the government of a
foreign country or any political
subdivision thereof, or by any agency
thereof, or by a prescribed
international agency,
|
|
|
|
(iii) debt obligations that are
guaranteed by, or fully secured by
securities issued by, a government, a
municipality or an agency referred to
in subparagraph (ii),
|
|
|
|
(iv) debt obligations that are widely
distributed, as that expression is
defined by the regulations, or
|
|
|
|
(v) debt obligations of an entity
controlled by the company; and
|
|
|
|
(c) an investment in shares of a body
corporate or ownership interests in an
unincorporated entity, other than
|
|
|
|
(i) shares or ownership interests that
are widely distributed, as that
expression is defined by the
regulations,
|
|
|
|
(ii) shares or ownership interests of an
entity controlled by the company, or
|
|
|
|
(iii) participating shares.
|
|
``factoring
entity''
« entité
s'occupant
d'affacturage
»
|
``factoring entity'' means a factoring entity as
defined in the regulations.
|
|
``finance
entity''
« entité
s'occupant de
finance-
ment »
|
``finance entity'' means a finance entity as
defined in the regulations.
|
|
``financial
leasing
entity''
« entité
s'occupant de
crédit-bail »
|
``financial leasing entity'' means an entity
|
|
|
|
(a) the activities of which are limited to
the financial leasing of personal property
and such related activities as are
prescribed and whose activities conform
to such restrictions and limitations
thereon as are prescribed; and
|
|