Bill C-306

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First Reading

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	1st Session, 36th Parliament, 46 Elizabeth II, 1997-98
	The House of Commons of Canada
	BILL C-306
	An Act to amend the Bank Act (bank charges)
1991, cc. 46, 47, 48; 1992, cc. 27, 51; 1993, cc. 6, 28, 34, 44; 1994, cc. 24, 26, 47; 1996, c. 6; 1997, c. 15	Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
	*1. The Bank Act* is amended by adding the following after section 456:**
Report by committee of the House of Commons	456.1 (1) Within the first sixty days that the House of Commons sits after January 1 in each year, the standing committee of the House of Commons that normally considers matters relating to consumers shall conduct a review of the bank charges imposed by a bank in respect of a service provided by the bank in Canada and shall cause a report on its findings to be laid before the House.
Witnesses	(2) In conducting its review, the committee may hear any witness it considers relevant.
Contents of report	(3) The report under subsection (1) shall include
	(a) a comprehensive description of the services in respect of which, in the opinion of the committee, a bank may reasonably impose bank charges; and
	(b) a recommendation concerning the maximum charges that may be imposed by a bank in respect of such services.
Regulations	456.2 After the report has been laid before the House of Commons under section 456.1, the Governor in Council shall make regulations prohibiting a bank from
	(a) imposing bank charges in respect of services other than those referred to in the report prepared under paragraph 456.1(3)(a); and
	(b) imposing higher amounts for bank charges than the amounts recommended in the report prepared under paragraph 456.1(3)(b).
Offence	456.3 (1) Notwithstanding any other provision of this Act, a bank that contravenes a regulation made by the Governor in Council under section 456.2 thirty days after the regulation is made is guilty of an offence and liable on summary conviction to a fine not exceeding one thousand dollars.
Separate offence	(2) Where an offence under this section is committed or continued on more than one day, it shall be deemed to be a separate offence for each day on which the offence is committed or continued.
Definition of ``bank charges''	456.4 For the purposes of sections 456.1 to 456.3, ``bank charges'' means any charges imposed by a bank in respect of a service provided by the bank in Canada, with the exception of the interest or discount applicable to a loan made by the bank.