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| Procedures
for dealing
with
complaints
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486. (1) A company shall
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(a) establish procedures for dealing with
complaints made by persons having
requested or received products or services
in Canada from the company;
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(b) designate an officer or employee of the
company to be responsible for
implementing those procedures; and
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(c) designate one or more officers or
employees of the company to receive and
deal with those complaints.
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Procedures to
be filed with
Commission-
er
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(2) A company shall file with the
Commissioner a copy of its procedures
established under paragraph (1)(a).
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| Obligation to
be member of
complaints
body
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486.1 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
486(1)(a).
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| Information
on contacting
Agency
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487. (1) A company shall, in the prescribed
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 an
arrangement referred to in subsection 482(3),
a payment, credit or charge card, the
disclosure of or manner of calculating the cost
of borrowing in respect of a loan or an advance
on the security or against the cash surrender
value of a policy, or about any other obligation
of the company under a consumer provision.
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| Report
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(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
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(a) procedures for dealing with complaints
established by companies pursuant to
paragraph 486(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
paragraph 486(1)(a) and subsection 487(1)
of the Act, as enacted, respectively, by
sections 260 and 261 of An Act to amend
certain laws relating to financial institutions,
being chapter 15 of the Statutes of Canada,
1997, come into force, then sections 260 and
261 of that Act are repealed.
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425. The Act is amended by adding the
following after section 489:
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| Public
accountability
statements
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489.1 (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
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(2) A company shall, in the manner and at
the time prescribed, file a copy of the
statement with the Commissioner.
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| Provision of
statement to
public
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(3) A company shall, in the manner and at
the time prescribed, disclose the statement to
its customers and to the public.
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| Regulations
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(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.
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| Regulations re
disclosure
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489.2 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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| 1991, c. 47,
s. 760; 1993,
c. 34,
ss. 81(F), 82,
83; 1997, c.
15, ss. 264 to
274; 1999, c.
28, ss. 122 to
124
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426. Sections 490 to 513 of the Act are
replaced by the following:
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| Definitions
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490. (1) The definitions in this subsection
apply in this Part.
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``commercial
loan''
« prêt
commercial »
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``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
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(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
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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,
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(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 469(2)(d),
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(A) consists of a deposit made by the
company with another financial
institution,
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(B) is fully secured by a deposit with
any financial institution, including
the company,
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(C) is fully secured by debt
obligations guaranteed by any
financial institution other than the
company, or
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(D) is fully secured by a guarantee of
a financial institution other than the
company,
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(vii) an advance on the security of or
against the cash surrender value of a
policy, or
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(viii) a loan to an entity controlled by
the company;
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(b) an investment in debt obligations,
other than
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(i) debt obligations that are
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(A) guaranteed by any financial
institution other than the company,
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(B) fully secured by deposits with
any financial institution, or
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(C) fully secured by debt obligations
that are guaranteed by any financial
institution other than the company,
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(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,
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(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),
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(iv) debt obligations that are widely
distributed, as that expression is
defined by the regulations, or
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(v) debt obligations of an entity
controlled by the company; and
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(c) an investment in shares of a body
corporate or ownership interests in an
unincorporated entity, other than
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(i) shares or ownership interests that
are widely distributed, as that
expression is defined by the
regulations,
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(ii) shares or ownership interests of an
entity controlled by the company, or
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(iii) participating shares.
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``factoring
entity''
« entité
s'occupant
d'affacturage
»
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``factoring entity'' means a factoring entity as
defined in the regulations.
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``finance
entity''
« entité
s'occupant de
finance-
ment »
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``finance entity'' means a finance entity as
defined in the regulations.
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``financial
leasing
entity''
« entité
s'occupant de
crédit-bail »
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``financial leasing entity'' means an entity
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(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
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(b) that, in conducting the activities
referred to in paragraph (a) in Canada,
does not
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(i) direct its customers or potential
customers to particular dealers in the
leased property or the property to be
leased,
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(ii) enter into lease agreements with
persons in respect of any motor vehicle
having a gross vehicle weight, as that
expression is defined by the
regulations, of less than twenty-one
tonnes, or
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(iii) enter into lease agreements with
natural persons in respect of personal
household property, as that expression
is defined by the regulations.
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``loan''
« prêt » ou
« emprunt »
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``loan'' includes an acceptance, advance on
the security of or against the cash surrender
value of a policy, endorsement or other
guarantee, a deposit, a financial lease, a
conditional sales contract, a repurchase
agreement and any other similar
arrangement for obtaining funds or credit
but does not include investments in
securities.
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``motor
vehicle''
« véhicule à
moteur »
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``motor vehicle'' means a motorized vehicle
designed to be used primarily on a public
highway for the transportation of persons or
things, but does not include
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(a) a fire-engine, bus, ambulance or
utility truck; or
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(b) any other special purpose motorized
vehicle that contains significant special
features that make it suitable for a
specific purpose.
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``mutual fund
distribution
entity''
« courtier de
fonds
mutuels »
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``mutual fund distribution entity'' means an
entity whose principal activity is acting as
a selling agent of units, shares or other
interests in a mutual fund and acting as a
collecting agent in the collection of
payments for any such interests if
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(a) the proceeds of the sales of any such
interests, less any sales commissions and
service fees, are paid to the mutual fund;
and
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(b) the existence of a sales commission
and service fee in respect of the sale of
any such interest is disclosed to the
purchaser of the interest before the
purchase of the interest.
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``mutual fund
entity''
« entité
s'occupant de
fonds
mutuels »
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``mutual fund entity'' means an entity
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(a) whose activities are limited to the
investing of the funds of the entity so as
to provide investment diversification and
professional investment management to
the holders of its securities; and
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(b) whose securities entitle their holders
to receive, on demand, or within a
specified period after demand, an amount
computed by reference to the value of a
proportionate interest in the whole or in
a part of its net assets, including a
separate fund or trust account of the
entity.
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``participa-
ting share''
« action
partici-
pante »
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``participating share'' means a share of a body
corporate that carries the right to participate
in the earnings of the body corporate to an
unlimited degree and to participate in a
distribution of the remaining property of the
body corporate on dissolution.
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``permitted
entity''
« entité
admissible »
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``permitted entity'' means an entity in which
a company is permitted to acquire a
substantial investment under section 495.
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