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Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)

Assented to 2010-12-15

PART 4

AMENDMENTS RELATING TO EXTERNAL COMPLAINTS BODIES

Marginal note:1991, c. 46

Bank Act

146. Section 2 of the Bank Act is amended by adding the following in alphabetical order:

“external complaints body”

« organisme externe de traitement des plaintes »

“external complaints body” means a body corporate approved under subsection 455.01(1) or designated under subsection 455.1(1).

147. The Act is amended by adding the following after section 455:

Marginal note:Approval of external complaints body

  • 455.01 (1) Subject to section 455.1, the Minister may, on the Commissioner’s recommendation and for the purposes of this section, approve a body corporate incorporated under Part II of the Canada Corporations Act or under the Canada Business Corporations Act whose purpose, in the Minister’s view, under its letters patent is dealing with complaints, made by persons having requested or received products or services from its member financial institutions, that have not been resolved to the satisfaction of those persons under procedures established by those financial institutions under paragraph 455(1)(a).

  • Marginal note:Obligation to be member

    (2) A bank must be a member of one body corporate that is approved under subsection (1).

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations respecting the requirements for the approval of a body corporate under subsection (1) and the requirements for a body corporate approved under that subsection for maintaining that approval.

  • Marginal note:Not an agent

    (4) A body corporate approved under subsection (1) is not an agent of Her Majesty.

  • Marginal note:Approval to be published

    (5) An approval given under subsection (1) must be published in the Canada Gazette.

  • Marginal note:Information, etc.

    (6) A body corporate that is seeking an approval under subsection (1) must apply to the Commissioner, and the application must provide, in the form and manner required by the Commissioner, any information, material and evidence that he or she may require.

  • 148. (1) Section 455.1 of the Act is amended by adding the following after subsection (1):

    • Marginal note:Effect of designation

      (1.1) If the Minister makes a designation under subsection (1), any approval given under subsection 455.01(1) is revoked.

    • Marginal note:Effect of revocation

      (1.2) If the Minister makes a designation under subsection (1), the body corporate designated under that subsection must deal with any complaint that was made to a body corporate approved under subsection 455.01(1) and that has not been resolved.

  • (2) Section 455.1 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Regulations

      (3.1) The Governor in Council may make regulations respecting the requirements to be met by the body corporate designated under subsection (1).