Bank Act (S.C. 1991, c. 46)

Act current to 2013-05-20 and last amended on 2013-03-13. Previous Versions

Marginal note:Regulations re customer information

576. The Governor in Council may make regulations

  • (a) requiring an authorized foreign bank to establish procedures regarding the collection, retention, use and disclosure of information about its customers or any class of its customers;

  • (b) requiring an authorized foreign bank to establish procedures for dealing with complaints made by a customer about the collection, retention, use or disclosure of information about the customer;

  • (c) respecting the disclosure by an authorized foreign bank of information relating to the procedures referred to in paragraphs (a) and (b);

  • (d) requiring an authorized foreign bank to designate officers and employees in Canada of the authorized foreign bank who are responsible for

    • (i) implementing the procedures referred to in paragraph (b), and

    • (ii) receiving and dealing with complaints made by a customer of the authorized foreign bank about the collection, retention, use or disclosure of information about the customer;

  • (e) requiring an authorized foreign bank to report information relating to

    • (i) complaints made by its customers about the collection, retention, use or disclosure of information, and

    • (ii) the actions taken by the authorized foreign bank to deal with the complaints; and

  • (f) defining “information”, “collection” and “retention” for the purposes of paragraphs (a) to (e) and the regulations made under those paragraphs.

  • 1991, c. 46, s. 576;
  • 1999, c. 28, s. 35.
Marginal note:Restriction on tied selling

  • 576.1 (1) An authorized foreign bank shall not impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including the authorized foreign bank and any of its affiliates, as a condition for obtaining another product or service from the authorized foreign bank.

  • Marginal note:Favourable authorized foreign bank product or service tied to other sale

    (2) For greater certainty, an authorized foreign bank may offer a product or service to a person on more favourable terms or conditions than the authorized foreign bank would otherwise offer, where the more favourable terms and conditions are offered on the condition that the person obtain another product or service from any particular person.

  • Marginal note:Favourable other sale tied to authorized foreign bank product or service

    (3) For greater certainty, an affiliate of an authorized foreign bank may offer a product or service to a person on more favourable terms or conditions than the affiliate would otherwise offer, where the more favourable terms and conditions are offered on the condition that the person obtain another product or service from the authorized foreign bank.

  • Marginal note:Approval

    (4) An authorized foreign bank may require that a product or service obtained by a borrower from a particular person as security for a loan from the authorized foreign bank meet with the authorized foreign bank’s approval. The approval shall not be unreasonably withheld.

  • Marginal note:Disclosure

    (4.1) An authorized foreign bank shall, in accordance with the regulations, disclose the prohibition on coercive tied selling set out in subsection (1) in a statement in plain language that is clear and concise, displayed and available to customers and the public at all of its branches where products or services are offered in Canada, on all of its websites through which products or services are offered in Canada and at all prescribed points of service in Canada.

  • Marginal note:Regulations

    (4.2) The Governor in Council may make regulations for the purposes of subsection (4.1)

    • (a) respecting the time and place at which, and the form and manner in which, the prohibition on coercive tied selling set out in subsection (1) is to be disclosed, displayed and made available;

    • (b) defining “point of service”; and

    • (c) prescribing points of service.

  • Marginal note:Regulations

    (5) The Governor in Council may make regulations

    • (a) specifying types of conduct or transactions that shall be considered undue pressure or coercion for the purpose of subsection (1); and

    • (b) specifying types of conduct or transactions that shall be considered not to be undue pressure or coercion for the purpose of subsection (1).

  • 1999, c. 28, s. 35;
  • 2001, c. 9, s. 158;
  • 2007, c. 6, s. 92;
  • 2012, c. 5, s. 71.
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