1. The following definitions apply in these Regulations.

“institution”

“institution” means any of the following:

• (a) a bank, as defined in section 2 of the Bank Act;

• (b) an authorized foreign bank, as defined in section 2 of the Bank Act;

• (c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act;

• (d) a company, as defined in subsection 2(1) of the Insurance Companies Act;

• (e) a foreign company, as defined in subsection 2(1) of the Insurance Companies Act;

• (f) a company, as defined in section 2 of the Trust and Loan Companies Act. (institution)

“optional product or service”

“optional product or service” means a product or service that is offered or provided to a person by an institution, an affiliate that it controls or an agent or representative of the institution or affiliate for an additional fee and is available only with an agreement for a primary financial product or service provided by the institution. (produit ou service optionnel)

“primary financial product or service”

“primary financial product or service” does not include a product or service that is offered or provided by a company or a foreign company as defined in the Insurance Companies Act to insure a risk. (produit ou service financier de base)

2. These Regulations apply only in respect of natural persons who subscribe, or apply to subscribe, to any of an institution’s products or services for non-business purposes.

• 3. (1) Before providing a person with a new primary financial or optional product or service, an institution must first obtain the person’s express consent to do so, either orally or in writing.

• (2) If the consent is provided orally, the institution must provide the person without delay with confirmation in writing of their express consent for the new product or service.

• (3) The use by the person of the new product or service, or any product or service related to the new product or service, does not constitute express consent for the purpose of subsection (1).

• (4) Any communication from an institution seeking a person’s express consent must be made in language, and presented in a manner, that is clear, simple and not misleading.

• 4. (1) Any disclosure statement that is required to be provided by an institution under these Regulations must be made in language, and presented in a manner, that is clear, simple and not misleading.

• (2) Any disclosure statement that is sent by mail is considered to have been provided on the fifth business day after the postmark date.