Marginal note:Disclosure required concerning registered products
448.3 (1) Subject to subsection (2), a bank shall not open an account that is or forms part of a registered product in the name of a customer, or enter into an agreement with a customer for a prescribed product or service that is or forms part of a registered product, unless the bank provides, in the prescribed manner, to the individual requesting the account or the prescribed product or service
(a) information about all charges applicable to the registered product;
(b) information about how the customer will be notified of any increase in those charges and of any new charges applicable to the registered product;
(c) information about the bank’s procedures relating to complaints about the application of any charge applicable to the registered product; and
(d) any other information that may be prescribed.
Marginal note:Regulations
(2) The Governor in Council may make regulations specifying the circumstances under which a bank need not provide the information.
Definition of registered product
(3) In this section, registered product means a product that is defined to be a registered product by the regulations.
- 2007, c. 6, s. 31
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