Bank Act

Marginal note:Commissioner’s directions

• 661.1 (1) If, in the opinion of the Commissioner, a bank, authorized foreign bank or person, in conducting the business of the bank or authorized foreign bank, fails to comply, or there are reasonable grounds to believe that the bank, authorized foreign bank or person will fail to comply, with a compliance agreement, a consumer provision or this Part, the Commissioner may direct the bank, authorized foreign bank or person to comply with them and to perform any act that in the opinion of the Commissioner is necessary to do so.

• Marginal note:Opportunity for representations

  (2) Subject to subsection (3), no direction shall be issued to a bank, authorized foreign bank or person under subsection (1) unless the bank, authorized foreign bank or person is provided with a reasonable opportunity to make representations in respect of the matter.

• Marginal note:Temporary direction

  (3) If, in the opinion of the Commissioner, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Commissioner may make a temporary direction with respect to the matters referred to in subsection (1) that has effect for a period of not more than 15 days.

• Marginal note:Continued effect

  (4) A temporary direction under subsection (3) continues to have effect after the expiration of the 15-day period referred to in that subsection if no representations are made to the Commissioner within that period or, if representations have been made, the Commissioner notifies the bank, authorized foreign bank or person that the Commissioner is not satisfied that there are sufficient grounds for revoking the direction.