Consumer Protection Amendment Act (Money Transfers), 2013 Singh, Jagmeet — Bill 47 (40th Parliament, 2nd Session)

Bill 47, 40-2

Ontario — Bills

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Bill 47, Consumer Protection Amendment Act (Money Transfers), 2013

Singh, Jagmeet

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Acts affected

Original

[40] Bill 47 Original (PDF)

Bill 47 2013

Act to amend the Consumer Protection Act, 2002 with respect to money transfers

Note:

This Act amends the Consumer

Protection Act, 2002 . For the legislative history of the Act,

see the Table of Consolidated Public Statutes – Detailed Legislative History at

www.e-Laws.gov.on.ca.

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

Section

2 of the Consumer

Protection Act, 2002 is amended by adding the following subsection:

Part

VII.1

(2.1) Despite clause (2) (c),

Part VII.1 applies in

respect of financial products or services regulated under the Insurance Act , the

Credit Unions and Caisses

Populaires Act, 1994 , the Loan and Trust Corporations Act or the Mortgage Brokerages, Lenders

and Administrators Act, 2006 .

2. The

Act is amended by adding the following Part:

Part Vii.1

Money Transfers

Definition

85.1 In this Part,

"money

transferor" means a supplier who transfers money for or on behalf of consumers

through any person or entity and by any means, including an electronic funds

transfer network or an alternative remittance system.

Non-application

Part

85.2 This

Part and the regulations made in relation to it do not apply in respect of the

transfer of money by a person or entity who is governed by the Bank Act (Canada), the Cooperative Credit Associations

Act (Canada), the Canadian Payments Act (Canada) or the Payment Clearing and Settlement

Act (Canada) or by a prescribed person or entity.

Limit

on fees for transferring money

85.3 No

money transferor shall charge a consumer a fee for the transfer of money that

is more than 5 per cent of the amount that is transferred.

Disclosure

85.4 No

money transferor shall transfer money for or on behalf of a consumer unless the

money transferor has disclosed to the consumer, in accordance with the

prescribed rules,

(

a) the

total fees payable for the transfer, including any fees payable in respect of

currency exchange;

(

b) the

exchange rate, if any; and

(

c) any

other prescribed information.

Representations

85.5 Any

representations made by or on behalf of a money transferor with respect to the

fees payable for the transfer of money shall include reference, in accordance

with the prescribed rules, to the limit described in

section 85.3.

3. Clause

116 (1) (

b) of the Act is amended by adding the following subclause:

(vi.1) in

respect of

Part VII.1, Money Transfers, sections 85.3, 85.4 and 85.5,

Section

123 of the Act is amended by adding the following subsection:

Lieutenant

Governor in Council regulations:

Part VII.1

(8.1) The Lieutenant Governor in Council may make

regulations,

(

a) prescribing

a person or entity for the purpose of

section 85.2;

(

b) prescribing

rules in respect of disclosure for the purpose of

section 85.4;

(

c) prescribing

information for the purpose of clause 85.4 (c);

(

d) prescribing

rules in respect of representations for the purpose of

section 85.5.

Commencement

5. This

Act comes into force on the day that is six months after the day it receives

Royal Assent.

Short

title

6. The

short title of this Act is the Consumer Protection Amendment Act (Money Transfers), 2013 .

EXPLANATORY NOTE

The

Bill amends the Consumer

Protection Act, 2002 to limit the fees that a money transferor

may charge to a consumer and to require that money transferors disclose

information regarding the fees to consumers.

Date Bill stage Activity Committee

April 8, 2013

First Reading

Carried

Debates and Progress

First Reading

April 8, 2013

Committee

Second Reading

Committee

Third Reading

Royal Assent

Acts affected - Bill 47

Most Ontario public acts are available electronically; to view copies of the Acts to be amended by this bill visit e-laws

Consumer Protection Act, 2002

Legislative Assembly of Ontario

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Document details

Collection	Ontario — Bills
Citation	Bill 47, 40-2
Type	bill
Volume / chapter	p40 s2 bill 47 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	31ff854459f10e5739fa80f9cc91d635dc42dcce

Source file is stored in the law ingest library (html).