Consumer Protection Amendment Act (Money Transfers), 2015 Singh, Jagmeet — Bill 88 (41st Parliament, 1st Session)

Bill 88, 41-1

Ontario — Bills

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Bill 88, Consumer Protection Amendment Act (Money Transfers), 2015

Singh, Jagmeet

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Original

[41] Bill 88 Original (PDF)

Bill 88 2015

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

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), 2015 .

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 15, 2015

First Reading

Carried

Debates and Progress

First Reading

April 15, 2015 .

Committee

Second Reading

Committee

Third Reading

Royal Assent

Acts affected - Bill 88

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 88, 41-1
Type	bill
Volume / chapter	p41 s1 bill 88 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	33f1b27cd49f0a1ae4166ec9b0441994e3fd6448

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