440. (1) Subject to this Act, a company shall not engage in or carry on any business other than such business generally as appertains to the business of providing financial services.

(2) For greater certainty, a company may

(a) act as a financial agent, receiver, liquidator or sequestrator;

(b) provide investment counselling services and portfolio management services; and

(c) issue payment, credit or charge cards and, in cooperation with others including other financial institutions, operate a payment, credit or charge card plan.

441. (1) In addition, a company may

(a) act as an agent for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real property and provide consulting or appraisal services in respect of real property;

(b) hold, manage and otherwise deal with real property;

(c) provide information processing services in Canada that the company has developed for its own use and that are an integral part of the company’s operations to entities in which the company has a substantial investment that do not provide information processing services to other entities;

(d) outside Canada, or with the prior written approval of the Minister, in Canada, engage in any of the following activities, namely,

(i) collecting, manipulating and transmitting

(A) information that is primarily financial or economic in nature,

(B) information that relates to the business of a permitted entity, as defined in subsection 490(1), or

(C) any other information that the Minister may, by order, specify,

(ii) providing advisory or other services in the design, development or implementation of information management systems,

(iii) designing, developing or marketing computer software, and

(iv) designing, developing, manufacturing or selling, as an ancillary activity to any activity referred to in any of subparagraphs (i) to (iii) that the company is engaging in, computer equipment integral to the provision of information services related to the business of financial institutions or to the provision of financial services;

(d.1) with the prior written approval of the Minister, develop, design, hold, manage, manufacture, sell or otherwise deal with data transmission systems, information sites, communication devices or information platforms or portals that are used

(i) to provide information that is primarily financial or economic in nature,

(ii) to provide information that relates to the business of a permitted entity, as defined in subsection 490(1), or

(iii) for a prescribed purpose or in prescribed circumstances;

(e) promote merchandise and services to the holders of any payment, credit or charge card issued by the company;

(f) engage in the sale of

(i) tickets, including lottery tickets, on a non-profit public service basis in connection with special, temporary and infrequent non-commercial celebrations or projects that are of local, municipal, provincial or national interest,

(ii) urban transit tickets, and

(iii) tickets in respect of a lottery sponsored by the federal government or a provincial or municipal government or an agency of any such government or governments;

(g) act as a custodian of property; and

(h) with the consent of the Minister

(i) provide safety and risk prevention services and services respecting risk management and claims adjustment, where the provision of those services is reasonably ancillary to the business of insurance carried on by the company,

(ii) operate rehabilitation and training and development centres, where the operation of those centres is reasonably ancillary to the business of insurance carried on by the company,

(iii) provide computer systems to independent insurance brokers and agents, where the provision of those systems is reasonably ancillary to the business of insurance carried on by the company,

(iv) provide support to independent insurance brokers and agents, where the provision of that support is reasonably ancillary to the business of insurance carried on by the company,

(v) operate repair and appraisal centres, where the operation of those centres is reasonably ancillary to the business of insurance carried on by the company, and

(vi) carry on any other activities that are reasonably ancillary to the business of insurance carried on by the company.

(1.1) A life company may engage under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services.

(2) A consent given under paragraph (1)(h) is subject to the terms and conditions imposed by the Minister.

(3) Except as authorized by or under this Act, a company shall not deal in goods, wares or merchandise or engage in any trade or other business.

(4) The Governor in Council may make regulations

(a) respecting what a company may or may not do with respect to the carrying on of the activities referred to in any of paragraphs (1)(d) and (d.1) and subsection (1.1);

(b) imposing terms and conditions in respect of

(i) the provision of services referred to in paragraphs (1)(a) and 440(2)(b), and

(ii) the carrying on of the activities referred to in any of paragraphs (1)(d) and (d.1) and subsection (1.1); and

(c) respecting the circumstances in which companies may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(d) or (d.1).

1991, c. 47, s. 441; 1993, c. 34, s. 80(F); 1994, c. 26, s. 41(F); 1997, c. 15, s. 247; 2001, c. 9, s. 416.

442. (1) A company may

(a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 490(1) or a prescribed entity;

(b) enter into an arrangement with any person in respect of the provision of that service; or

(c) refer any person to any such financial institution or entity.

(2) The Governor in Council may make regulations respecting the disclosure of

(a) the name of the principal for whom a company is acting as agent pursuant to subsection (1); and

(b) whether any commission is being earned by a company when acting as agent pursuant to subsection (1).

1991, c. 47, s. 442; 2001, c. 9, s. 417.

443. (1) A company shall not insure a risk unless the risk falls within a class of insurance that is specified in the order of the Superintendent approving the commencement and carrying on of business by the company.

(2) A class of insurance specified in a certificate of registry, issued under Part III of the Canadian and British Insurance Companies Act, or in any other authorization, that had not expired or been withdrawn before the coming into force of this Part is deemed to be specified in an order of the Superintendent approving the commencement and carrying on of business by the company.

444. (1) A company may reinsure, but shall not otherwise insure, a risk falling within a class of insurance specified in the order of the Superintendent approving the commencement and carrying on of business by the company if the order limits the company to the reinsurance of those risks.

(2) A condition that limits a company to the reinsurance of risks falling within a class of insurance and that is contained in a certificate of registry issued under Part III of the Canadian and British Insurance Companies Act, or in any other authorization, that had not expired or been withdrawn before the coming into force of this Part is deemed to be a limitation in an order of the Superintendent approving the commencement and carrying on of business by the company.

445. The Superintendent may not make or vary an order approving the commencement and carrying on of business by a company if the company would as a result be permitted to insure both risks falling within the class of life insurance and risks falling within any other class of insurance other than accident and sickness insurance, accident insurance, personal accident insurance, sickness insurance and loss of employment insurance.

1991, c. 47, s. 445; 1997, c. 15, s. 248.

446. Notwithstanding section 445, subsections 443(2) and 444(2) permit a company to which was issued under Part III of the Canadian and British Insurance Companies Act a certificate of registry or other authorization specifying both risks falling within the class of life insurance and risks falling within some other class of insurance, other than accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance, but limiting the company to the reinsurance of those risks, to reinsure but not to otherwise insure those risks.

447. A company that is authorized to insure risks falling within the class of life insurance and risks falling within one or more other classes of insurance shall maintain separate accounts in respect of each class of insurance within which it is authorized to insure risks.

1991, c. 47, s. 447; 1997, c. 15, s. 249.

448. A property and casualty company shall not issue annuities.

449. (1) Every company that has outstanding policies in Canada of a class shall become and remain a member of any compensation association designated by order of the Minister for that class of insurance.

(1.1) A compensation association shall not be designated under subsection (1) unless, in the opinion of the Minister, it has the authority to levy an assessment on each of its members of not less than eighty-five one hundredths of one per cent of the member’s average annual premium income from policies that are eligible for compensation from the association.

(2) Subsection (1) does not apply

(a) to a company that may reinsure but may not otherwise insure risks;

(b) in respect of a class of insurance that, in the opinion of the Minister, is adequately covered by some other compensation plan;

(c) in respect of the insurance of risks falling within the class of fire insurance by a company that is a member of the Fire Mutuals Guarantee Fund; or

(d) in respect of a class of insurance for which the Minister has not designated a compensation association.

1991, c. 47, s. 449; 1994, c. 26, s. 42(E); 1996, c. 6, s. 79.

450. A property and casualty company shall not

(a) issue policies, or

(b) accept or retain on the direction of a policyholder or beneficiary policy dividends or bonuses, or policy proceeds that are payable on the surrender or maturity of the policy or on the death of the person whose life is insured,

where the liabilities of the company in respect of the policies or the amounts accepted or retained vary in amount depending on the market value of a fund consisting of a specified group of assets.

451. A life company that issues policies described in section 450 or accepts or retains amounts so described shall, in respect of those policies or amounts,

(a) maintain separate accounts; and

(b) establish and maintain one or more funds consisting of assets that are segregated from the other assets of the company and that are specified as the assets on the market value of which the liabilities of the company in respect of those policies or amounts depend.

452. For the purpose of establishing or maintaining a segregated fund required to be established and maintained by section 451, a company may, subject to the regulations and, in the case of a transfer from a participating account maintained pursuant to section 456, to section 463, transfer an amount to the separate account maintained in respect of the segregated fund.

1991, c. 47, s. 452; 1994, c. 26, s. 43.

453. A company may, with the approval of the Superintendent, return the current value of an amount transferred pursuant to section 452 to the account from which the amount was transferred.

454. A claim against a segregated fund maintained as required by section 451 under a policy or for an amount in respect of which the fund is maintained has priority over any other claim against the assets of that fund, including the claims referred to in section 161 of the Winding-up and Restructuring Act, except to the extent that the payment of that other claim is secured by a security interest in or on a specific, identifiable asset of the segregated fund.

1991, c. 47, s. 454; 1996, c. 6, s. 167; 1997, c. 15, s. 250.

455. The liability of a company under a policy or for an amount in respect of which a segregated fund is maintained pursuant to section 451

(a) does not, except to the extent that the assets of the fund are insufficient to satisfy a claim for any minimum amount that the company agrees to pay under the policy or in respect of the amount, give rise to a claim against any assets of the company, other than the assets of that fund,

but

(b) to the extent that the assets of the fund are insufficient to satisfy such a claim, gives rise to a claim against the assets of the company, other than the assets of that fund, that has the priority referred to in subsection 161(2) of the Winding-up and Restructuring Act.

1991, c. 47, s. 455; 1996, c. 6, s. 167.

456. A company shall maintain accounts, in the form and manner determined by the Superintendent, in respect of participating policies, separately from those maintained in respect of other policies.

457. There shall be credited to, or debited from, a participating account maintained pursuant to section 456 that portion of the investment income or losses of the company for a financial year, including accrued capital gains or losses, whether or not realized, that is determined in accordance with a method that is

(a) in the written opinion of the actuary of the company, fair and equitable to the participating policyholders;

(b) approved by resolution of the directors, after considering the written opinion of the actuary of the company; and

(c) not disallowed by the Superintendent, on the ground that it is not fair and equitable to the participating policyholders, within sixty days after receiving the resolution.

458. There shall be debited from a participating account maintained pursuant to section 456 that portion of the expenses, including taxes, of the company for a financial year that is determined in accordance with a method that is

(a) in the written opinion of the actuary of the company, fair and equitable to the participating policyholders;

(b) approved by resolution of the directors, after considering the written opinion of the actuary of the company; and

(c) not disallowed by the Superintendent, on the ground that it is not fair and equitable to the participating policyholders, within sixty days after receiving the resolution.

459. A company the directors of which by resolution approve a method of allocating its investment income and losses and expenses to a participating account maintained pursuant to section 456 shall, within thirty days after making the resolution, file a copy of it with the Superintendent, together with a copy of the written opinion of the actuary of the company and any other information relevant to the allocation method that the Superintendent requests.

460. The actuary of a company shall annually report in writing to the directors on the fairness and equitableness of the method used by the company for allocating its investment income and losses and expenses to a participating account maintained pursuant to section 456.

461. A company that has share capital may, from a participating account maintained pursuant to section 456, make a payment to its shareholders, or transfer an amount to an account (other than a participating shareholder account as defined in section 83.01) from which a payment can be made to its shareholders, if

(a) the aggregate of the amounts so paid or transferred in respect of a financial year does not exceed the percentage of the portion of the profits of the participating account that is determined by the directors as the portion to be distributed for the financial year to the shareholders and participating policyholders, which percentage shall not exceed the number, expressed as a percentage, that is the aggregate of

(i) 10 multiplied by the lesser of

(A) the sum of the opening balances for the financial year of all participating accounts of the company, and

(B) two hundred and fifty million dollars,

(ii) 7.5 multiplied by the amount, if any, by which the lesser of

(A) the sum of the opening balances for the financial year of all participating accounts of the company, and

(B) five hundred million dollars

exceeds two hundred and fifty million dollars,

(iii) 5 multiplied by the amount, if any, by which the lesser of

(A) the sum of the opening balances for the financial year of all participating accounts of the company, and

(B) one billion dollars

exceeds five hundred million dollars, and

(iv) 2.5 multiplied by the amount, if any, by which the sum of the opening balances for the financial year of all participating accounts of the company exceeds one billion dollars,

divided by the sum of the opening balances for the financial year of all the participating accounts;

(b) the company pays dividends or bonuses to its participating policyholders out of the profits of the participating account for the financial year in accordance with its dividend or bonus policy established pursuant to paragraph 165(2)(e); and

(c) the payment to the shareholders, or the transfer to the account from which a payment can be made to the shareholders, would not, in the opinion of the actuary of the company, materially affect the company’s ability to continue to comply with its dividend or bonus policy or to maintain the levels or rates of dividends or bonuses paid to the company’s participating policyholders.

1991, c. 47, s. 461; 1997, c. 15, s. 251.

462. The only transfers that may be made from a participating account maintained pursuant to section 456 are

(a) transfers made pursuant to sections 461 and 463;

(b) transfers made in respect of transfers or reinsurance of all or any portion of the participating policies in respect of which the participating account is maintained;

(c) transfers, with the approval of the Superintendent, of amounts that can reasonably be attributed to sources not related to the participating policies in respect of which the account is maintained; and

(d) transfers made in respect of the conversion of a mutual company into a company with common shares.

1991, c. 47, s. 462; 1997, c. 15, s. 252; 1999, c. 1, s. 8.

463. (1) A company may transfer from a participating account maintained pursuant to section 456 to a segregated fund maintained pursuant to section 451 an amount not exceeding the amount determined in accordance with the formula

A - (B - C)

where

A is 25 per cent of the unappropriated earned surplus of that account;

B is the aggregate amount of all previous transfers from that account to the segregated funds; and

C is the aggregate amount returned to the participating account from the segregated funds.

(2) The aggregate amount of all transfers from participating accounts maintained pursuant to section 456 to the segregated funds maintained pursuant to section 451 may not exceed the amount determined in accordance with the formula

A - (B - C)

where

A is 10 per cent of the aggregate unappropriated earned surplus of the participating accounts;

B is the aggregate amount of all previous transfers from those accounts to those funds; and

C is the aggregate amount returned to those accounts from those funds.

464. (1) Subject to this section, the directors of a company that issues participating policies may declare, and the company may pay or otherwise satisfy, a dividend, bonus or other benefit on those policies in accordance with its dividend or bonus policy established pursuant to paragraph 165(2)(e).

(2) The directors shall, before declaring a dividend, bonus or other benefit on participating policies, consider a written report, which the actuary of the company shall make, on whether, in the actuary’s opinion, the dividend, bonus or other benefit is in accordance with the dividend or bonus policy of the company.

(3) The directors of a company shall not declare a dividend, bonus or other benefit to participating policyholders if there are reasonable grounds for believing that the company is, or the payment or other satisfaction would cause the company to be, in contravention of any regulation referred to in subsection 515(1) or (2) or any direction made pursuant to subsection 515(3).

465. (1) The Governor in Council may make regulations limiting the extent to which a company may cause itself to be reinsured against risks undertaken by it.

(2) A regulation made pursuant to subsection (1) may provide that the Superintendent may, by order, determine the matters or exercise the discretion that the regulation may specify.

466. No company shall act in Canada as

(a) an executor, administrator or official guardian or a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person; or

(b) a trustee for a trust.

467. Except as otherwise permitted by this Act, a company shall not accept deposits.

1991, c. 47, s. 467; 1999, c. 31, s. 143(F).

468. A company shall not deal in Canada in securities to the extent prohibited or restricted by such regulations as the Governor in Council may make for the purposes of this section.

469. (1) A company shall not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that property, or refinance such a loan, if the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, would exceed 75 per cent of the value of the property at the time of the loan.

(2) Subsection (1) does not apply in respect of

(a) a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or pursuant to which a different limit on the value of property on the security of which the company may make a loan is established;

(b) a loan if repayment of the amount of the loan that exceeds the maximum amount set out in subsection (1) is guaranteed or insured by a government agency or a private insurer approved by the Superintendent;

(c) the acquisition by the company from an entity of securities issued or guaranteed by the entity that are secured on any residential property, whether in favour of a trustee or otherwise, or the making of a loan by the company to the entity against the issue of such securities; or

(d) a loan secured by a mortgage where

(i) the mortgage is taken back by the company on a property disposed of by the company, including where the disposition is by way of a realization of a security interest, and

(ii) the mortgage secures payment of an amount payable to the company for the property.

1991, c. 47, s. 469; 1997, c. 15, s. 253.

470. (1) The directors of a company shall establish and the company shall adhere to policies regarding the creation of security interests in property of the company to secure obligations of the company and the acquisition by the company of beneficial interests in property that is subject to security interests.

(2) The Superintendent may, by order, direct a company to amend its policies as specified in the order.

(3) A company shall comply with an order made under subsection (2) within the time specified in the order.

1991, c. 47, s. 470; 2001, c. 9, s. 418.

470.1 The Governor in Council may make regulations and the Superintendent may make guidelines respecting the creation by a company of security interests in its property to secure obligations of the company and the acquisition by the company of beneficial interests in property that is subject to security interests.

2001, c. 9, s. 418.

470.2 Sections 470 and 470.1 do not apply in respect of a security interest created by a company to secure an obligation of the company to the Bank of Canada.

2001, c. 9, s. 418.

471. A company shall not grant to a person the right to appoint a receiver or a receiver and manager of the property or business of the company.

472. (1) Except with the approval of the Superintendent, a company may not be a general partner in a limited partnership or a partner in a general partnership.

(2) For the purposes of subsection (1), “general partnership” means any partnership other than a limited partnership.

1991, c. 47, s. 472; 2001, c. 9, s. 419.

473. (1) A life company shall not, and shall not permit its prescribed subsidiaries to, enter into any debt obligation, within the meaning assigned to that expression by the regulations, or issue any share, other than a common share, if as a result the aggregate of the total debt obligations of the company, determined in the prescribed manner, and the stated capital of the company would exceed the prescribed percentage of the total assets of the company.

(2) A life company need not include in the aggregate amount calculated for the purposes of subsection (1) the value of any debt obligation or the stated capital of any shares if the value of the debt obligation or the stated capital of the shares is included as part of the regulatory capital of the company.

474. (1) A life company shall not guarantee on behalf of any person the payment or repayment of any sum of money unless

(a) the sum of money is a fixed sum of money with or without interest thereon; and

(b) the person on whose behalf the company has undertaken to guarantee the payment or repayment has an unqualified obligation to reimburse the company for the full amount of the payment or repayment to be guaranteed.

(2) Paragraph (1)(a) does not apply where the person on whose behalf the company has undertaken to guarantee a payment or repayment is a subsidiary of the company.

(3) [Repealed, 1997, c. 15, s. 254]

(4) The Governor in Council may make regulations imposing terms and conditions in respect of guarantees permitted by this section.

1991, c. 47, s. 474; 1997, c. 15, s. 254; 2001, c. 9, s. 420.

475. A life company shall not engage in Canada in any personal property leasing activity in which a financial leasing entity, within the meaning of subsection 490(1), is not permitted to engage.

1991, c. 47, s. 475; 2001, c. 9, s. 421.

476. A property and casualty company shall not, and shall not permit its prescribed subsidiaries to, enter into any debt obligation, within the meaning assigned to that expression by the regulations, or issue any share, other than a common share, if as a result the aggregate of the total debt obligations of the company, determined in the prescribed manner, and the stated capital of the company would exceed the prescribed percentage of the total assets of the company.

477. (1) A property and casualty company shall not guarantee on behalf of any person the payment or repayment of any sum of money unless the person on whose behalf the company has undertaken to guarantee the payment or repayment is a subsidiary of the company and has an unqualified obligation to reimburse the company for the full amount of the payment or repayment to be guaranteed.

(2) [Repealed, 1997, c. 15, s. 255]

(3) Subsection (1) does not prevent a property and casualty company from insuring a risk falling within a class of insurance that is specified in the order of the Superintendent approving the commencement and carrying on of business by the company.

1991, c. 47, s. 477; 1997, c. 15, s. 255; 2001, c. 9, s. 422.

478. A property and casualty company shall not engage in Canada in any financial leasing of personal property.

479. For the purposes of this section and sections 479.1 to 487, “cost of borrowing” means, in respect of a loan or an advance on the security or against the cash surrender value of a policy made by a company,

(a) the interest or discount applicable to the loan or advance;

(b) any amount charged in connection with the loan or advance that is payable by the borrower to the company; and

(c) any charge prescribed to be included in the cost of borrowing.

For those purposes, however, “cost of borrowing” does not include any charge prescribed to be excluded from the cost of borrowing.

1991, c. 47, s. 479; 1997, c. 15, s. 256; 2001, c. 9, s. 423.

479.1 (1) Where a company makes a loan in respect of which the disclosure requirements of section 480 apply and the loan is not secured by a mortgage on real property and is required to be repaid either on a fixed future date or by instalments, the company shall, if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan.

(2) The charges to be rebated do not include the interest or discount applicable to the loan.

(3) The Governor in Council may make regulations governing the rebate of charges under subsection (1). The rebate shall be made in accordance with those regulations.

1997, c. 15, s. 256.

480. (1) A company shall not make a loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 481, and other prescribed information have, in the prescribed manner and at the prescribed time, been disclosed by the company to the borrower.

(2) Subsection (1) does not apply in respect of a loan that is of a prescribed class of loans.

1991, c. 47, s. 480; 1997, c. 15, s. 256.

481. The cost of borrowing shall be calculated, in the prescribed manner, on the basis that all obligations of the borrower are duly fulfilled and shall be expressed as a rate per annum and, in prescribed circumstances, as an amount in dollars and cents.

482. (1) Where a company makes a loan in respect of which the disclosure requirements of section 480 are applicable and the loan is required to be repaid either on a fixed future date or by instalments, the company shall disclose to the borrower, in accordance with the regulations,

(a) whether the borrower has the right to repay the amount borrowed before the maturity of the loan and, if applicable,

(i) any terms and conditions relating to that right, including the particulars of the circumstances in which the borrower may exercise that right, and

(ii) whether, in the event that the borrower exercises the right, any portion of the cost of borrowing is to be rebated, the manner in which any such rebate is to be calculated or, if a charge or penalty will be imposed on the borrower, the manner in which the charge or penalty is to be calculated;

(b) in the event that an amount borrowed is not repaid at maturity or, if applicable, an instalment is not paid on the day the instalment is due to be paid, particulars of the charges or penalties to be paid by the borrower because of the failure to repay or pay in accordance with the contract governing the loan;

(c) at such time and in such manner as may be prescribed, any changes respecting the cost of borrowing or the loan agreement as may be prescribed;

(d) particulars of any other rights and obligations of the borrower; and

(e) any other prescribed information, at such time and in such form and manner as may be prescribed.

(1.1) A company shall, in accordance with the regulations, at such time and in such manner as may be prescribed, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards and provide prescribed information to any person applying to it for a credit, payment or charge card.

(2) Where a company issues or has issued a credit, payment or charge card to a natural person, the company shall, in addition to disclosing the costs of borrowing in respect of any loan obtained through the use of the card, disclose to the person, in accordance with the regulations,

(a) any charges or penalties described in paragraph (1)(b);

(b) particulars of the person’s rights and obligations;

(c) any charges for which the person becomes responsible by accepting or using the card;

(d) at such time and in such manner as may be prescribed, such changes respecting the cost of borrowing or the loan agreement as may be prescribed; and

(e) any other prescribed information, at such time and in such form and manner as may be prescribed.

(3) Where a company enters into or has entered into an arrangement, including a line of credit, for the making of a loan in respect of which the disclosure requirements of section 480 apply and the loan is not a loan in respect of which subsection (1) or (2) applies, the company shall, in addition to disclosing the costs of borrowing, disclose to the person to whom the loan is made, in accordance with the regulations,

(a) any charges or penalties described in paragraph (1)(b);

(b) particulars of the person’s rights and obligations;

(c) any charges for which the person is responsible under the arrangement;

(d) at such time and in such manner as may be prescribed, such changes respecting the cost of borrowing under the arrangement as may be prescribed; and

(e) any other prescribed information, at such time and in such form and manner as may be prescribed.

1991, c. 47, s. 482; 1997, c. 15, s. 257.

482.1 Where a company makes a loan in respect of which the disclosure requirements of section 480 apply and the loan is secured by a mortgage on real property, the company shall disclose to the borrower, at such time and in such manner as may be prescribed, such information as may be prescribed respecting the renewal of the loan.

1997, c. 15, s. 258.

483. No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 482(3), loans, credit cards, payment cards or charge cards, offered to natural persons by a company, and purporting to disclose prescribed information about the cost of borrowing or about any other matter unless the advertisement contains such information as may be required by the regulations, in such form and manner as may be prescribed.

1991, c. 47, s. 483; 1997, c. 15, s. 258.

484. Where regulations have been made respecting the manner in which the cost of borrowing is to be disclosed in respect of an advance on the security or against the cash surrender value of a policy in Canada, a company shall not make such an advance unless the cost of borrowing, as calculated and expressed in accordance with the regulations, has, in the prescribed manner, been disclosed by the company or otherwise as prescribed to the policyholder at or before the time when the advance is made.

485. The Governor in Council may make regulations

(a) respecting the manner in which, and the time at which, a company is to disclose to a borrower

(i) the cost of borrowing,

(ii) any rebate of the cost of borrowing, and

(iii) any other information relating to a loan, arrangement, credit card, payment card or charge card referred to in section 482;

(b) respecting the contents of any statement disclosing the cost of borrowing and other information required to be disclosed by a company to a borrower;

(c) respecting the manner of calculating the cost of borrowing;

(d) respecting the circumstances under which the cost of borrowing is to be expressed as an amount in dollars and cents;

(e) specifying any class of loans that are not to be subject to section 479.1 or subsection 480(1) or 482(1) or (3) or section 482.1 or 483 or the regulations or any specified provisions of the regulations;

(f) specifying any class of advances that are not to be subject to section 484 or the regulations or any specified provisions of the regulations;

(g) respecting the manner in which and the time at which any rights, obligations, charges or penalties referred to in sections 479.1 to 484 are to be disclosed;

(h) prohibiting the imposition of any charge or penalty referred to in section 482 or providing that the charge or penalty, if imposed, will not exceed a prescribed amount;

(i) respecting the nature or amount of any charge or penalty referred to in paragraph 482(1)(b), (2)(a) or (3)(a) and the costs of the company that may be included or excluded in the determination of the charge or penalty;

(j) respecting the method of calculating the amount of rebate of the cost of borrowing, or the portion of the cost of borrowing referred to in subparagraph 482(1)(a)(ii);

(k) respecting advertisements made by a company regarding arrangements referred to in subsection 482(3), loans, credit cards, payment cards or charge cards;

(l) respecting the renewal of loans; and

(m) respecting such other matters or things as are necessary to carry out the purposes of sections 479.1 to 484.

1991, c. 47, s. 485; 1997, c. 15, s. 259.

486. (1) A company shall

(a) establish procedures for dealing with complaints made by persons having requested or received products or services in Canada from the company;

(b) designate an officer or employee of the company to be responsible for implementing those procedures; and

(c) designate one or more officers or employees of the company to receive and deal with those complaints.

(2) A company shall file with the Commissioner a copy of its procedures established under paragraph (1)(a).

1991, c. 47, s. 486; 1997, c. 15, s. 260; 2001, c. 9, s. 424.

486.1 In any province, if there is no law of the province that makes a company subject to the jurisdiction of an organization that deals with complaints made by persons having requested or received products or services in the province from a company, the company shall be a member of an organization that is not controlled by it and that deals with those complaints that have not been resolved to the satisfaction of the persons under procedures established by companies under paragraph 486(1)(a).

2001, c. 9, s. 424.

487. (1) A company shall, in the prescribed manner, provide a person requesting or receiving a product or service from it with prescribed information on how to contact the Agency if the person has a complaint about an arrangement referred to in subsection 482(3), a payment, credit or charge card, the disclosure of or manner of calculating the cost of borrowing in respect of a loan or an advance on the security or against the cash surrender value of a policy, or about any other obligation of the company under a consumer provision.

(2) The Commissioner shall prepare a report, to be included in the report referred to in section 34 of the Financial Consumer Agency of Canada Act, respecting

(a) procedures for dealing with complaints established by companies pursuant to paragraph 486(1)(a); and

(b) the number and nature of complaints that have been brought to the attention of the Agency by persons who have requested or received a product or service from a company.

1991, c. 47, s. 487; 1997, c. 15, s. 261; 2001, c. 9, s. 424.