Terms and conditions	389. The Minister may impose any terms and conditions in respect of an approval given under this Part that the Minister considers necessary to ensure compliance with any provision of this Act.
	528. (1) Subsection 390(1) of the Act is replaced by the following:
Certifying receipt of application	390. (1) If, in the opinion of the Superintendent, an application filed under this Part contains all the required information, the Superintendent shall without delay refer the application to the Minister and send a receipt to the applicant certifying the date on which the completed application was received by the Superintendent.
	(2) Subsection 390(2) of the English version of the Act is replaced by the following:
Incomplete application	(2) If, in the opinion of the Superintendent, an application filed under this Part is incomplete, the Superintendent shall send a notice to the applicant specifying the information required by the Superintendent to complete the application.
1996, c. 6, s. 119	529. (1) Subsection 401(1) of the Act is replaced by the following:
Disposition of shareholdings	401. (1) If, with respect to any company, a person contravenes section 375 or 375.1 or fails to comply with an undertaking referred to in subsection 384(2) or with any terms and conditions imposed under section 389, the Minister may, if the Minister deems it in the public interest to do so, by order, direct that person and any person controlled by that person to dispose of any number of shares of the company beneficially owned by any of those persons that the Minister specifies in the order, within the time specified in the order and in the proportion, if any, as between the person and the persons controlled by that person that is specified in the order.
	(2) Subsection 401(4) of the Act is repealed.
1997, c. 15, ss. 375(1) to (3)	530. (1) The portion of subsection 410(1) of the Act before paragraph (e) is replaced by the following:
Additional activities	410. (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) 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 449(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;
	(c.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 449(1), or
	(iii) for a prescribed purpose or in prescribed circumstances;
	(d) in Canada, engage in such activities referred to in paragraph (c) that the company was engaged in prior to June 1, 1992;
	(d.1) engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services;
	(2) Subsection 410(3) of the Act is amended by striking out the word ``and'' at the end of paragraph (a), by adding the word ``and'' at the end of paragraph (b) and by adding the following after paragraph (b):
	(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)(c) or (c.1).
	531. Paragraphs 411(a) and (b) of the Act are replaced by the following:
	(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 449(1) or a prescribed entity and may enter into an arrangement with any person in respect of the provision of that service; or
	(b) refer any person to any such financial institution or entity.
	532. (1) The portion of subsection 414(1) of the Act before paragraph (a) is replaced by the following:
Restriction on guarantees	414. (1) A company shall not guarantee on behalf of any person the payment or repayment of any sum of money unless
1997, c. 15, s. 376	(2) Subsection 414(2) of the French version of the Act is replaced by the following:
Exception	(2) Dans les cas où la personne visée au paragraphe (1) est une filiale de la société garante, celle-ci peut garantir une somme qui n'est pas fixe.
	533. Section 417 of the Act is replaced by the following:
Restriction on leasing	417. A company shall not engage in Canada in any personal property leasing activity in which a financial leasing entity, within the meaning of subsection 449(1), is not permitted to engage.
1999, c. 31, s. 219(E)	534. Section 419 of the Act is replaced by the following:
Policies re security interests	419. (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.
Order to amend policies	(2) The Superintendent may, by order, direct a company to amend its policies as specified in the order.
Compliance	(3) A company shall comply with an order made under subsection (2) within the time specified in the order.
Regulations and guidelines	419.1 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.
Exception	419.2 Sections 419 and 419.1 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 or the Canada Deposit Insurance Corporation.
	535. Subsection 421(1) of the Act is replaced by the following:
Restriction on partnerships	421. (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.
	536. Subsection 423(6) of the Act is replaced by the following:
Execution of trust	(6) A company is not bound to see to the execution of any trust to which any deposit made under the authority of this Act is subject, other than a trust of which the company is a trustee.
Payment when company has notice of trust	(7) Subsection (6) applies regardless of whether the trust is express or arises by the operation of law, and it applies even when the company has notice of the trust if it acts on the order of or under the authority of the holder or holders of the account into which the deposit is made.
	537. The heading ``Interest and Charges'' before section 426 of the Act is repealed.
	538. The Act is amended by adding the following before section 426:
Definitions	425.1 The following definitions apply in this section and in sections 431 to 434, 444.1 and 444.3.
``member company'' « société membre »	``member company'' means a company that is a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act.
``personal deposit account'' « compte de dépôt personnel »	``personal deposit account'' means a deposit account in the name of one or more natural persons that is kept by that person or those persons for a purpose other than that of carrying on business.
``retail deposit account'' « compte de dépôt de détail »	``retail deposit account'' means a personal deposit account that is opened with a deposit of less than $150,000 or any greater amount that may be prescribed.
	539. Subsection 427(2) of the Act is replaced by the following:
Exception	(2) Subsection (1) does not apply in respect of an interest-bearing deposit account that is opened with a deposit in excess of $150,000 or any greater amount that may be prescribed.
	540. Section 430 of the Act is repealed.
1997, c. 15, s. 378	541. (1) The portion of subsection 431(1) of the Act before paragraph (a) is replaced by the following:
Disclosure required on opening a deposit account	431. (1) Subject to subsections (2) to (4), a company shall not open a deposit account in the name of a customer unless, at or before the time the account is opened, the company provides in writing to the individual who requests the opening of the account
1997, c. 15, s. 378	(2) Subsections 431(2) to (5) of the Act are replaced by the following:
Exception	(2) If a deposit account is not a personal deposit account and the amount of a charge applicable to the account cannot be established at or before the time the account is opened, the company shall, as soon as is practicable after the amount is established, provide the customer in whose name the account is kept with a notice in writing of the amount of the charge.
Exception	(3) If a company has a deposit account in the name of a customer and the customer by telephone requests the opening of another deposit account in the name of the customer and the company has not complied with subsection (1) in respect of the opening of that other account, the company shall not open the account unless it provides the customer orally with any information prescribed at or before the time the account is opened.
Disclosure in writing	(4) If a company opens an account under subsection (3), it shall, not later than seven business days after the account is opened, provide to the customer in writing the agreement and information referred to in subsection (1).
Right to close account	(5) A customer may, within 14 business days after a deposit account is opened under subsection (3), close the account without charge and in such case is entitled to a refund of any charges related to the operation of the account, other than interest charges, incurred while the account was open.
Regulations	(6) For the purposes of subsection (4), the Governor in Council may make regulations prescribing circumstances in which, and the time when, the agreement and information will be deemed to have been provided to the customer.
	542. Section 434 of the Act is replaced by the following:
Application	434. Sections 431 to 433 apply only in respect of charges applicable to deposit accounts with the company in Canada and services provided by the company in Canada.
	543. Section 435 of the Act, as enacted by section 379 of An Act to amend certain laws relating to financial institutions, being chapter 15 of the Statutes of Canada, 1997, is replaced by the following:
Definition of ``cost of borrowing''	435. For the purposes of this section and sections 435.1 to 442, ``cost of borrowing'' means, in respect of a loan made by a company,
	(a) the interest or discount applicable to the loan;
	(b) any amount charged in connection with the loan 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.
	544. The Act is amended by adding the following before section 441:
	Complaints
	545. (1) Paragraph 441(1)(a) of the Act is replaced by the following:
	(a) establish procedures for dealing with complaints made by persons having requested or received products or services in Canada from the company;
	(2) If this section comes into force before paragraph 441(1)(a) of the Act, as enacted by section 382 of An Act to amend certain laws relating to financial institutions, being chapter 15 of the Statutes of Canada, 1997, comes into force, section 382 of that Act is repealed.
	(3) Subsection 441(2) of the Act is replaced by the following:
Procedures to be filed with Commission- er	(2) A company shall file with the Commissioner a copy of its procedures established under paragraph (1)(a).
	546. The Act is amended by adding the following after section 441:
Obligation to be member of complaints body	441.1 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 441(1)(a).
	547. (1) Section 442 of the Act is replaced by the following:
Information on contacting Agency	442. (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 a deposit account, an arrangement referred to in subsection 438(3), a payment, credit or charge card, the disclosure of or manner of calculating the cost of borrowing in respect of a loan or about any other obligation of the company under a consumer provision.
Report	(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