An Act to amend the Bank Act (bank fees)

This bill was last introduced in the 38th Parliament, 1st Session, which ended in November 2005.

Sponsor

Denis Paradis  Liberal

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of May 4, 2005
(This bill did not become law.)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Bank ActRoutine Proceedings

May 4th, 2005 / 3:40 p.m.
See context

Liberal

Denis Paradis Liberal Brome—Missisquoi, QC

moved for leave to introduce Bill C-375, an act to amend the Bank Act (bank fees).

Mr. Speaker, I am pleased to table this bill entitled an Act to amend the Bank Act (bank fees). This enactment amends the Bank Act by requiring Canadian banks to lay each year before the House of Commons a detailed statement of all the fees that they charge to their clients.

The enactment also prohibits banks from charging fees other or higher than those recommended by the standing committee of the House of Commons that normally considers matters relating to consumers. Any contravention of this provision constitutes an offence punishable by a fine of not more than $10,000.

It is important to recognize that bank fees have become quite significant over the past few years. All other public services, such as electricity, cable or telephone services, are regulated. Accordingly, it is high time we regulated bank fees.

(Motions deemed adopted, bill read the first time and printed)