Finance committee  Thank you, Mr. Chair. My name is Eleanor Ryan. I'm here with my colleagues from the Department of Finance and with Brigitte Goulard, Deputy Commissioner of the Financial Consumer Agency of Canada. We're honoured to have the opportunity to present this legislation to you. Divisi

Finance committee  Yes. It starts at clause 315. and it finishes with clause 351, so clauses 315 to 351.

Finance committee  No, I very much appreciate that. Thank you. Before discussing specific points in division 10, I want to point out that the bill does not explicitly affirm an exclusive federal jurisdiction over bank clients. The proposed bill does not affect the provinces' capacity to enact r

Finance committee  Right. Go slower.

Finance committee  All good. Thank you very much for that. I appreciate it.

Finance committee  I was at proposed section 627.49, and I had highlighted paragraph (i), and I was about to highlight paragraphs (j) and (k). These are two requirements for the external complaints bodies to report annually to the commissioner of the FCAC on the performance of their functions, inc

Finance committee  There are, sorry, civil penalties.

Finance committee  Perhaps I could begin.

Finance committee  Perhaps I might begin by saying these provisions dealing with branch closures are consolidated from the existing legislation. There are no fundamental changes to this part. What I can do here is turn to my colleague Brigitte Goulard, who can discuss when the commissioner has us

Finance committee  Yes. The current legislation provides the commissioner with discretion to name. This proposed legislation would require the naming if there is a violation and a penalty.

Finance committee  Under the rights of the consumer, the consumer would be able to cancel the agreement. We set out two circumstances in which that could occur. If the agreement is done over the phone or by mail, the consumer would have 14 days to cancel. If the contract was signed in person, the c

Finance committee  Yes, it is.

Finance committee  It is not set out in the legislation. Perhaps I could ask Ms. Goulard to cover this, as it was covered in their business plan.

Finance committee  This is simply to provide the customer with certainty that when they have signed a mortgage arrangement and there is a period of time where they plan to do a renewal, the bank cannot unilaterally change any of the conditions until the consumer has renewed it and agreed to that re

Finance committee  It's in the current legislation.