Commissioner's Decisions

Decisions grouped by date:
April 1^st to June 30^th - 2006

31244-347Q106 (HTML)
31244-347Q106 (PDF)

In two situations, a bank refused to open a retail deposit account because of a failure to present proper pieces of identification. The bank did not provide the consumers with a written notice of refusal.

• Bank Act, paragraphs 459.4a and (b)
• Access to Basic Banking Services Regulations, section 5
  
  

56531-409Q106 (HTML)
56531-409Q106 (PDF)

Two consumers contacted the Agency to question a prepayment charge they had been asked to pay in order to terminate a mortgage loan before maturity. The trust company required the consumers to pay the total amount of interest due for the remainder of the mortgage term. The consumer alleged that the prepayment charge had not been fully disclosed in the mortgage documents.

• Trust and Loan Companies Act, paragraph 438(1)(a)
• Cost of Borrowing (Trust and Loans Companies) Regulations, paragraph 8(1)(l)
  
  

94835-398Q106 (HTML)
94835-398Q106 (PDF)

Between July 2003 and February 2005, a bank failed to disclose the actual interest rate on a credit card application form and instead provided various rates of interest for which an applicant could qualify.

• Bank Act, subsection 452(1.1)
• Cost of Borrowing (Banks) Regulations, paragraph 11(1)(a)
  
  

Related Compliance Case:

• Cost of Borrowing (Banks) Regulations: Examination of the Price-to-Risk credit card offers