Bill 98 explained in plain English
Consumer Protection Amendment Act (Money Transfers), 2012
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 40th Parliament, 1st Session. Representative vote breakdowns appear when the Assembly publishes an Ayes and Nays page for the bill.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
Bill 98 amends the Consumer Protection Act, 2002 to cap money transfer fees at 5% and mandate fee and exchange rate disclosures to consumers.
This bill, the Consumer Protection Amendment Act (Money Transfers), 2012, makes changes to the Consumer Protection Act, 2002, specifically regarding money transfers. It aims to limit the fees money transferors can charge consumers and requires them to provide clear information about these fees.
- Amends the Consumer Protection Act, 2002.
- Introduces new rules for money transfers under Part VII.1.
- Defines 'money transferor' as a supplier who transfers money for consumers.
- Limits the fees a money transferor can charge a consumer to 5% of the transferred amount.
- Requires money transferors to disclose total fees, exchange rates, and other prescribed information to consumers.
- Mandates that any representations about money transfer fees must refer to the 5% limit.
- Makes certain existing acts inapplicable to this new Part VII.1 concerning money transfers.
- Allows the Lieutenant Governor in Council to make regulations regarding disclosures, information, and representations for money transfers.
- Amends Section 2 of the Consumer Protection Act, 2002, to specify that Part VII.1 applies to financial products or services regulated under certain other acts.
- Consumers who send or receive money transfers.
- Money transferors (suppliers who transfer money for consumers).
- The Lieutenant Governor in Council (regarding making regulations).
- Entities governed by the Bank Act (Canada), Cooperative Credit Associations Act (Canada), Canadian Payments Act (Canada), or Payment Clearing and Settlement Act (Canada) are exempt from Part VII.1.
- Entities prescribed by regulation are also exempt from Part VII.1.
- Money transferors have a right to charge fees, but these fees are capped at 5% of the transferred amount.
- Money transferors have an obligation to disclose total fees, exchange rates (if applicable), and other prescribed information.
- Money transferors have an obligation to ensure any representations about fees refer to the 5% limit.
- Consumers have a right to receive specific information about fees and exchange rates before a money transfer occurs.
- Consumers have a right to have their money transferred for a fee no higher than 5% of the amount transferred.
- The Act comes into force on a day named by proclamation of the Lieutenant Governor.
- Imposes a limit of 5% on fees charged by money transferors for consumers.
- Requires disclosure of all fees, including those related to currency exchange.
- The bill does not specify penalties for non-compliance. Section 116 (1) (b) of the Consumer Protection Act, 2002 is amended to include references to Part VII.1, suggesting enforcement provisions within the Act may apply, but these are not detailed in the provided text.
- The exact date the Act comes into force is not specified, as it depends on proclamation.
- The bill refers to 'prescribed rules' and 'prescribed information' for disclosures and representations, indicating that further details will be provided through regulations made by the Lieutenant Governor in Council.
- The bill does not explicitly state the penalties for contravening the new provisions related to money transfers. It only amends Section 116 of the Act, which relates to compliance and enforcement in general.
- The scope of 'prescribed person or entity' for exemptions under Section 85.2 is not detailed in the bill text.
Introduces a new Part VII.1 to establish rules for money transfers, including fee limits and disclosure requirements.
Source: Section 2 and Part VII.1
Clarifies that Part VII.1 (Money Transfers) applies to financial products or services regulated under the Insurance Act, the Credit Unions and Caisses Populaires Act, 1994, the Loan and Trust Corporations Act, or the Mortgage Brokerages, Lenders and Administrators Act, 2006.
Source: Section 1
Adds a reference to the new Part VII.1 (Money Transfers) and its sections (85.3, 85.4, and 85.5) for enforcement purposes.
Source: Section 3
Grants the Lieutenant Governor in Council the authority to make regulations related to Part VII.1, including prescribing persons or entities, disclosure rules, information requirements, and representation rules.
Source: Section 4
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textProcess Snapshot
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced