Bill 47 explained in plain English
Consumer Protection Amendment Act (Money Transfers), 2013
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 40th Parliament, 2nd 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 47, the Consumer Protection Amendment Act (Money Transfers), 2013, seeks to cap fees and mandate disclosures for money transfer services to consumers in Ontario.
This bill, the Consumer Protection Amendment Act (Money Transfers), 2013, proposes to amend the Consumer Protection Act, 2002. It aims to regulate money transfer services by imposing limits on the fees that can be charged to consumers and requiring businesses that transfer money to disclose specific information about these fees and exchange rates. The bill also clarifies that certain financial products and services regulated under other acts will be subject to Part VII.1 of the Consumer Protection Act, 2002, which deals with money transfers. It provides the Lieutenant Governor in Council with the authority to make regulations concerning money transfers, including prescribing specific entities, disclosure rules, and information requirements.
- Establishes new rules for money transfer services under the Consumer Protection Act, 2002.
- Limits the fees money transferors can charge consumers to a maximum of 5% of the amount transferred.
- Requires money transferors to disclose total fees, exchange rates, and other prescribed information to consumers.
- Mandates that any representations about money transfer fees must include a reference to the fee limit.
- Clarifies the application of money transfer regulations to certain financial products and services.
- Grants the Lieutenant Governor in Council the power to create regulations related to money transfers.
- Consumers who use money transfer services.
- Businesses that operate as money transferors.
- The Lieutenant Governor in Council, who is granted regulatory powers.
- Entities governed by the Bank Act (Canada), Cooperative Credit Associations Act (Canada), Canadian Payments Act (Canada), or Payment Clearing and Settlement Act (Canada), which are generally exempt from these new rules.
- Providers of 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.
- Money transferors must not charge consumers more than 5% of the transferred amount in fees.
- Money transferors must disclose the total fees, exchange rate, and other required information to consumers.
- Money transferors must include references to the fee limit in any representations about fees.
- The Act comes into force six months after receiving Royal Assent.
- Limits the fees that money transferors can charge consumers to a maximum of 5% of the amount transferred.
- Requires disclosure of fees and exchange rates, which may impact the transparency of financial transactions.
- The bill amends Clause 116 (1) (b) of the Consumer Protection Act, 2002, indicating that Part VII.1, including sections on fees and disclosures, is subject to the enforcement provisions within that clause. The specific penalties are not detailed in the provided text.
- The bill does not specify the exact penalties for non-compliance.
- The full scope of 'prescribed rules' and 'prescribed information' for disclosure and representations will be detailed in regulations made by the Lieutenant Governor in Council.
- Certain entities governed by federal legislation (Bank Act, etc.) and 'prescribed persons or entities' are exempt from these new money transfer rules, but the full list of exemptions is not provided in the bill text itself.
Introduces a new Part VII.1 specifically for money transfers, establishing rules for fees and disclosures. It also amends Section 2 to clarify the application of Part VII.1 to certain financial products and services.
Source: Section 2, Part VII.1
Adds provisions to Part VII.1 (Money Transfers) that allow the Lieutenant Governor in Council to make regulations regarding money transfers, including prescribing specific entities, disclosure rules, and information requirements.
Source: Section 123
Specifies that sections 85.3, 85.4, and 85.5 of Part VII.1, which deal with money transfers, fees, and disclosures, are subject to the enforcement mechanisms outlined in Clause 116 (1) (b).
Source: Clause 116 (1) (b)
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