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Can you summarize SOR /2001-388?
Consolidated Regulations > Finance Entity Regulations
Short Summary
The Finance Entity Regulations govern entities engaged in certain financial activities, such as issuing payment, credit or charge cards, operating payment plans, making or refinancing loans, or entering into similar arrangements for advancing funds or credit. The regulations do not apply to financial institutions, factoring entities, financial leasing entities, or specialized financing entities that make loans only to entities they control or in which they hold a substantial investment. These regulations came into force on the same day as the corresponding sections of the Bank Act, Cooperative Credit Associations Act, Insurance Companies Act, and Trust and Loan Companies Act, as enacted by the Financial Consumer Agency of Canada Act.
Whom does it apply to?
Entities engaged in a business that includes issuing payment, credit or charge cards, operating a payment, credit or charge card plan, making or refinancing loans, or entering into similar arrangements for advancing funds or credit.
What does it govern?
Finance Entity Regulations
What are exemptions?
Financial institutions, factoring entities, financial leasing entities, and specialized financing entities that make or refinance loans only to entities they control or in which they hold a substantial investment.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Canada