Bill C-86, Budget Implementation Act, 2018, No. 2 (Bill
C-86) received Royal Assent on December 13.
Once in force, Bill C-86 will consolidate existing consumer
provisions and regulations, and strengthen consumer protection
provisions that apply to banks and authorized foreign banks under
the Bank Act (BA). Proposed amendments to the financial
consumer protection framework are expected to come into force on a
day or days to be fixed by order of the Governor in Council.
Additionally, on November 15, 2017, An Act mainly to
modernize rules relating to consumer credit and to regulate debt
settlement service contracts, high-cost credit contracts and
loyalty programs (Bill 134) received assent. This Act amends
the Québec Consumer Protection Act (RLRQ c P-40.1),
mainly in respect of credit. Provisions of Bill 134 will come into
force in stages1 with most provisions related to credit
contracts coming into force on August 1, 2019.
