The Government of Canada introduced two sets of regulations to enhance the financial consumer protection framework for federally regulated financial institutions.
The Negative Option Billing Regulations prohibit the practice of negative option billing in the financial sector. The Regulations require federally regulated financial institutions to offer products and services on an opt-in basis only, where consumers have sufficient disclosure about the terms and conditions before accepting.
The Access to Funds Regulations aim to provide timelier access to funds by reducing the maximum cheque hold period for retail depositors and small- and medium-sized enterprises and to provide retail depositors with timelier access to the first $100 deposited by cheque.
Department of Justice: Negative Option Billing Regulations
Department of Justice: Access to Funds Regulations