Bill 5 - An Act Respecting Cost of Credit Disclosure and Payday Loans

BILL 5

An Act Respecting Cost of Credit Disclosure and Payday Loans

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

Cost of Credit Disclosure and Payday Loans Act

1( 1) Section 1 of the Cost of Credit Disclosure and Payday Loans Act, chapter C-28.3 of the Acts of New Brunswick, 2002, is amended by adding the following definitions in alphabetical order:

“compliance officer” means a person appointed as a compliance officer under section 51.12. (agent de conformité)

“investigator” means a person appointed as an investigator under section 51.31. (enquêteur)

“regulated activity” means any activity governed by this Act or the regulations. (activité réglementée)

1( 2) Section 9 of the Act is amended

(a) in subsection (1) by striking out “in accordance with the regulations” and substituting “at any time and in accordance with the regulations”;

(b) in subsection (2) by striking out “may impose” and substituting “may at any time impose”;

1( 3) Subsection 11(1) of the English version of the Act is amended

(a) in paragraph (a) by striking out “any term or condition under which the registration was granted” and substituting “any term or condition of the registration”;

(b) in paragraph (b) by striking out “violated” and substituting “contravened”.

1( 4) Section 41 of the English version of the Act is amended

(a) in subsection (2) in the portion preceding paragraph (a) by striking out “violate” and substituting “contravene”;

(b) in subsection (3) by striking out “violate” and substituting “contravene”.

1( 5) Section 44 of the English version of the Act is amended

(a) in subsection (2) in the portion preceding paragraph (a) by striking out “violate” and substituting “contravene”;

(b) in subsection (4) in the portion preceding paragraph (a) by striking out “violate” and substituting “contravene”.

1( 6) The Act is amended by adding after section 51 the following:

PART VII.1

RECORD-KEEPING, ADVERTISING AND COMPLIANCE REVIEWS

Record-keeping

51.1( 1) The following definition applies in this section.

“regulatory authority” means a person empowered by the laws of a jurisdiction to regulate the activities of a credit grantor, lessor or credit broker. (organisme de réglementation)

51.1( 2) A credit grantor, lessor or credit broker shall keep books, records and documents that are necessary for the proper recording of its business and affairs and shall keep any other books, records and documents that are otherwise required under this Act or the regulations.

51.1( 3) A credit grantor, lessor or credit broker shall keep the books, records and documents at a safe location and in a durable form.

51.1( 4) A credit grantor, lessor or credit broker shall retain the books, records and documents for a minimum period of seven years after the date of the transaction to which the books, records or documents relate.

51.1( 5) A credit grantor, lessor or credit broker shall deliver to the Director, or to any other employee of the Commission, at any time that the Director or other employee requires

(a) any of the books, records and documents that are required to be kept by the credit grantor, lessor or credit broker under this Act or the regulations, and

(b) any filings, reports or other communications made to any other regulatory authority.

False or misleading advertisement

51.11( 1) No credit grantor, lessor or credit broker shall make any false, misleading or deceptive statements in any advertisement, circular, pamphlet or similar material prepared or used in respect of a regulated activity.

51.11( 2) If, in the opinion of the Director, a credit grantor, lessor or credit broker has made a false, misleading or deceptive statement in any advertisement, circular, pamphlet or similar material, the Director may order the immediate cessation of the use of that material.

51.11( 3) The Director may order the immediate cessation of the use of any advertisement, circular, pamphlet or similar material that, in the opinion of the Director, contravenes or fails to comply with this Act or the regulations.

Compliance review

51.12( 1) The Commission may appoint in writing a person as a compliance officer for the purpose of ensuring compliance with this Act and the regulations.

51.12( 2) The Commission shall issue to every compliance officer a certificate of appointment and every compliance officer, in the execution of his or her duties under this Act or the regulations, shall produce his or her certificate of appointment on request.

51.12( 3) For the purpose of determining whether this Act and the regulations are being complied with, a compliance officer, in carrying out a compliance review, may

(a) enter the premises of any credit grantor, lessor or credit broker during normal business hours,

(b) require a credit grantor, lessor or credit broker or an officer or employee of any of them to produce for inspection, examination, auditing or copying any books, records or documents relating to the business or affairs of the credit grantor, lessor or credit broker,

(c) inspect, examine, audit or copy the books, records or documents relating to the business or affairs of a credit grantor, lessor or credit broker, and

(d) question a credit grantor, lessor or credit broker or an officer or employee of any them in relation to the business or affairs of the credit grantor, lessor or credit broker.

51.12( 4) In carrying out a compliance review, a compliance officer may

(a) use a data processing system at the premises where the books, records or documents are kept,

(b) reproduce any book, record or document, and

(c) use any copying equipment at the premises where the books, records or documents are kept to make copies of any book, record or document.

51.12( 5) A compliance officer may carry out a compliance review within or outside the Province.

51.12( 6) A compliance officer shall not enter a private dwelling under subsection (3) unless the compliance officer has the consent of the occupier or has obtained an entry warrant under the Entry Warrants Act.

51.12( 7) Before or after attempting to enter or to have access to any premises, a compliance officer may apply for an entry warrant under the Entry Warrants Act.

51.12( 8) The Commission may, in circumstances prescribed by regulation, require a credit grantor, lessor or credit broker in respect of which a compliance review was carried out to pay the Commission any fee prescribed by regulation and to reimburse the Commission for any expenses prescribed by regulation.

Removal of documents

51.2( 1) A compliance officer who removes books, records or documents to make a copy or extract of them or any part of them shall give a receipt to the occupier of the premises for the books, records or documents removed and return the books, records or documents as soon as possible after the making of copies or extracts.

51.2( 2) A copy or extract of any book, record or document related to a compliance review and purporting to be certified by a compliance officer is admissible in evidence in any action, proceeding or prosecution and is proof, in the absence of evidence to the contrary, of the original without proof of the appointment, authority or signature of the person purporting to have certified the copy or extract.

Misleading statements

51.21 No person shall knowingly make a false or misleading statement, either orally or in writing, to a compliance officer while the compliance officer is engaged in carrying out his or her duties under this Act or the regulations.

Obstruction

51.22( 1) No person shall obstruct or interfere with a compliance officer who is carrying out or attempting to carry out a compliance review under this Part, or withhold, destroy, conceal, alter or refuse to produce any information or thing reasonably required by a compliance officer for the purposes of the compliance review.

51.22( 2) A refusal of consent to enter a private dwelling is not and shall not be considered to be interfering with or obstructing within the meaning of subsection (1), except if an entry warrant has been obtained.

PART VII.2

INVESTIGATIONS

Provision of information to Director

51.3( 1) The Director may make an order under subsection (2)

(a) for the administration of this Act or the regulations, or

(b) to assist in the administration of similar legislation of another jurisdiction.

51.3( 2) By an order applicable generally or to one or more persons named or otherwise described in the order, the Director may require any of the following persons to provide information or to produce books, records or documents or classes of books, records or documents specified or otherwise described in the order within the time or at the intervals specified in the order:

(a) a credit grantor, lessor or credit broker; or

(b) a former credit grantor, lessor or credit broker.

51.3( 3) The Director may require that the authenticity, accuracy or completeness of information provided or of a book, record or document or a class of books, records or documents produced pursuant to an order under subsection (2) be verified by affidavit.

51.3( 4) The Director may require that the information provided or that the books, records or documents or classes of books, records or documents produced pursuant to an order made under subsection (2) be delivered in electronic form, if the information or the books, records or documents or classes of books, records or documents are already available in that form.

Investigation order

51.31( 1) The Commission may, by order, appoint a person as an investigator to make any investigation that the Commission considers expedient

(a) for the administration of this Act or the regulations, or

(b) to assist in the administration of similar legislation of another jurisdiction.

51.31( 2) In its order, the Commission shall specify the scope of an investigation to be carried out under subsection (1).

Powers of investigator

51.32( 1) An investigator may, with respect to the person who is the subject of the investigation, investigate, inspect and examine

(a) the business or affairs of that person,

(b) any books, records, documents or communications connected with that person, and

(c) any property or assets owned, acquired or disposed of, in whole or in part, by that person or by a person acting on behalf of or as agent for that person.

51.32( 2) For the purposes of an investigation under this Part, an investigator may inspect and examine any book, record, document or thing, whether in possession or control of the person in respect of whom the investigation is ordered or any other person.

51.32( 3) An investigator making an investigation under this Part may, on production of the order appointing him or her,

(a) enter the business premises of any person named in the order during normal business hours and inspect and examine any book, record, document or thing that is used in the business of that person and that relates to the order,

(b) require the production of any book, record, document or thing referred to in paragraph (a) for inspection or examination, and

(c) on giving a receipt, remove the book, record, document or thing inspected or examined under paragraph (a) or (b) for the purpose of further inspection or examination.

51.32( 4) Inspection or examination under this section shall be completed as soon as possible and the books, records, documents or things shall be returned promptly to the person who produced them.

51.32( 5) No person shall withhold, destroy, conceal, alter or refuse to give any information or withhold, destroy, conceal, alter or refuse to produce any book, record, document or thing reasonably required under subsection (3) by an investigator.

Power to compel evidence

51.4( 1) An investigator making an investigation under this Part has the same power to summon and enforce the attendance of witnesses, to compel witnesses to give evidence under oath or in any other manner and to compel witnesses to produce books, records, documents and things or classes of books, records, documents and things as the Court has for the trial of civil actions.

51.4( 2) On the application of an investigator to the Court, the failure or refusal of a person to attend, to take an oath, to answer questions or to produce books, records, documents and things or classes of books, records, documents and things in the custody, possession or control of the person makes the person liable to be committed for contempt as if in breach of an order or judgment of the Court.

51.4( 3) A person giving evidence at an investigation conducted under this section may be represented by legal counsel.

51.4( 4) Testimony given by a person under this section shall not be admitted into evidence against that person in any prosecution other than for perjury in the giving of that testimony or the giving of evidence contradictory to that testimony.

Investigators authorized as peace officers

51.41 Every investigator in carrying out his or her duties under this Act and the regulations is a person employed for the preservation and maintenance of the public peace and has and may exercise all the powers, authorities and immunities of a peace officer as defined in the Criminal Code (Canada).

Seized property

51.42( 1) On request to the investigator by the person who, at the time of the seizure, was in lawful possession of books, records, documents or things seized under this Part, the books, records, documents or things seized shall, at a time and place mutually convenient to the person who was in lawful possession of them at the time of the seizure and the investigator, be made available for consultation and copying by the person.

51.42( 2) If books, records, documents or things are seized under this Part and the matter for which the books, records, documents or things were seized is concluded, the investigator shall return those books, records, documents or things to the person who was in lawful possession of them at the time of the seizure within 60 days after the day that the matter is concluded.

51.42( 3) If books, records, documents or things are seized under this Part and the person who was in lawful possession of the books, records, documents or things at the time of the seizure alleges that the books, records, documents or things are not relevant in respect of the matter for which they were seized, that person may apply by notice of motion to the Court for the return of the books, records, documents or things.

51.42( 4) On a motion under subsection (3), the Court shall order the return of any books, records, documents or things that it determines are not relevant to the matter for which they were seized to the person who was in lawful possession of the books, records, documents or things at the time of the seizure.

Report of investigation

51.5( 1) If an investigation has been made under this Part, the investigator shall, at the request of the Commission, provide a report of the investigation to the Commission or any transcripts of evidence or any material or other things in the investigator’s possession relating to the investigation.

51.5( 2) A report that is provided to the Commission under this section is privileged and is inadmissible in evidence in any action or proceeding.

Prohibition against disclosure

51.51( 1) For the purpose of protecting the integrity of an investigation under this Part, the Commission may make an order that applies for the duration of the investigation, prohibiting a person from disclosing to any person other than the person’s lawyer the following information:

(a) the fact that an investigation is being conducted;

(b) the name of any person examined or sought to be examined;

(d) the nature or content of any demands for the production of any document or other thing; or

(e) the fact that any document or other thing was produced.

51.51( 2) An order under subsection (1) does not apply to disclosures authorized by the regulations or by the Director in writing.

51.51( 3) An investigator making an investigation under this Part may make, or authorize the making of, any disclosure of information that may be required for the effectual conduct of the investigation.

Non-compellability

51.52 None of the following persons is compellable to give evidence in any court or in any proceeding of a judicial nature concerning any information that comes to the knowledge of the person in the exercise of the powers or performance of the duties of that person in relation to an investigation under this Part:

(a) an investigator;

(b) the Commission;

(d) an employee of the Commission;

(e) a member of the Tribunal; and

(f) a person engaged by the Commission under section 18 of the Financial and Consumer Services Commission Act.

PART VII.3

ENFORCEMENT

Offences generally

51.6( 1) A person who does any of the following commits an offence, and is liable on conviction, for each offence, if an individual, to a fine of not more than $50,000 or to imprisonment for a term of not more than one year, or to both, and if a person other than an individual, to a fine of not more than $250,000:

(a) makes a statement in any information or material submitted, provided, produced, delivered or given to or filed with the Commission, the Director, a compliance officer, an investigator or any person acting under the authority of the Commission or the Director that is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading;

(b) makes a statement in any information or material required to be submitted, provided, produced, delivered, given or filed under this Act or the regulations that is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading;

(c) withholds, destroys, conceals, alters or refuses to produce any information or thing reasonably required for the purposes of an administrative proceeding under this Act or the regulations;

(d) contravenes or fails to comply with a provision of this Act that is listed in Schedule A;

(e) contravenes or fails to comply with a decision, ruling, order, temporary order or direction of the Commission, the Director or the Tribunal made or given under this Act or the regulations;

(f) contravenes or fails to comply with a written undertaking made by that person to the Commission, the Director or the Tribunal under this Act or the regulations; or

(g) contravenes or fails to comply with any provision of the regulations.

51.6( 2) Without limiting the availability of other defences, no person commits an offence under paragraph (1)(a) or (b) if

(a) the person did not know and in the exercise of reasonable diligence could not have known that the statement was misleading or untrue or that it omitted to state a fact that was required to be stated or that was necessary to make the statement not misleading in light of the circumstances in which it was made, and

(b) on becoming aware that the statement was misleading or untrue or that it omitted to state a fact that was required to be stated or that was necessary to make the statement not misleading, the person notified the Commission.

Misleading or untrue statements

51.61 In carrying on a regulated activity, no person shall make a statement that the person knows or reasonably ought to know is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading.

Interim preservation of property

51.62( 1) On the application of the Commission, the Tribunal may make one or more of the following orders if the Tribunal considers it expedient for the administration of this Act or the regulations or to assist in the administration of similar legislation of another jurisdiction:

(a) an order directing a person having on deposit or under control or for safekeeping any funds, securities or property to retain the funds, securities or property and to hold them;

(b) an order directing a person to refrain from withdrawing the person’s funds, securities or property from any other person having any of them on deposit or under control or for safekeeping; or

(c) an order directing a person to hold all funds, securities or property of clients or others in the person’s possession or control in trust for any interim receiver, custodian, trustee, receiver, receiver and manager or liquidator appointed under the Business Corporations Act, the Companies Act, the Judicature Act, the Bankruptcy and Insolvency Act (Canada), the Winding-up and Restructuring Act (Canada) or any other Act of the Legislature or of Canada.

51.62( 2) An order under subsection (1) that names a financial institution shall apply only to the branches of the financial institution identified in the order.

51.62( 3) An order under subsection (1) is effective for seven days after its making, but the Commission may apply to the Court to continue the order or for any other order that the Court considers appropriate.

51.62( 4) An order under subsection (1) may be made ex parte but, in that event, copies of the order shall be sent without delay by any means that the Tribunal determines to all persons named in the order.

51.62( 5) A person in receipt of an order under subsection (1) who is in doubt as to the application of the order to any funds, securities or property or as to a claim being made to that person by any person not named in the order may apply to the Tribunal for direction or clarification.

51.62( 6) The Tribunal, on the application of the Commission or of a person directly affected by the order, may revoke an order under subsection (1) or permit the release of any funds, securities or property in respect of which the order was made.

51.62( 7) A notice of an order under subsection (1) may be registered or recorded against the lands or claims identified in the order by submitting the notice to the appropriate registry office established under the Registry Act or to the appropriate land titles office established under the Land Titles Act.

51.62( 8) The Tribunal may order a notice submitted under subsection (7) to be revoked or modified and, if an order is made, the Commission shall submit a copy of the revocation or modification to the appropriate registry office or land titles office.

51.62( 9) On submission of a notice under subsection (7) or a copy of a written revocation or modification under subsection (8), the notice or the copy of the revocation or modification shall be registered or recorded in the registry office or land titles office, as the case may be, by the registrar and has the same effect as the registration or recording of a certificate of pending litigation.

Orders in the public interest

51.7( 1) On the application of the Commission, the Tribunal, if in its opinion it is in the public interest to do so, may make one or more of the following orders:

(a) an order that the registration granted under Part II be suspended or restricted for the period specified in the order or be cancelled, or that terms and conditions be imposed on the registration;

(b) an order that a licence issued under Part V.1 be suspended or restricted for the period specified in the order or be cancelled, or that terms and conditions be imposed on the licence;

(c) an order that any exemptions contained in this Act or the regulations do not apply to a person permanently or for any period specified in the order;

(d) an order that a person cease conducting all or any regulated activities;

(e) an order that a person submit to a review of the person’s practices and procedures relating to regulated activities and institute any changes directed by the Tribunal;

(f) if the Tribunal is satisfied that this Act or the regulations have not been complied with, an order that any document or statement described in the order

( i) be provided by a person,

( ii) not be provided to a person, or

( iii) be amended to the extent that amendment is practicable;

(g) an order that a person be reprimanded;

(h) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;

(i) an order that a person cease contravening or comply with, and that the directors and officers of the person cause the person to cease contravening or to comply with, this Act and the regulations;

(j) if a person has not complied with this Act or the regulations, an order requiring the person to disgorge to the Commission any amounts obtained as a result of the non-compliance.

51.7( 2) The Tribunal may impose any terms and conditions that the Tribunal considers appropriate on an order under this section.

51.7( 3) A person who is the subject of an order made under this section shall comply with any terms and conditions imposed on the order.

51.7( 4) Unless the parties and the Tribunal consent, no order shall be made under this section without a hearing.

51.7( 5) Despite subsection (4), if in the opinion of the Tribunal the length of time required to hold a hearing could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under paragraph (1)(a), (b), (c), (d) or (g).

51.7( 6) The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Tribunal.

51.7( 7) The Tribunal may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.

51.7( 8) The Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.

Administrative penalty

51.71( 1) On the application of the Commission and after conducting a hearing, the Tribunal may order a person to pay an administrative penalty of, in the case of an individual, not more than $25,000, and in the case of a person other than an individual, not more than $100,000, if the Tribunal

(a) determines that the person has contravened or failed to comply with this Act or the regulations, and

(b) is of the opinion that it is in the public interest to make the order.

51.71( 2) The Tribunal may make an order under this section despite the imposition of any other penalty on the person or the making of any other order by the Tribunal, the Commission or the Director related to the same matter.

Directors and officers

51.8 If a person other than an individual contravenes or has not complied with this Act or the regulations, a director or officer of the person who authorized, permitted or acquiesced in the contravention or non-compliance shall be deemed also to have contravened or not complied with this Act or the regulations, whether or not any proceeding has been commenced against the person under this Act or the regulations or any order has been made against the person under section 51.7.

Resolution of administrative proceedings

51.81( 1) Despite any other provision of this Act or the regulations, an administrative proceeding conducted by the Commission, the Tribunal or the Director under this Act or the regulations may be disposed of by

(a) an agreement approved by the Commission, the Tribunal or the Director, as the case may be,

(b) a written undertaking made by a person to the Commission, the Tribunal or the Director that has been accepted by the Commission, the Tribunal or the Director, as the case may be, or

(c) a decision of the Commission, the Tribunal or the Director, as the case may be, made without a hearing or without compliance with a requirement of this Act or the regulations, if the parties have waived the hearing or compliance with the requirement.

51.81( 2) An agreement, written undertaking or decision made, accepted or approved under subsection (1) may be enforced in the same manner as a decision made by the Commission, the Tribunal or the Director under any other provision of this Act or under the regulations.

Limitation period

51.9 No proceeding under this Act or the regulations shall be commenced more than six years after the date of the occurrence of the last event on which the proceeding is based.

Prosecution of an offence under section 43

51.91 In a prosecution of an offence under section 43, the following is proof, in the absence of evidence to the contrary, that the credit card issuer issued the credit card to the individual named in the information:

(a) evidence that the name of the accused credit card issuer appears on the face of a credit card alleged to have been issued to the individual named in the information; and

(b) evidence that the name appearing on the face of the credit card as the name of the individual to whom it was issued is the same name as the individual alleged in the information to have been issued the credit card.

Certificate evidence

51.92( 1) A certificate purporting to be signed by the Director or a person designated by the Commission and containing the following statements is, without proof of the appointment, authority or signature of the person who has signed the certificate, admissible in evidence, and is, in the absence of evidence to the contrary, proof of the facts stated in the certificate:

(a) that a credit grantor, lessor or credit broker is registered or is not registered under Part II;

(b) that the registration of a credit grantor, lessor or credit broker under Part II is suspended or cancelled;

(d) that the licence of a payday lender referred to in paragraph (c) is suspended or cancelled under Part V.1; or

(e) that a credit grantor, lessor or credit broker has submitted, provided, produced, delivered, given or filed or has failed to submit, provide, produce, deliver, give or file any information or document required to be submitted, provided, produced, delivered to the Commission or the Director under this Act or the regulations.

51.92( 2) A certificate referred to in subsection (1) shall not be received in evidence unless the party intending to produce it has given the person against whom it is to be produced reasonable notice of the intention, together with a copy of the certificate.

51.92( 3) A person against whom a certificate referred to in subsection (1) is produced may, with leave of the court, require the attendance of the person who signed the certificate for the purposes of cross-examination.

1( 7) Part VIII of the Act is repealed.

1( 8) Part IX of the Act is repealed.

1( 9) The heading “False advertising” preceding section 58 of the Act is repealed.

1( 10) Section 58 of the Act is repealed.

1( 11) Subsection 62(1) of the Act is amended by adding after paragraph (v) the following:

(v.1) requiring, for the purposes of subsection 51.1(2), that certain books, records or documents be kept;

(v.2) authorizing disclosures for the purposes of subsection 51.51(2);

(v.3) prescribing circumstances, fees and expenses for the purposes of subsection 51.12(8);

1( 12) Schedule A of the Act is repealed and the following is substituted:

SCHEDULE A

Number of provision

6(1)
6(2)
6(3)
6(4)
10(1)(a)
10(1)(b)
10(2)(a)
10(2)(b)
10(3)(a)
10(3)(b)
15(2)
15(3)
16(1)
16(2)
16(3)
17
18(1)
19(4)
21(2)
23(3)
24(1)
26(5)
27(2)
27(3)
27(9)
29
30(2)
30(3)
30(5)
32(1)
32(2)
33(1)
33(2)
34(1)
35(2)
36(1)
36(2)
36(3)(a)
36(5)
37
37.12(1)
37.12(2)
37.17(3)
37.18(a)
37.18(b)
37.28(1)
37.28(2)
37.28(3)
37.28(5)
37.28(6)
37.29(6)(a)
37.29(8)
37.3(1)
37.31(1)
37.32(a)
37.32(b)
37.32(c)
37.33
37.34(1)
37.35
37.36
37.37(1)
37.38(3)
37.381
37.39
37.391
37.4
37.44(4)
37.44(5)
37.45(2)
39
41(1)
42(1)
42(3)
43
44(1)
44(3)
44(5)
45(1)(a)
45(1)(b)
45(2)(a)
45(2)(b)
48(1)
48(2)
48(3)
49(1)
50(1)
51.1(2)
51.1(3)
51.1(4)
51.1(5)(a)
51.1(5)(b)
51.11(1)
51.21
51.22(1)
51.32(5)
51.61
51.7(3)

An Act Respecting Payday Loans

2( 1) Section 1 of An Act Respecting Payday Loans, chapter 3 of the Acts of New Brunswick, 2008, as amended by An Act to Amend An Respecting Payday Loans, chapter 31 of the Acts of New Brunswick, 2014, and An Act to Amend An Respecting Payday Loans, chapter 5 of the Acts of New Brunswick, 2016, is amended

(a) in paragraph (3)(b) by repealing the definition “inspector”, as enacted by paragraph (3)(b);

(b) in subsection (8)

( i) in subsection 37.11(2), as enacted by subsection (8), by striking out “section 56.1” and substituting “section 51.6”;

( ii) by repealing section 37.17, as enacted by subsection (8), and substituting the following:

37.17( 1) The Director may at any time restrict a licence by imposing any terms and conditions that he or she considers appropriate on the licence.

37.17( 2) The Director shall not impose terms and conditions on a licence without giving the applicant or licensee an opportunity to be heard.

37.17( 3) A licensee shall comply with the terms and conditions imposed by the Director under subsection (1) and to any terms and conditions for the licence set out in the regulations.

( iii) in section 37.18, as enacted by subsection (8), in the portion preceding paragraph (a) by striking out “a licensee or an applicant, a licensee or an applicant” and substituting “an applicant, an applicant”;

( iv) by repealing subsection 37.19(2), as enacted by subsection (8);

( v) in section 37.2, as enacted by subsection (8),

( A) by adding after subsection (2) the following:

37.2( 2.1) The Director shall not refuse to issue a licence to an applicant without giving the applicant an opportunity to be heard.

( B) by repealing subsection (3);

( vi) in section 37.21, as enacted by subsection (8),

( A) in subsection (1) in the portion preceding paragraph (a) by striking out “Subject to subsection (2), the” and substituting “The”;

( B) by repealing subsection (2) and substituting the following:

37.21( 2) The Director shall not refuse to renew nor cancel or suspend a licence without giving the licensee an opportunity to be heard.

( C) by repealing subsection (3);

( D) by repealing subsection (4);

( E) by repealing subsection (5);

( F) by repealing subsection (6);

( G) by repealing subsection (7);

( H) by repealing subsection (8);

( vii) by repealing the heading “Taking immediate action” preceding section 37.22, as enacted by subsection (8);

( viii) by repealing section 37.22, as enacted by subsection (8);

( ix) by repealing subsection 37.25(1), as enacted by subsection (8), and substituting the following:

37.25( 1) An appeal lies to the Tribunal from a decision of the Director not to issue or renew a licence, to impose terms and conditions on a licence or to cancel or suspend a licence if the appeal is made within 30 days after the date of the decision of the Director.

( x) by repealing the heading “Records to be maintained” preceding section 37.41, as enacted by subsection (8);

( xi) by repealing section 37.41, as enacted by subsection (8);

( xii) by repealing Division D.1, as enacted by subsection (8);

( xiii) by repealing Division E.1, as enacted by subsection (8);

( xiv) in subsection 37.467(1), as enacted by subsection (8), by striking out “(aa.25), (aa.26) to (aa.5) and (aa.7)” and substituting “(aa.25) and (aa.26) to (aa.5)”;

(d) by repealing subsection (10);

(e) by repealing subsection (10.1);

(f) by repealing subsection (10.2);

(g) by repealing subsection (10.3);

(h) by repealing subsection (10.4);

(i) by repealing subsection (10.5);

(j) by repealing subsection (11);

(k) in paragraph (13)(b)

( i) by repealing paragraph (aa.28), as enacted by paragraph (13)(b);

( ii) by repealing paragraph (aa.7), as enacted by paragraph (13)(b);

(l) by repealing subsection (14);

(m) by repealing subsection (15).

2( 2) Section 5 of the Act is repealed and the following is substituted:

5 This Act comes into force on a day to be fixed by proclamation.

2( 3) Schedule B of the Act is repealed.

TRANSITIONAL PROVISIONS, CONSEQUENTIAL AMENDMENT AND COMMENCEMENT

Transitional – limitation period

3( 1) Subject to subsection (2), the limitation period in section 51.9 of the Cost of Credit Disclosure and Payday Loans Act, as enacted by subsection 1(6) of this Act, applies to acts and omissions that took place before the commencement of that section.

3( 2) Subsection (1) does not operate so as to revive any limitation period that expired before the commencement of section 51.9 of the Cost of Credit Disclosure and Payday Loans Act.

Financial and Consumer Services Commission Act

4 Subsection 21(6) of the Financial and Consumer Services Commission Act, chapter 30 of the Acts of New Brunswick, 2013, is amended by adding after paragraph (b) the following:

(b.1) 51.7(1)(j) of the Cost of Credit Disclosure and Payday Loans Act;

Commencement

5 Sections 1, 3 and 4 of this Act come into force immediately after the date of the commencement of an Act Respecting Payday Loans, chapter 3 of the Acts of New Brunswick, 2008.