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consumer protection

By McCarthy Tétrault LLP | 3 Minutes Read May 31, 2019

A class divided can stand – Supreme Court of Canada holds that businesses cannot piggyback on consumers to escape arbitration agreements

By a 5-4 majority, the Supreme Court of Canada reversed a line of Ontario cases and held that s. 7(5) of province’s Arbitration Act, 1991 does not give courts discretion to decline to enforce arbitration agreements between businesses, even when those businesses are members of a class alongside consumers under the Class Proceedings Act, 1992.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting / arbitration, Arbitration Act, arbitration agreements, Class Proceedings Act, consumer contracts, consumer protection, Consumer Protection Act, freedom of contract

By McCarthy Tétrault LLP | 2 Minutes Read February 1, 2019

Department of Finance Canada issues consultation paper on open banking

On January 11, 2019, the Department of Finance Canada released a consultation paper seeking the views of Canadians on the potential benefits and risks of an open banking system.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting, Information Technology, Privacy / consumer protection, FinTech, open banking, privacy

By McCarthy Tétrault LLP | 7 Minutes Read May 11, 2018

Drafting interest rate calculation provisions in corporate finance transactions

If a loan document does not comply with the provision for calculating a "nominal" annual rate of interest in order to comply with section 4 of the Interest Act, then the interest rate is capped at 5% per annum. Commercial practice and appellate jurisprudence had confirmed that such provisions complied with section 4. Section 4 states:

Article by McCarthy Tétrault LLP / Business, Finance and Accounting / annualized interest rate, consumer protection, credit agreement, Interest Act, interest calculations, interest rate, interest-bearing loans, loan agreements

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