March PayNet Commercial Credit Indicies (May 23, 2018)

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CFLA Submits Comments on Dept. of Finance Canada’s AML Discussion Paper (May 16, 2018)

On May 16, 2018, CFLA submitted comments on the Department of Finance Canada’s discussion paper: ‘Reviewing Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime.’ The Association’s submission stated, in part: Given that only a fractional portion of transactions made by leasing and finance companies may potentially include cash transactions and these limited transactions are already included under the …read more

Analysis of Québec Bill 134 regulation (May 3, 2018)

As previously reported, on April 18 the Québec government released the Draft Regulation associated with Bill 134, legislation which amended certain provincial rules regarding consumer credit, debt settlement service contracts, and high-cost credit contracts. François Joubert of member law firm Savoie Joubert provided CFLA with a summary review of the regulatory changes, which is available here. CFLA has been invited by the …read more

Equipment Leasing & Finance Foundation reports on fintech and the future of the human aspects of business (April 30, 2018)

The Equipment Leasing & Finance Foundation, an arm of the Equipment Leasing and Finance Association that produces future-focused research and analyses for the equipment finance industry, has recently released two reports: Headwinds, Undercurrents, and Tailwinds: How Equipment Finance Companies Can Learn and Benefit from the Fintech Phenomenon examines the potential opportunities for, as well as the risks …read more

CFLA Expresses Concerns to Ontario Government on Bill 8 (April 30, 2018)

On April 23, 2018, CFLA submitted a short letter to the Ontario government outlining our concerns regarding Bill 8, Access to Consumer Credit Reports and Elevator Accountability, 2018, which proposes amendments to the current provincial rules on credit reporting agencies. CFLA generally supports the initiatives of Bill 8. However, with the June election looming, there is a tight time …read more

Québec government releases Bill 134 regulations (April 19, 2018)

On April 18, the Québec government released the highly-anticipated Draft Regulation to amend the Regulation respecting the application of the Consumer Protection Act  that is associated with Bill 134, which amended provincial legislation relating to consumer credit, debt settlement service contracts, and high-cost credit contracts. The current/existing Regulation is available here. In the coming days, François Joubert of member law …read more

Government considers extending AML & terrorist financing rules to finance & leasing companies (April 18, 2018)

Government considers extending AML & terrorist financing rules to finance & leasing companies Last February, the Department of Finance released a discussion paper outlining possible changes to Canada’s anti-money laundering and anti-terrorist financing regime. Of the many areas for discussion raised in the paper one that is important for finance, leasing and factoring companies is the possibility …read more

CFLA urges B.C. government to eliminate negative impact of rides for hire on auto leasing industry (April 18, 2018)

The British Columbia government is moving towards introducing legislation to enable transportation network companies in the province, possibly as soon as by the end of this year. In February, an all-party committee submitted a report to the Legislative Assembly that made 32 recommendations for the forthcoming regulatory regime. In light of that report, which included three recommendations …read more

February PayNet Commercial Credit Indicies (April 17, 2018)

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Mandatory Data Breach Notification Coming on November 1, 2018 (April 12, 2018)

On March 26, the Government of Canada published an Order in Council that will bring into force – as of November 1, 2018 – the much anticipated mandatory breach notification and record-keeping requirements under the Personal Information Protection and Electronic Documents Act (PIPEDA). The implemented changes will align the Canadian breach reporting scheme with those in the United States …read more