HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1 The Business Practices and Consumer Protection Act, 2004 is amended by adding the following Part:

Part 4.2 – Money Transfers

Definition

56.6  In this Part, "money transferor" means a supplier who transfers money for or on behalf of consumers through any person or entity and by any means, including an electronic funds transfer network or an alternative remittance system.

Limit on fees for transferring money

56.7  No money transferor shall charge a consumer a fee for the transfer of money that is in total more than 5 per cent of the amount that is transferred, including any fees payable in respect of currency exchange.

Disclosure

56.8  No money transferor shall transfer money for or on behalf of a consumer unless the money transferor has disclosed to the consumer, in accordance with the prescribed rules,

(a) the total fees payable for the transfer, including any fees payable in respect of currency exchange;

(b) the exchange rate, if any; and

(c) any other prescribed information.

Representations

56.9  Any representations made by or on behalf of a money transferor with respect to the fees payable for the transfer of money shall include reference, in accordance with the prescribed rules, to the limit described in section 56.7.

2 Section 189 (3) is amended by adding the following paragraph:

(w) section 56.7;

3 Section 189 (3) is amended by adding the following paragraph:

(x) section 56.8;

4 Section 189 (3) is amended by adding the following paragraph:

(y) section 56.9.

5 Part 14 is amended by adding the following section:

Money Transfers

196.1  (1) The Lieutenant Governor in Council may make regulations as follows:

(a) prescribing rules in respect of disclosure for the purpose of section 56.8;

(b) prescribing information for the purpose of section 56.8 (c);

(c) prescribing rules in respect of representations for the purpose of section 56.9.

Commencement

6  This Act comes into force on the date of Royal Assent.

 
Explanatory Note

The Bill amends the Business Practices and Consumer Protection Act, 2004 to limit the fees that money transfer organizations may charge to consumers and to require that money transfer organizations disclose information regarding the fees to consumers.