Part 4
Regulatory and enforcement matters
Prohibition against taking certain actions against customer
63Prohibition against taking certain actions against customer
The persons referred to in subsection (2) must not, in the circumstances prescribed in the regulations,—
- impose a financial penalty on a customer referred to in section 62 (C) in connection with the transaction (for example, a penalty fee or penalty interest); or
- exercise a right, power, or remedy under a security interest in connection with the transaction; or
- take steps to enforce a debt incurred in connection with the transaction.
The persons are the following:
- the data holder or accredited requestor that contravened the duty as referred to in section 62 (A):
- another person that is a data holder or an accredited requestor (B).
If, but for subsection (1), B would have been able to impose a financial penalty on C, A must reimburse B for the amount of the penalty in the circumstances prescribed in the regulations.
B may recover the amount from A in any court of competent jurisdiction as a debt due to B.
In this section, security interest means an interest in property created or provided for by a transaction that in substance secures payment or performance of an obligation, without regard to—
- the form of the transaction; and
- the identity of the person who has title to the collateral.