Elizabeth Sale
Partner | Toronto
Toronto: 416-863-2602

Elizabeth’s practice focuses on the regulation of financial institutions and other financial services providers, including banks, foreign banks, captive finance companies, payday lenders, insurance companies, trust companies, loan companies, participants in the payment card industry and fintechs.

She has particular expertise in both federal and provincial consumer protection and cost of borrowing legislation, including the application of these laws in the online environment, and routinely assists clients with their retail product offerings.

Elizabeth frequently assists vehicle and equipment lessors and financiers in developing and modernizing their customer-facing agreements (consumer and commercial) and provides advice on motor vehicle dealer legislation. She also provides advice on debt collection, credit reporting, unclaimed property, anti-money laundering, anti-terrorism financing and sanctions laws.

Elizabeth sits on the Policy Committee of the Canadian Lenders Association where she provides regulatory insight to members on trends and developments in commercial and consumer lending. She is also a member of the Canadian Finance and Leasing Association’s Women in Asset Financing Committee.

She was seconded to the retail banking group of a major Canadian bank in 2014.

Elizabeth has conversational knowledge of French.

SELECT EXPERIENCE
  • Advised Financeit in connection with their launch of a home improvement project loan, an innovative point of sale financing product, combining the features of a prepaid card, a line of credit and an installment loan

  • Advised Goeasy on the launch of their national mortgage loan product offering

  • Providing ongoing regulatory advice to numerous lenders and captive finance companies on all aspects of their lending business, including advice to foreign lenders on their expansion into Canada

  • Providing advice on all aspects of retail banking products and services for numerous Schedule I and Schedule II banks, including in respect of unsecured lines and loans, mortgages, auto finance programs, deposit agreements, credit card programs and optional products and services, in all channels

  • Assisted Credit Karma, a free credit and financial management platform, with its expansion into Canada

  • Provided regulatory advice to Hyundai Auto Canada in connection with its launch of the Genesis brand

  • Assisted commercial finance, private equity and asset management companies with their regulatory due diligence in relation to leveraged acquisitions of/investments in consumer finance companies

  • External counsel to CIBC on their agreement with Borrowell Inc. for the provision of online loan origination services

AWARDS & RECOGNITION
  • IFLR1000: The Guide to the World’s Leading Financial Law Firms -- 2018 Edition (Financial Services Regulatory)

  • The Legal 500 Canada 2019 (Banking and Finance - Next Generation Lawyer)

  • The Canadian Legal Lexpert Directory 2017 ("Repeatedly Recommended" in the area of Asset Equipment Finance/Leasing)

PUBLICATIONS
Show Past:
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Blakes Bulletin on Financial Services Regulatory, January 28, 2019
Author: "Canada” chapter in International Banking Law & Regulation
Center for International Legal Studies, 2018.
Blakes Bulletin on Financial Services Regulatory, November 12, 2018.
Blakes Bulletin on Financial Services Regulatory, April 27, 2018.
Blakes Bulletin on Financial Services Regulatory, March 27, 2018.
Co-author: Take Two: Quebec Introduces Bill 134 to Modernize the Consumer Protection Act
Commercial Times, No. 599, June 2017.
Blakes Bulletin on Financial Services Regulatory, May 11, 2017.
Blakes Bulletin on Financial Services Regulatory, October 26, 2016
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PROFESSIONAL APPEARANCES
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Speaker: Is Open Banking Reaching Fever Pitch?
Blakes Business Class Seminar, Toronto, Ontario, October 16, 2018.
Co-speaker: Modernizing Canada’s Payment Systems
Beyond Cards: Regulatory Evolution Continues, Blakes Business Class Seminar, Toronto, Ontario, October 26, 2017.
Co-speaker: Implementing Effective Compliance Management
The Canadian Institute's 22nd Annual Regulatory Compliance for Financial Institutions conference, Toronto, Ontario, November 22-23, 2016
Co-speaker: Focus on Fintech and Payments
Beyond Cards: Evolving Regulation of Payments, Blakes Business Class Seminar, Toronto, Ontario, October 20, 2016.
Co-speaker: FinTech Laws in Canada and the U.S.A.: A Comparative Perspective
Business Law Section Annual Meeting, American Bar Association, Boston, Massachusetts, September 8-10, 2016.
Speaker: Market Conduct and Product Design
Regulatory and Compliance Primer for Insurance Companies, Blakes Business Class Seminar, Blakes Toronto, June 1, 2016.
Co-speaker: FinTech: The Force Awakens
Ontario Bar Association Consumer Law Update, Toronto, Ontario, May 9, 2016.
Speaker: Mortgage Regulation in Canada: Overview of Canadian Legal and Regulatory Regime
American Bar Association - Business Law Section Spring Meeting, Montreal, Quebec, April 8, 2016.
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