Elizabeth Sale

Elizabeth is a partner in the Toronto office specializing in 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 was seconded to the retail banking group of a major Canadian bank in 2014.


Representative Work

  • Advised BBH Capital Partners in its $120 million investment in Synex Group insurance.
  • Advised Bank of Montreal in its US$16.3 billion acquisition of Bank of the West.
  • Advised Canada Drives in its $100 million Series B funding round led by Honor Ventures.
  • Advised CURO in its acquisition of Flexiti Financial.
  • Advised Blackstone Credit in its partnership with Westland Insurance Group Ltd.
  • Advised Credit Karma, a free credit and financial management platform, in its expansion into Canada.
  • Acted as external counsel for CIBC, in its agreement with Borrowell Inc. for the provision of online loan origination services.
  • Provided regulatory advice to an automotive company in connection to its launch of a luxury vehicle division.
  • Advised an alternative financial company on the launch of its national mortgage loan product offering.
  • Advised a consumer lending platform with their launch of innovative loans and financing products.
  • 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 to unsecured lines and loans, mortgages, auto finance programs, deposit agreements, credit card programs and optional products and services, in all channels.
  • Assisting commercial finance, private equity and asset management companies with their regulatory due diligence in relation to leveraged acquisitions of/investments in consumer finance companies.

Latest Insights

  • Webinar Jun 12, 2024

    Coming soon: navigating new consumer protection laws in Canada

    Elizabeth Sale (Financial Services Regulatory), Dominic Mochrie (Retail and Consumer Products), Christine Jackson (Retail and Consumer Products) and L...

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    Coming soon: navigating new consumer protection laws in Canada
  • Osler Update Jun 5, 2024

    Incoming changes to consumer protection legislation in Ontario, New Brunswick and Newfoundland and Labrador

    Ontario, New Brunswick and Newfoundland and Labrador have introduced new legislation to overhaul their respective consumer protection regimes. This Os...

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    Incoming changes to consumer protection legislation in Ontario, New Brunswick and Newfoundland and Labrador
  • Osler Update May 29, 2024

    Incoming changes to consumer protection laws: implications for financial service providers

    Ontario, New Brunswick and Newfoundland and Labrador have introduced new legislation to overhaul their respective consumer protection regimes, includi...

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    Incoming changes to consumer protection laws: implications for financial service providers
  • Webinar May 29, 2024

    AccessPrivacy Monthly Call: Legislative Reform in the Canadian Privacy and Data Arena

    In this month’s webinar, Adam Kardash is joined by Partners and Special Counsel from Osler’s Privacy and Data Management, Te...

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    AccessPrivacy Monthly Call: Legislative Reform in the Canadian Privacy and Data Arena
View all Insights

Awards and Recognition

  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Banking & Finance: Financial Services Regulation
  • Chambers FinTech – Canada: Canada’s Leading Lawyers in FinTech: Recognized in FinTech Legal
  • The Canadian Legal Lexpert Directory: Recognized in Financial Institutions Regulation – Ontario
  • IFLR1000: The Guide to the World’s Leading Financial Law Firms: Recognized in Financial Services Regulatory (Highly Regarded)
  • The Legal 500: Recognized as a Leading Individual in Banking and Finance
  • Who’s Who Legal: Recognized in Canada – Banking

Media Mentions

  • Media Mentions Mar 10, 2024

    Big changes coming to how Canadians bank, but adoption likely to be slow – CityNews/Canadian Press

    Elizabeth Sale talks about open banking coming to Canada in a Canadian Press article by Ian Bickis.

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  • Osler News Dec 6, 2023

    Osler ranked Band 1 in Chambers FinTech Legal 2024 Guide

    Osler continues to be ranked as a leading firm as Band 1 in the Chambers FinTech 2024 Canada guide. This Chambers guide identifies and differentiates ...

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  • Osler News Dec 1, 2022

    Osler ranked Band 1 in Chambers FinTech 2023 guide

    Osler has once again been ranked in Canada as Band 1 in the Chambers FinTech 2023 Canada guide. Congratulations to Chad Bayne and Elizabeth Sale on be...

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  • Media Mentions Jun 10, 2021

    New anti-money laundering rules come into force in Canada – Canadian Lawyer

    In an interview with Canadian Lawyer, Osler’s Elizabeth Sale emphasizes the importance of in-house counsel reviewing their organization’s policies in...

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Speaking and Writing

Speaking Engagements

 

Retail Payment Activities Act (RPAA) – TCAE, Speaker, April 22, 2023

CMSBA Canada Fall Conference, Speaker, FINTRAC Examination Preparation Workshop, November 23, 2022

Canadian Institute Conference, Speaker, November 16, 2022

Globe and Mail Open Banking Conference, Speaker, October 18, 2022.

Canadian Institute Sanctions Conference, Speaker, September 23, 2022

Infonex AML Conference, Speaker, September 21, 2022

Implementing Effective Compliance Management, The Canadian Institute’s 22nd Annual Regulatory Compliance for Financial Institutions conference, Toronto, Ontario, November 22-23, 2016

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.

Published Work

  • National Banking Law Review: “2022 Federal Budget: legislative agenda reinforced with timely amendments to AML laws and other financial services regulatory developments”- June Edition, 2022 (co-author)
  • “Canada” chapter in International Banking Law & Regulation, Center for International Legal Studies, 2018.

Credentials

Education

  • Osgoode Hall Law School, LL.B.
  • Wesleyan University, B.A.

Languages

  • English
  • French

Professional Affiliations

  • Canadian Finance and Leasing Association’s Women in Asset Financing Committee
  • Ontario Bar Association: Member of the Consumer Law Committee of the Business Law Section