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Legal Counsel for Consumer Lending

3 months ago


Toronto, Ontario, Canada Testing four company Full time

We are currently looking for a Consumer Lending Lawyer to provide legal expertise to a prominent financial institution in Canada.

Key Responsibilities:

  • Engage with business clients to deliver thorough legal advice on various regulatory and transactional issues related to payment systems and services, including card issuance, ACH transactions, mobile payment solutions, card networks, gift cards, B2B transactions, and other innovative payment methods.
  • Prepare, negotiate, and finalize documentation related to cards and payment systems, including client-facing materials such as Terms and Conditions, along with contracts that encompass comprehensive legal support for business operations in a fast-paced environment.
  • Evaluate compliance frameworks and offer strategic guidance on the Bank of Canada Act, Financial Consumer Agency of Canada regulations, Anti-Money Laundering (AML) laws, Electronic Funds Transfer Act (EFTA), and other relevant provincial, federal, and international regulations.
  • Collaborate with internal teams across business, legal, and compliance sectors to assess and interpret proposed legislation and regulations concerning payments, both domestically and internationally, and their implications for existing or upcoming products.
  • Support a variety of intricate transactions within the consumer finance domain, including sophisticated lending agreements.
  • Advise on payment systems and services while drafting associated documentation.

Required Qualifications:

  • A minimum of 4 years of experience in consumer lending within the financial services sector, with a solid understanding of banking operations and business lines.
  • Proven experience in advising on regulatory matters and compliance related to secured and unsecured lending transactions, including knowledge of the Financial Consumer Protection Framework.
  • Background in providing legal counsel in-house or within a law firm for banks, financial institutions, or companies involved in payment services.
  • Experience in drafting and reviewing commercial loan agreements, negotiating loan terms, structuring loans, and preparing various lending documents.
  • Expertise in providing legal analysis and support for a range of payment-related issues, including merchant acquiring, card issuance, mobile payments, ACH transactions, B2B payments, and other emerging payment technologies.
  • Strong understanding of the Bank of Canada Act, Anti-Money Laundering (AML) regulations, Electronic Funds Transfer Act (EFTA), and other applicable provincial, federal, and international laws.
  • Must be a member in good standing with the relevant Law Society.

Compensation and Benefits:

This position offers a competitive salary along with an attractive benefits package in the alternative legal services sector, which includes medical, dental, and additional perks. Employees also have access to professional development resources and training programs. Most roles are remote, although some clients may require on-site presence.

Testing Four Company is a leader in providing high-quality, on-demand legal talent. We support legal departments in enhancing efficiency and growth while meeting the challenges of today's business environment with top-tier alternative legal services.

We are committed to diversity, inclusion, and social responsibility. Diversity is fundamental to our values, and we are proud to be an equal opportunity employer.

Equal Opportunity Employer: Testing Four Company is dedicated to ensuring equal employment opportunities in recruitment and employment, free from discrimination or harassment based on race, color, nationality, ethnic origin, religious beliefs, political opinions, gender, age, disability, or any other characteristic protected by law.

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