Acts and Regulations

C-28.3 - Cost of Credit Disclosure and Payday Loans Act

Section 16
Disposition versions

Full text
Delivery of initial disclosure statement
16(1)Subject to subsection (3), a credit grantor shall deliver the initial disclosure statement for a credit agreement to the borrower before the earlier of
(a) the date on which the borrower enters into the credit agreement, and
(b) the date on which the borrower makes any payment in connection with the credit agreement.
16(2)A lessor shall deliver the initial disclosure statement for a lease to the lessee before the earlier of
(a) the date on which the lessee enters into the lease, and
(b) the date on which the lessee makes any payment in connection with the lease.
16(3)A credit grantor shall deliver the initial disclosure statement for a credit agreement in relation to a mortgage loan to the borrower at least 2 business days before the earlier of
(a) the date on which the borrower incurs any obligation to the credit grantor in connection with the credit agreement, other than an obligation in respect of an expense, charge or fee referred to in paragraph 1(3)(f) or prescribed by regulation, and
(b) the date on which the borrower makes any payment to the credit grantor in connection with the credit agreement, other than a payment in respect of an expense, charge or fee referred to in paragraph 1(3)(f) or prescribed by regulation.
16(4)The borrower under a credit agreement referred to in subsection (3) may, in accordance with the regulations, waive the time period referred to in that subsection, and, in that event, the credit grantor shall deliver the initial disclosure statement for the credit agreement in relation to the mortgage loan on or before the earlier of the dates referred to in paragraphs (3)(a) and (b).
Delivery of initial disclosure statement
16(1)Subject to subsection (3), a credit grantor shall deliver the initial disclosure statement for a credit agreement to the borrower before the earlier of
(a) the date on which the borrower enters into the credit agreement, and
(b) the date on which the borrower makes any payment in connection with the credit agreement.
16(2)A lessor shall deliver the initial disclosure statement for a lease to the lessee before the earlier of
(a) the date on which the lessee enters into the lease, and
(b) the date on which the lessee makes any payment in connection with the lease.
16(3)A credit grantor shall deliver the initial disclosure statement for a credit agreement in relation to a mortgage loan to the borrower at least 2 business days before the earlier of
(a) the date on which the borrower incurs any obligation to the credit grantor in connection with the credit agreement, other than an obligation in respect of an expense, charge or fee referred to in paragraph 1(3)(f) or prescribed by regulation, and
(b) the date on which the borrower makes any payment to the credit grantor in connection with the credit agreement, other than a payment in respect of an expense, charge or fee referred to in paragraph 1(3)(f) or prescribed by regulation.
16(4)The borrower under a credit agreement referred to in subsection (3) may, in accordance with the regulations, waive the time period referred to in that subsection, and, in that event, the credit grantor shall deliver the initial disclosure statement for the credit agreement in relation to the mortgage loan on or before the earlier of the dates referred to in paragraphs (3)(a) and (b).