23(1)This section does not apply in respect of credit agreements in relation to mortgage loans.

23(2)A borrower is entitled to prepay the outstanding balance of a credit agreement at any time without any prepayment charge or penalty.

23(3)Where a borrower prepays the outstanding balance of a credit agreement for fixed credit, the credit grantor shall refund or credit the borrower with a portion of any non-interest finance charges paid by the borrower or added to the outstanding balance.

23(4)The portion of each non-interest finance charge that shall be refunded or credited to the borrower under subsection (3) shall be calculated in accordance with the regulations.

23(5)A borrower is entitled, on any scheduled payment date, or at least monthly, to prepay a portion of the outstanding balance of a credit agreement for fixed credit, without any prepayment charge or penalty, but, in that event, is not entitled to a refund or credit in respect of any non-interest finance charges.