26(1)This section applies where a credit broker arranges a credit agreement involving a credit grantor who does not enter into the credit agreement in the ordinary course of carrying on a business.
26(2)Sections 16, 18, 19, 20, 32, 33, 34, 35, 36, 37, 41 and 42 apply with the necessary modifications to a credit broker.
26(3)Notwithstanding subsection (2), the references to “credit grantor” in paragraphs 16(3)(a) and (b), 32(1)(u), 36(3)(c), 41(1)(i) and 42(2)(b) shall continue to be read as “credit grantor” and the reference to “whether or not the credit grantor is willing” in subsection 36(1) shall continue to be read as “whether or not the credit grantor is willing”.
26(4)For the purposes of subsection (2), the reference to “credit grantor” in subsection 1(1) in the definition “business day” shall be read as “credit broker” and the reference in subsection 36(2) to “credit grantor who is willing to renew a credit agreement in relation to a mortgage loan shall” shall be read as “credit broker shall, if the credit grantor is willing to renew a credit agreement in relation to a mortgage loan,”.
26(5)Where the borrower pays or is required to pay a brokerage fee, the credit broker shall ensure that the initial disclosure statement for the credit agreement, in addition to containing any other information required under this Act to be disclosed in an initial disclosure statement for the credit agreement,
(a)
states the amount of the brokerage fee,
(b)
accounts for the brokerage fee in the total cost of credit, and
(c)
in the case of a credit agreement for fixed credit, accounts for the brokerage fee in the APR.
26(1)This section applies where a credit broker arranges a credit agreement involving a credit grantor who does not enter into the credit agreement in the ordinary course of carrying on a business.
26(2)Sections 16, 18, 19, 20, 32, 33, 34, 35, 36, 37, 41 and 42 apply with the necessary modifications to a credit broker.
26(3)Notwithstanding subsection (2), the references to “credit grantor” in paragraphs 16(3)(a) and (b), 32(1)(u), 36(3)(c), 41(1)(i) and 42(2)(b) shall continue to be read as “credit grantor” and the reference to “whether or not the credit grantor is willing” in subsection 36(1) shall continue to be read as “whether or not the credit grantor is willing”.
26(4)For the purposes of subsection (2), the reference to “credit grantor” in subsection 1(1) in the definition “business day” shall be read as “credit broker” and the reference in subsection 36(2) to “credit grantor who is willing to renew a credit agreement in relation to a mortgage loan shall” shall be read as “credit broker shall, if the credit grantor is willing to renew a credit agreement in relation to a mortgage loan,”.
26(5)Where the borrower pays or is required to pay a brokerage fee, the credit broker shall ensure that the initial disclosure statement for the credit agreement, in addition to containing any other information required under this Act to be disclosed in an initial disclosure statement for the credit agreement,
(a)
states the amount of the brokerage fee,
(b)
accounts for the brokerage fee in the total cost of credit, and
(c)
in the case of a credit agreement for fixed credit, accounts for the brokerage fee in the APR.
26(1)This section applies where a credit broker arranges a credit agreement involving a credit grantor who does not enter into the credit agreement in the ordinary course of carrying on a business.
26(2)Sections 16, 18, 19, 20, 32, 33, 34, 35, 36, 37, 41 and 42 apply with the necessary modifications to a credit broker.
26(3)Notwithstanding subsection (2), the references to “credit grantor” in paragraphs 16(3)(a) and (b), 32(1)(u), 36(3)(c), 41(1)(i) and 42(2)(b) shall continue to be read as “credit grantor” and the reference to “whether or not the credit grantor is willing” in subsection 36(1) shall continue to be read as “whether or not the credit grantor is willing”.
26(4)For the purposes of subsection (2), the reference to “credit grantor” in subsection 1(1) in the definition “business day” shall be read as “credit broker” and the reference in subsection 36(2) to “credit grantor who is willing to renew a credit agreement in relation to a mortgage loan shall” shall be read as “credit broker shall, if the credit grantor is willing to renew a credit agreement in relation to a mortgage loan,”.
26(5)Where the borrower pays or is required to pay a brokerage fee, the credit broker shall ensure that the initial disclosure statement for the credit agreement, in addition to containing any other information required under this Act to be disclosed in an initial disclosure statement for the credit agreement,
(a)
states the amount of the brokerage fee, and
(b)
accounts for the brokerage fee in the APR and the total cost of credit.