32(1)A credit grantor shall ensure that the initial disclosure statement for a scheduled-payments credit agreement contains the following information:
(a)
the effective date of the statement;
(b)
for a credit sale, a description of the product;
(c)
the outstanding balance as of the effective date of the statement, taking into account every payment made by the borrower on or before the effective date of the statement;
(d)
the nature and amount of each advance, charge or payment taken into account in the outstanding balance disclosed under paragraph (c);
(e)
the term;
(f)
the amortization period if it is longer than the term;
(g)
the date on which interest begins to accrue and the details of any grace period;
(h)
the annual interest rate and the circumstances under which interest will be compounded;
(i)
if the annual interest rate may change during the term,
(i)
the initial annual interest rate and the compounding period,
(ii)
the method of determining the annual interest rate at any time, and
(iii)
unless the amount of scheduled payments is adjusted automatically to account for changes in the annual interest rate, the lowest annual interest rate, based on the initial outstanding balance, at which the payments would not cover the interest that would accrue between payments;
(j)
the nature and amount of any charges, other than interest, that are not disclosed under paragraph (d) but that will become payable by the borrower in connection with the credit agreement;
(k)
the amount and timing of any advances to be made after the effective date of the disclosure statement;
(l)
the amount and timing of any payments to be made after the effective date of the disclosure statement;
(m)
the total of all advances made or to be made in connection with the credit agreement;
(n)
the total of all payments to be made in connection with the credit agreement;
(o)
the total cost of credit;
(p)
the APR;
(q)
the nature of any default charges provided for by the credit agreement;
(r)
a description of the subject matter of any security interest;
(s)
for a credit agreement in relation to a mortgage loan, a statement of the conditions, if any, under which the borrower may make prepayments, and any charge for prepayment;
(t)
for a credit agreement other than a credit agreement in relation to a mortgage loan, a statement that
(i)
the borrower is entitled to prepay the outstanding balance at any time without any prepayment charge or penalty, and
(ii)
the borrower is entitled to prepay a portion of the outstanding balance on any scheduled payment date, or at least monthly, without any prepayment charge or penalty;
(u)
the nature, amount and timing of charges for any optional services purchased by the borrower that are payable to or through the credit grantor; and
(v)
the conditions under which the borrower may terminate services referred to in paragraph (u).
32(2)A credit grantor shall ensure that the initial disclosure statement for a credit agreement that is not a scheduled-payments credit agreement
(a)
contains the information referred to in paragraphs (1)(a) to (d), (g) to (j), (m) and (p) to (v), and
(b)
either states the circumstances under which the outstanding balance, or any portion of it, must be paid or specifies the provisions of the credit agreement that describe those circumstances.
32(1)A credit grantor shall ensure that the initial disclosure statement for a scheduled-payments credit agreement contains the following information:
(a)
the effective date of the statement;
(b)
for a credit sale, a description of the product;
(c)
the outstanding balance as of the effective date of the statement, taking into account every payment made by the borrower on or before the effective date of the statement;
(d)
the nature and amount of each advance, charge or payment taken into account in the outstanding balance disclosed under paragraph (c);
(e)
the term;
(f)
the amortization period if it is longer than the term;
(g)
the date on which interest begins to accrue and the details of any grace period;
(h)
the annual interest rate and the circumstances under which interest will be compounded;
(i)
if the annual interest rate may change during the term,
(i)
the initial annual interest rate and the compounding period,
(ii)
the method of determining the annual interest rate at any time, and
(iii)
unless the amount of scheduled payments is adjusted automatically to account for changes in the annual interest rate, the lowest annual interest rate, based on the initial outstanding balance, at which the payments would not cover the interest that would accrue between payments;
(j)
the nature and amount of any charges, other than interest, that are not disclosed under paragraph (d) but that will become payable by the borrower in connection with the credit agreement;
(k)
the amount and timing of any advances to be made after the effective date of the disclosure statement;
(l)
the amount and timing of any payments to be made after the effective date of the disclosure statement;
(m)
the total of all advances made or to be made in connection with the credit agreement;
(n)
the total of all payments to be made in connection with the credit agreement;
(o)
the total cost of credit;
(p)
the APR;
(q)
the nature of any default charges provided for by the credit agreement;
(r)
a description of the subject matter of any security interest;
(s)
for a credit agreement in relation to a mortgage loan, a statement of the conditions, if any, under which the borrower may make prepayments, and any charge for prepayment;
(t)
for a credit agreement other than a credit agreement in relation to a mortgage loan, a statement that
(i)
the borrower is entitled to prepay the outstanding balance at any time without any prepayment charge or penalty, and
(ii)
the borrower is entitled to prepay a portion of the outstanding balance on any scheduled payment date, or at least monthly, without any prepayment charge or penalty;
(u)
the nature, amount and timing of charges for any optional services purchased by the borrower that are payable to or through the credit grantor; and
(v)
the conditions under which the borrower may terminate services referred to in paragraph (u).
32(2)A credit grantor shall ensure that the initial disclosure statement for a credit agreement that is not a scheduled-payments credit agreement
(a)
contains the information referred to in paragraphs (1)(a) to (d), (g) to (j), (m) and (p) to (v), and
(b)
either states the circumstances under which the outstanding balance, or any portion of it, must be paid or specifies the provisions of the credit agreement that describe those circumstances.
32(1)A credit grantor shall ensure that the initial disclosure statement for a scheduled-payments credit agreement contains the following information:
(a)
the effective date of the statement;
(b)
for a credit sale, a description of the product;
(c)
the outstanding balance as of the effective date of the statement, taking into account every payment made by the borrower on or before the effective date of the statement;
(d)
the nature and amount of each advance, charge or payment taken into account in the outstanding balance disclosed under paragraph (c);
(e)
the term;
(f)
the amortization period if it is longer than the term;
(g)
the date on which interest begins to accrue and the details of any grace period;
(h)
the annual interest rate and the circumstances under which interest will be compounded;
(i)
if the annual interest rate may change during the term,
(i)
the initial annual interest rate and the compounding period,
(ii)
the method of determining the annual interest rate at any time, and
(iii)
unless the amount of scheduled payments is adjusted automatically to account for changes in the annual interest rate, the lowest annual interest rate, based on the initial outstanding balance, at which the payments would not cover the interest that would accrue between payments;
(j)
the nature and amount of any charges, other than interest, that are not disclosed under paragraph (d) but that will become payable by the borrower in connection with the credit agreement;
(k)
the amount and timing of any advances to be made after the effective date of the disclosure statement;
(l)
the amount and timing of any payments to be made after the effective date of the disclosure statement;
(m)
the total of all advances made or to be made in connection with the credit agreement;
(n)
the total of all payments to be made in connection with the credit agreement;
(o)
the total cost of credit;
(p)
the APR;
(q)
the nature of any default charges provided for by the credit agreement;
(r)
a description of the subject matter of any security interest;
(s)
for a credit agreement in relation to a mortgage loan, a statement of the conditions, if any, under which the borrower may make prepayments, and any charge for prepayment;
(t)
for a credit agreement other than a credit agreement in relation to a mortgage loan, a statement that
(i)
the borrower is entitled to prepay the outstanding balance at any time without any prepayment charge or penalty, and
(ii)
the borrower is entitled to prepay a portion of the outstanding balance on any scheduled payment date, or at least monthly, without any prepayment charge or penalty;
(u)
the nature, amount and timing of charges for any optional services purchased by the borrower that are payable to or through the credit grantor; and
(v)
the conditions under which the borrower may terminate services referred to in paragraph (u).
32(2)A credit grantor shall ensure that the initial disclosure statement for a credit agreement that is not a scheduled-payments credit agreement
(a)
contains the information referred to in paragraphs (1)(a) to (d), (g) to (j), (m) and (p) to (v), and
(b)
either states the circumstances under which the outstanding balance, or any portion of it, must be paid or specifies the provisions of the credit agreement that describe those circumstances.