Acts and Regulations

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

Section 33
Disposition versions

Full text
Disclosure regarding changes in interest rate
33(1)Where the interest rate under a credit agreement is a floating rate, the credit grantor shall, at least once every 12 months, deliver to the borrower a disclosure statement for the credit agreement containing the following information:
(a) the period covered by the statement, which period shall run from the date of the disclosure statement most recently delivered to the borrower under this section or section 32;
(b) the annual interest rate at the beginning and end of the period covered by the statement;
(c) the outstanding balance at the beginning and end of the period covered by the statement; and
(d) for a scheduled-payments credit agreement, the amount and timing of all remaining payments based on the annual interest rate that applies at the end of the period covered by the statement.
33(2)Where the interest rate under a credit agreement is not a floating rate but is nevertheless subject to change, the credit grantor shall, within 30 days after the date on which the annual interest rate is increased by 1% or more over the rate most recently disclosed to the borrower, deliver to the borrower a disclosure statement for the credit agreement containing the following information:
(a) the date of the statement;
(b) the new annual interest rate and the date on which the new rate took effect; and
(c) the timing and new amount of any payments to be made after the date referred to in paragraph (b).
Disclosure regarding changes in interest rate
33(1)Where the interest rate under a credit agreement is a floating rate, the credit grantor shall, at least once every 12 months, deliver to the borrower a disclosure statement for the credit agreement containing the following information:
(a) the period covered by the statement, which period shall run from the date of the disclosure statement most recently delivered to the borrower under this section or section 32;
(b) the annual interest rate at the beginning and end of the period covered by the statement;
(c) the outstanding balance at the beginning and end of the period covered by the statement; and
(d) for a scheduled-payments credit agreement, the amount and timing of all remaining payments based on the annual interest rate that applies at the end of the period covered by the statement.
33(2)Where the interest rate under a credit agreement is not a floating rate but is nevertheless subject to change, the credit grantor shall, within 30 days after the date on which the annual interest rate is increased by 1% or more over the rate most recently disclosed to the borrower, deliver to the borrower a disclosure statement for the credit agreement containing the following information:
(a) the date of the statement;
(b) the new annual interest rate and the date on which the new rate took effect; and
(c) the timing and new amount of any payments to be made after the date referred to in paragraph (b).