Acts and Regulations

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

Section 40
Disposition versions

Full text
Advertising interest-free periods
40(1)A credit grantor shall ensure that an advertisement that is published by or on behalf of the credit grantor and that states or implies that no interest is payable for a certain period in respect of a transaction under a credit agreement states whether
(a) the transaction is unconditionally interest-free during the period, or
(b) interest accrues during the period but will be forgiven under certain conditions.
40(2)If interest accrues during the period but will be forgiven under certain conditions, the credit grantor shall ensure that the advertisement also states
(a) the conditions, and
(b) the annual interest rate for the period, assuming the conditions are not met.
40(3)An advertisement referred to in subsection (1) that does contain the information required to be disclosed under paragraph (1)(b) and subsection (2) shall be deemed to represent that the transaction is unconditionally interest-free during the relevant period.
Advertising interest-free periods
40(1)A credit grantor shall ensure that an advertisement that is published by or on behalf of the credit grantor and that states or implies that no interest is payable for a certain period in respect of a transaction under a credit agreement states whether
(a) the transaction is unconditionally interest-free during the period, or
(b) interest accrues during the period but will be forgiven under certain conditions.
40(2)If interest accrues during the period but will be forgiven under certain conditions, the credit grantor shall ensure that the advertisement also states
(a) the conditions, and
(b) the annual interest rate for the period, assuming the conditions are not met.
40(3)An advertisement referred to in subsection (1) that does contain the information required to be disclosed under paragraph (1)(b) and subsection (2) shall be deemed to represent that the transaction is unconditionally interest-free during the relevant period.