Acts and Regulations

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

Section 41
Disposition versions

Full text
Initial disclosure statement for open credit
41(1)A credit grantor shall ensure that the initial disclosure statement for a credit agreement contains the following information:
(a) the effective date of the statement;
(b) the credit limit;
(c) the minimum periodic payment or the method of determining the minimum periodic payment;
(d) the initial annual interest rate and the compounding period;
(e) if the annual interest rate may change, the method of determining the annual interest rate at any time;
(f) the date on which interest begins to accrue on advances or different types of advances and the details of any grace period;
(g) the nature and amount, or the method of determining the amount, of any non-interest finance charges that may become payable by the borrower in connection with the credit agreement;
(h) Repealed: 2008, c.12, s.6
(i) 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 the conditions under which the borrower may terminate the services;
(j) a description of the subject matter of any security interest;
(k) the nature of any default charges provided for by the credit agreement;
(l) how often the borrower will receive statements of account; and
(m) a telephone number in accordance with subsection 42(3).
41(2)A credit grantor does not contravene subsection (1) by reason only of failing to ensure that the credit limit referred to in paragraph (1)(b) is contained in the initial disclosure statement if the credit grantor ensures that the credit limit is disclosed
(a) in the first statement of account delivered to the borrower, or
(b) in a separate statement delivered to the borrower on or before the date on which the borrower receives the first statement of account.
41(3)A credit grantor does not contravene subsection (1) by reason only of failing to ensure that information that relates to a specific transaction under the credit agreement or that information referred to in paragraph (1)(i) about optional services is contained in the initial disclosure statement if the credit grantor ensures that the information is disclosed in a separate document delivered to the borrower before the transaction occurs or the optional services are provided.
2008, c.12, s.6; 2016, c.40, s.1
Initial disclosure statement for open credit
41(1)A credit grantor shall ensure that the initial disclosure statement for a credit agreement contains the following information:
(a) the effective date of the statement;
(b) the credit limit;
(c) the minimum periodic payment or the method of determining the minimum periodic payment;
(d) the initial annual interest rate and the compounding period;
(e) if the annual interest rate may change, the method of determining the annual interest rate at any time;
(f) the date on which interest begins to accrue on advances or different types of advances and the details of any grace period;
(g) the nature and amount, or the method of determining the amount, of any non-interest finance charges that may become payable by the borrower in connection with the credit agreement;
(h) Repealed: 2008, c.12, s.6
(i) 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 the conditions under which the borrower may terminate the services;
(j) a description of the subject matter of any security interest;
(k) the nature of any default charges provided for by the credit agreement;
(l) how often the borrower will receive statements of account; and
(m) a telephone number in accordance with subsection 42(3).
41(2)A credit grantor does not violate subsection (1) by reason only of failing to ensure that the credit limit referred to in paragraph (1)(b) is contained in the initial disclosure statement if the credit grantor ensures that the credit limit is disclosed
(a) in the first statement of account delivered to the borrower, or
(b) in a separate statement delivered to the borrower on or before the date on which the borrower receives the first statement of account.
41(3)A credit grantor does not violate subsection (1) by reason only of failing to ensure that information that relates to a specific transaction under the credit agreement or that information referred to in paragraph (1)(i) about optional services is contained in the initial disclosure statement if the credit grantor ensures that the information is disclosed in a separate document delivered to the borrower before the transaction occurs or the optional services are provided.
2008, c.12, s.6
Initial disclosure statement for open credit
41(1)A credit grantor shall ensure that the initial disclosure statement for a credit agreement contains the following information:
(a) the effective date of the statement;
(b) the credit limit;
(c) the minimum periodic payment or the method of determining the minimum periodic payment;
(d) the initial annual interest rate and the compounding period;
(e) if the annual interest rate may change, the method of determining the annual interest rate at any time;
(f) the date on which interest begins to accrue on advances or different types of advances and the details of any grace period;
(g) the nature and amount, or the method of determining the amount, of any non-interest finance charges that may become payable by the borrower in connection with the credit agreement;
(h) Repealed: 2008, c.12, s.6
(i) 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 the conditions under which the borrower may terminate the services;
(j) a description of the subject matter of any security interest;
(k) the nature of any default charges provided for by the credit agreement;
(l) how often the borrower will receive statements of account; and
(m) a telephone number in accordance with subsection 42(3).
41(2)A credit grantor does not violate subsection (1) by reason only of failing to ensure that the credit limit referred to in paragraph (1)(b) is contained in the initial disclosure statement if the credit grantor ensures that the credit limit is disclosed
(a) in the first statement of account delivered to the borrower, or
(b) in a separate statement delivered to the borrower on or before the date on which the borrower receives the first statement of account.
41(3)A credit grantor does not violate subsection (1) by reason only of failing to ensure that information that relates to a specific transaction under the credit agreement or that information referred to in paragraph (1)(i) about optional services is contained in the initial disclosure statement if the credit grantor ensures that the information is disclosed in a separate document delivered to the borrower before the transaction occurs or the optional services are provided.
2008, c.12, s.6
Initial disclosure statement for open credit
41(1)A credit grantor shall ensure that the initial disclosure statement for a credit agreement contains the following information:
(a) the effective date of the statement;
(b) the credit limit;
(c) the minimum periodic payment or the method of determining the minimum periodic payment;
(d) the initial annual interest rate and the compounding period;
(e) if the annual interest rate may change, the method of determining the annual interest rate at any time;
(f) the date on which interest begins to accrue on advances or different types of advances and the details of any grace period;
(g) the nature and amount, or the method of determining the amount, of any non-interest finance charges that may become payable by the borrower in connection with the credit agreement;
(h) for open credit that is not in relation to a credit card, the APR;
(i) 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 the conditions under which the borrower may terminate the services;
(j) a description of the subject matter of any security interest;
(k) the nature of any default charges provided for by the credit agreement;
(l) how often the borrower will receive statements of account; and
(m) a telephone number in accordance with subsection 42(3).
41(2)A credit grantor does not violate subsection (1) by reason only of failing to ensure that the credit limit referred to in paragraph (1)(b) is contained in the initial disclosure statement if the credit grantor ensures that the credit limit is disclosed
(a) in the first statement of account delivered to the borrower, or
(b) in a separate statement delivered to the borrower on or before the date on which the borrower receives the first statement of account.
41(3)A credit grantor does not violate subsection (1) by reason only of failing to ensure that information that relates to a specific transaction under the credit agreement or that information referred to in paragraph (1)(i) about optional services is contained in the initial disclosure statement if the credit grantor ensures that the information is disclosed in a separate document delivered to the borrower before the transaction occurs or the optional services are provided.