Acts and Regulations

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

Section 44
Disposition versions

Full text
Application for credit card
44(1)A credit card issuer shall ensure that the application form for a credit card contains the following information respecting the credit agreement in relation to the credit card:
(a) if the interest rate under the credit agreement is not a floating rate, the annual interest rate;
(b) if the interest rate under the credit agreement is a floating rate, the index rate and the relationship between the index rate and the annual interest rate;
(c) the details of any grace period;
(d) the nature and amount of any non-interest finance charges that are payable or may become payable by the credit card holder; and
(e) the date as of which the information referred to in paragraphs (a) to (d) is current.
44(2)A credit card issuer does not contravene subsection (1) by reason only of failing to ensure that the application form contains the information referred to in paragraphs (1)(a) to (e) if the application form states a telephone number that the individual may call during the credit card issuer’s normal business hours, without incurring any charges for the call, to obtain the information referred to in paragraphs (1)(a) to (e), and the credit card issuer ensures that
(a) the categories of the information available at the telephone number for the purposes of this subsection appear on the application form, and
(b) the information referred to in paragraphs (1)(a) to (e) is available at the telephone number during the credit card issuer’s normal business hours.
44(3)Where a credit card issuer communicates directly with an individual, whether in person or by mail, telephone or any electronic means, for the purpose of inviting the individual to apply for a credit card, the credit card issuer shall disclose in the communication the information referred to in paragraphs (1)(a) to (e).
44(4)A credit card issuer does not contravene subsection (3) by reason only of failing to disclose the information referred to in paragraphs (1)(a) to (e) if, in the communication, the credit card issuer discloses a telephone number that the individual may call during the credit card issuer’s normal business hours, without incurring any charges for the call, to obtain the information referred to in paragraphs (1)(a) to (e), and the credit card issuer ensures that
(a) the categories of the information available at the telephone number for the purposes of this subsection are disclosed to the individual in the communication, and
(b) the information referred to in paragraphs (1)(a) to (e) is available at the telephone number during the credit card issuer’s normal business hours.
44(5)Notwithstanding subsections (2) and (4), where an individual applies for a credit card in person, by telephone or by any electronic means, the credit card issuer shall disclose the information referred to in paragraphs (1)(a) to (e) when the individual makes the application.
44(6)An individual who applies for a credit card without signing an application form shall be deemed, on using the credit card for the first time, to have entered into a credit agreement in relation to the credit card.
44(7)Nothing in this section relieves the credit card issuer of the requirement to deliver an initial disclosure statement referred to in sections 16, 41 and 45.
2016, c.40, s.1
Application for credit card
44(1)A credit card issuer shall ensure that the application form for a credit card contains the following information respecting the credit agreement in relation to the credit card:
(a) if the interest rate under the credit agreement is not a floating rate, the annual interest rate;
(b) if the interest rate under the credit agreement is a floating rate, the index rate and the relationship between the index rate and the annual interest rate;
(c) the details of any grace period;
(d) the nature and amount of any non-interest finance charges that are payable or may become payable by the credit card holder; and
(e) the date as of which the information referred to in paragraphs (a) to (d) is current.
44(2)A credit card issuer does not violate subsection (1) by reason only of failing to ensure that the application form contains the information referred to in paragraphs (1)(a) to (e) if the application form states a telephone number that the individual may call during the credit card issuer’s normal business hours, without incurring any charges for the call, to obtain the information referred to in paragraphs (1)(a) to (e), and the credit card issuer ensures that
(a) the categories of the information available at the telephone number for the purposes of this subsection appear on the application form, and
(b) the information referred to in paragraphs (1)(a) to (e) is available at the telephone number during the credit card issuer’s normal business hours.
44(3)Where a credit card issuer communicates directly with an individual, whether in person or by mail, telephone or any electronic means, for the purpose of inviting the individual to apply for a credit card, the credit card issuer shall disclose in the communication the information referred to in paragraphs (1)(a) to (e).
44(4)A credit card issuer does not violate subsection (3) by reason only of failing to disclose the information referred to in paragraphs (1)(a) to (e) if, in the communication, the credit card issuer discloses a telephone number that the individual may call during the credit card issuer’s normal business hours, without incurring any charges for the call, to obtain the information referred to in paragraphs (1)(a) to (e), and the credit card issuer ensures that
(a) the categories of the information available at the telephone number for the purposes of this subsection are disclosed to the individual in the communication, and
(b) the information referred to in paragraphs (1)(a) to (e) is available at the telephone number during the credit card issuer’s normal business hours.
44(5)Notwithstanding subsections (2) and (4), where an individual applies for a credit card in person, by telephone or by any electronic means, the credit card issuer shall disclose the information referred to in paragraphs (1)(a) to (e) when the individual makes the application.
44(6)An individual who applies for a credit card without signing an application form shall be deemed, on using the credit card for the first time, to have entered into a credit agreement in relation to the credit card.
44(7)Nothing in this section relieves the credit card issuer of the requirement to deliver an initial disclosure statement referred to in sections 16, 41 and 45.
Application for credit card
44(1)A credit card issuer shall ensure that the application form for a credit card contains the following information respecting the credit agreement in relation to the credit card:
(a) if the interest rate under the credit agreement is not a floating rate, the annual interest rate;
(b) if the interest rate under the credit agreement is a floating rate, the index rate and the relationship between the index rate and the annual interest rate;
(c) the details of any grace period;
(d) the nature and amount of any non-interest finance charges that are payable or may become payable by the credit card holder; and
(e) the date as of which the information referred to in paragraphs (a) to (d) is current.
44(2)A credit card issuer does not violate subsection (1) by reason only of failing to ensure that the application form contains the information referred to in paragraphs (1)(a) to (e) if the application form states a telephone number that the individual may call during the credit card issuer’s normal business hours, without incurring any charges for the call, to obtain the information referred to in paragraphs (1)(a) to (e), and the credit card issuer ensures that
(a) the categories of the information available at the telephone number for the purposes of this subsection appear on the application form, and
(b) the information referred to in paragraphs (1)(a) to (e) is available at the telephone number during the credit card issuer’s normal business hours.
44(3)Where a credit card issuer communicates directly with an individual, whether in person or by mail, telephone or any electronic means, for the purpose of inviting the individual to apply for a credit card, the credit card issuer shall disclose in the communication the information referred to in paragraphs (1)(a) to (e).
44(4)A credit card issuer does not violate subsection (3) by reason only of failing to disclose the information referred to in paragraphs (1)(a) to (e) if, in the communication, the credit card issuer discloses a telephone number that the individual may call during the credit card issuer’s normal business hours, without incurring any charges for the call, to obtain the information referred to in paragraphs (1)(a) to (e), and the credit card issuer ensures that
(a) the categories of the information available at the telephone number for the purposes of this subsection are disclosed to the individual in the communication, and
(b) the information referred to in paragraphs (1)(a) to (e) is available at the telephone number during the credit card issuer’s normal business hours.
44(5)Notwithstanding subsections (2) and (4), where an individual applies for a credit card in person, by telephone or by any electronic means, the credit card issuer shall disclose the information referred to in paragraphs (1)(a) to (e) when the individual makes the application.
44(6)An individual who applies for a credit card without signing an application form shall be deemed, on using the credit card for the first time, to have entered into a credit agreement in relation to the credit card.
44(7)Nothing in this section relieves the credit card issuer of the requirement to deliver an initial disclosure statement referred to in sections 16, 41 and 45.