45(1)In addition to the information required to be disclosed under section 41,
(a)
a credit card issuer shall ensure that the initial disclosure statement for a credit agreement in relation to a credit card states the credit card holder’s maximum liability for unauthorized use of the credit card if the credit card is lost or stolen, and
(b)
if a credit card holder is required under the credit agreement to pay the outstanding balance on receiving each statement of account, a credit card issuer shall ensure that the initial disclosure statement for the credit agreement in relation to the credit card states
(i)
that the outstanding balance is payable on receipt of each statement of account,
(ii)
the period after receipt of a statement of account within which the credit card holder must pay the outstanding balance in order to avoid being in default under the agreement, and
(iii)
the annual interest rate that will apply to any amount that is not paid when due.
45(2)The credit card issuer shall notify the credit card holder of any change in the information disclosed in the initial disclosure statement for the credit agreement in relation to the credit card,
(a)
in the case of any of the following changes, in the next statement of account following the change or in a document that is given to the credit card holder with the next statement of account:
(i)
a change in the credit limit;
(ii)
a decrease in the interest rate or the amount of any other charge;
(iii)
an increase in the length of an interest-free period or grace period; or
(iv)
a change in a floating rate, or
(b)
in the case of any other change, at least 30 days before the date that the change takes effect.
45(1)In addition to the information required to be disclosed under section 41,
(a)
a credit card issuer shall ensure that the initial disclosure statement for a credit agreement in relation to a credit card states the credit card holder’s maximum liability for unauthorized use of the credit card if the credit card is lost or stolen, and
(b)
if a credit card holder is required under the credit agreement to pay the outstanding balance on receiving each statement of account, a credit card issuer shall ensure that the initial disclosure statement for the credit agreement in relation to the credit card states
(i)
that the outstanding balance is payable on receipt of each statement of account,
(ii)
the period after receipt of a statement of account within which the credit card holder must pay the outstanding balance in order to avoid being in default under the agreement, and
(iii)
the annual interest rate that will apply to any amount that is not paid when due.
45(2)The credit card issuer shall notify the credit card holder of any change in the information disclosed in the initial disclosure statement for the credit agreement in relation to the credit card,
(a)
in the case of any of the following changes, in the next statement of account following the change or in a document that is given to the credit card holder with the next statement of account:
(i)
a change in the credit limit;
(ii)
a decrease in the interest rate or the amount of any other charge;
(iii)
an increase in the length of an interest-free period or grace period; or
(iv)
a change in a floating rate, or
(b)
in the case of any other change, at least 30 days before the date that the change takes effect.