Acts and Regulations

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

Section 46
Disposition versions

Full text
Liability of credit card holder
46(1)A credit card holder who has, orally or in writing, reported a lost or stolen credit card, or the unauthorized use of the credit card or credit card number, to the credit card issuer is not liable for any debt incurred through the use of that credit card or credit card number after the credit card issuer receives the report.
46(2)The maximum total liability of a credit card holder arising from unauthorized use of a lost or stolen credit card before the credit card issuer receives notice under subsection (1) is the lesser of
(a) $50, and
(b) the maximum amount set by the credit agreement in relation to the credit card.
46(3)Subsection (2) does not apply to the use of a credit card in conjunction with a personal identification number at a device commonly referred to as an automated teller machine or ATM.
Liability of credit card holder
46(1)A credit card holder who has, orally or in writing, reported a lost or stolen credit card, or the unauthorized use of the credit card or credit card number, to the credit card issuer is not liable for any debt incurred through the use of that credit card or credit card number after the credit card issuer receives the report.
46(2)The maximum total liability of a credit card holder arising from unauthorized use of a lost or stolen credit card before the credit card issuer receives notice under subsection (1) is the lesser of
(a) $50, and
(b) the maximum amount set by the credit agreement in relation to the credit card.
46(3)Subsection (2) does not apply to the use of a credit card in conjunction with a personal identification number at a device commonly referred to as an automated teller machine or ATM.