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c-28.3
- Cost of Credit Disclosure and Payday Loans Act
Detailled Table of Contents
Document at 1 January 2018
Cost of Credit Disclosure and Payday Loans Act
I
INTERPRETATION AND APPLICATION
1
In this Act
2
Statement of purpose for entering into credit agreement or lease
3
Application of Parts III to VII
4
Waiver of rights under this Act or the regulations
5
Other remedies not precluded
II
REGISTRATION
5.1
Non-application of Part
6
Mandatory registration
7
Application for registration
8
Effect of withdrawal, suspension or cancellation of registration
9
Terms and conditions on registration
10
Documents to be provided to the Director
11
Suspension or cancellation of registration
12
Appeals
13
Mandatory cancellation of registration
14
Notice of cancellation of registration
15
Address for service and membership of partnership
III
GENERAL DISCLOSURE REQUIREMENTS ANDRIGHTS OF BORROWERS AND LESSEES
15.1
Non-application of Part
16
Delivery of initial disclosure statement
17
Disclosure in advertisements
18
Form of disclosure statements and statements of account
19
Delivery of documents by credit grantors or lessors
20
Estimates and assumptions
21
Borrower or lessee may choose insurer
22
Borrower or lessee may cancel optional services
23
Prepayment
24
Default charges
25
Invitation to defer payment
IV
CREDIT BROKERS
25.1
Non-application of Part
26
Credit brokers and non-business credit grantors
27
Credit brokers and business credit grantors
V
FIXED CREDIT
28
Application of Part
29
Credit sales
30
Advertising for fixed credit
31
Advertising interest-free periods
32
Initial disclosure statement for fixed credit
33
Disclosure regarding changes in interest rate
34
Disclosure regarding increases in outstanding principal
35
Disclosure regarding amendment
36
Disclosure regarding renewals of credit agreements in relation to mortgage loans
37
Disclosure regarding renewals of credit agreements not in relation to mortgage loans
V.1
PAYDAY LOANS
A
Definitions
37.1
Definitions
B
Application
37.11
Non-application of Part
C
Licensing
37.12
Licence required to provide payday loans
37.13
Application for licence or renewal of licence
37.14
Issuance or renewal of licence
37.15
Bond or other security required
37.16
Licence not transferable or assignable
37.17
Terms and conditions of licence
37.18
Further information or documents
37.19
Duration of licence
37.2
Refusal to issue licence
37.21
Refusal to renew or cancellation or suspension
37.23
Voluntary cancellation
37.24
Further application
37.25
Appeal
37.26
Serving of notices by the Director
D
Obligations and Prohibitions
a
Regulation of Payday Lenders
37.28
Payday loan agreements
37.29
Cancellation
37.3
Information to be posted
37.31
Limit regarding cost of credit
37.32
No security to be taken
37.33
Tied selling prohibited
37.34
No rollovers
37.35
Concurrent payday loans prohibited
37.36
Payday loans in excess of maximum percentage
37.37
Limit on amounts payable for default
37.38
Wage assignments
37.381
Extension of other forms of credit
37.39
Other prohibited practices
37.391
Provision of information
37.392
Late fees
37.4
Minimum working capital
37.43
Joint liability
b
Cash Cards
37.44
Payout of balances on cash cards
c
Government Cheque Cashing Fees
37.45
Government cheque cashing fees
E
Guidelines and Recommendations
37.46
Guidelines regarding payday loan agreements
37.461
Recommendations to the Lieutenant-Governor in Council
37.462
Recommendations to Minister
E.2
Rule-making
37.467
Rules
37.468
Notice and publication of rules
37.469
Changes by Secretary of the Commission
37.4691
Consolidated rules
VI
OPEN CREDIT
38
Application of Part
39
Advertising for open credit
40
Advertising interest-free periods
41
Initial disclosure statement for open credit
42
Statement of account
43
Credit card may only be issued on application
44
Application for credit card
45
Additional disclosure for credit card
46
Liability of credit card holder
VII
LEASE OF GOODS
47
Definitions
48
Advertisement for lease
49
Initial disclosure statement for lease
50
Disclosure regarding amendment
51
Maximum liability under residual obligation lease
VII.1
RECORD-KEEPING, ADVERTISING AND COMPLIANCE REVIEWS
51.1
Record-keeping
51.11
False or misleading advertisement
51.12
Compliance review
51.2
Removal of documents
51.21
Misleading statements
51.22
Obstruction
VII.2
INVESTIGATIONS
51.3
Provision of information to Director
51.31
Investigation order
51.32
Powers of investigator
51.4
Power to compel evidence
51.41
Investigators authorized as peace officers
51.42
Seized property
51.5
Report of investigation
51.51
Prohibition against disclosure
51.52
Non-compellability
VII.3
ENFORCEMENT
51.6
Offences generally
51.61
Misleading or untrue statements
51.62
Interim preservation of property
51.7
Orders in the public interest
51.71
Administrative penalty
51.8
Directors and officers
51.81
Resolution of administrative proceedings
51.9
Limitation period
51.91
Prosecution of an offence under section 43
51.92
Certificate evidence
VIII
INVESTIGATIONS AND INSPECTIONS
Repealed: 2016, c.40, s.1
52
Investigations
53
Inspections
IX
OFFENCES AND PENALTIES
Repealed: 2016, c.40, s.1
54
Offences and penalties
55
Limitation period
56
Prosecution of an offence under section 43
57
Certificate evidence
X
GENERAL AND ADMINISTRATION
58
False advertising
59
Provision of security by credit grantor, lessor or credit broker
60
Assignees
61
Administration of Act
61.1
Conflict with the Right to Information and Protection of Privacy Act
XI
REGULATIONS
62
Regulations
XII
TRANSITIONAL
63
Registrations under the previous Act
64
Existing credit agreements
65
Existing leases
XIII
CONSEQUENTIAL AMENDMENTS
66
Consumer Product Warranty and Liability Act
67
Direct Sellers Act
XIV
REPEAL
68
Cost of Credit Disclosure Act
XV
COMMENCEMENT
69
Commencement
SCHEDULE A