GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Financial Consumer Protection Framework Regulations — 48
Charges included in cost of borrowing 48 (1) Subject to subsection (2), the cost of borrowing for a loan under a credit agreement, other than a loan obtained through the use of a credit card or line of credit, consists of all the costs of borrowing under the loan over its term, in particular the interest or discount that applies to the loan, and includes the following charges: (a) administrative charges, including charges for services, transactions or any other activity in relation to the loan; (b) charges for the services, or disbursements, of a lawyer or notary that an institution required the borrower to retain; (c) insurance charges other than those excluded under paragraphs (2)(a), (f) and (h); (d) charges for a broker, if the broker’s fees are included in the amount borrowed and are paid directly by the institution to the broker; and (e) charges for appraisal, inspection or surveying services, other than those mentioned in paragraph (2)(g), related to property that is security for a loan, if those services are required by the institution. Charges not included in cost of borrowing (2) The cost of borrowing for a loan does not include any of the following fees or charges: (a) charges for insurance on the loan if (i) the insurance is optional, or (ii) the borrower is its beneficiary and the amount insured reflects the value of an asset that is security for the loan; (b) charges for an overdraft; (c) fees paid to register documents or obtain information from a public registry about security interests related to property given as security; (d) penalty charges for the prepayment of a loan; (e) charges for the services, or disbursements, of a lawyer or notary, other than those mentioned in paragraph (1)(b); (f) charges for insurance against defects in title to real or immovable property, if the insurance is paid for directly by the borrower; (g) charges for appraisal, inspection or surveying services provided directly to the borrower in relation to property that is security for a loan; (h) charges for insurance against default on a high-ratio mortgage on real property; (i) fees to maintain a tax account that are required for a mortgage referred to in paragraph (h) or that are optional; (j) any fee to discharge a security interest; and (k) default charges. Definition of borrower (3) In this section, borrower includes a person to whom a loan is proposed to be made.
Financial Consumer Protection Framework Regulations — 49
Waiver offer 49 An institution that, under an agreement for a loan for a fixed amount, offers to waive a payment without waiving the accrual of interest during the period covered by the payment must, in a prominent manner, disclose in the offer that interest will continue to accrue during that period if the offer is accepted.
Financial Consumer Protection Framework Regulations — 50
Advertisements 50 (1) For the purposes of section 627.91 of the Act, a representation of the interest rate, amount of any payment or amount of any non-interest charge in relation to a loan involving a fixed amount of credit is a prescribed representation. Information (2) For the purposes of section 627.91 of the Act, the APR and the term of the loan are prescribed information. Use of examples (3) If the APR or the term of the loan is not the same for all loans to which the advertisement relates, its disclosure must be based on an example of a loan that fairly depicts all those loans and is identified as a representative example of them. Presentation of APR (4) For the purposes of section 627.63 of the Act, the APR must be presented at least as prominently as the prescribed representation and in the same manner, whether visually or aurally, or both.
Financial Consumer Protection Framework Regulations — 51
Advertisements — transactions financed by institution 51 (1) If an institution finances a transaction depicted in an advertisement that involves a representation, express or implied, that a period of a loan is free of any interest charges, the institution must ensure that the advertisement discloses whether or not interest, due after the period, accrues during the period. Presentation of accrual of interest (2) The institution must ensure that the disclosure of whether or not interest, due after the period, accrues during the period is presented prominently and, in relation to an express representation, is presented equally as prominently as the representation. Disclosure of conditions (3) If interest does not accrue during the period, the institution must also ensure that the advertisement discloses any conditions that apply to the forgiving of the accrued interest and the APR, or the annual interest rate in the case of credit cards or lines of credit, for a period when those conditions are not met.
Financial Consumer Protection Framework Regulations — 52
Information box 52 For the purposes of subsection 627.57(1) of the Act, the following information is prescribed information for a line of credit: (a) the initial credit limit, if it is known on the date of the disclosure statement; (b) the annual interest rate, or, if it is a variable rate, a brief description of the method for determining it; (c) the date on and after which interest accrues as well as information respecting the grace period or, if no grace period applies, an indication to that effect; (d) the amount of the minimum payment required in each payment period and a brief description of the method for determining the amount of the minimum payment; (e) the foreign currency conversion rate, a brief description of how it is determined and the date on which it is applied; (f) the amount of any non-interest charges that are levied on an annual basis and the date on which they are levied or, if no annual charges are levied, an indication to that effect; and (g) a list of the types and amounts of any other non-interest charges that indicates the dates on which they are applied.
Financial Consumer Protection Framework Regulations — 53
Non-application — paragraph 627.89(1)(a) of Act 53 Paragraph 627.89(1)(a) of the Act does not apply in respect of a line of credit.
Financial Consumer Protection Framework Regulations — 54
Initial disclosure 54 (1) For the purposes of paragraph 627.89(1)(e) of the Act, the following information is prescribed information in relation to a line of credit: (a) the initial credit limit, if it is known at the time the disclosure is made; (b) the annual interest rate, or the method for determining it if it is variable; (c) the nature and amounts of any non-interest charges; (d) the minimum payment during each payment period or the method for determining it; (e) each period for which a statement of account is to be provided; (f) the date on and after which interest accrues and information concerning any grace period that applies; (g) particulars of the charges or penalties referred to in paragraph 627.89(1)(c) of the Act, including any default charges that may be imposed under section 627.3 of the Act; (h) a description of the property, if any, over which the institution takes a security interest under the credit agreement; (i) information about any optional service in relation to the credit agreement that the person accepts, the charges for each optional service and the conditions under which the person may cancel the service if that information is not disclosed in a separate statement before the optional service is provided; (j) a local or toll-free telephone number, or a telephone number with a prominent indication that collect calls are accepted, that the person may use to get information about the account during the institution’s regular business hours; and (k) any charge for a broker, if the broker’s fees are included in the amount borrowed and are paid directly by the institution to the broker. Subsequent disclosure of credit limit (2) If the initial credit limit is not known on the day on which the initial disclosure statement is provided, then, for the purposes of subsection 627.89(4) of the Act, the credit limit is prescribed information. Manner of disclosure (3) The prescribed information referred to in subsection (2) must be disclosed in (a) the first statement of account provided to the person; or (b) a separate statement that the person receives on or before the date on which they receive the first statement of account.
Financial Consumer Protection Framework Regulations — 55
Subsequent disclosure 55 (1) For the purposes of subsection 627.89(4) of the Act, the following information is prescribed information in relation to a line of credit: (a) the period covered by the disclosure and the opening and closing balances in the period; (b) an itemized statement of account that discloses each amount credited or charged, including interest, and the dates when those amounts were posted to the account; (c) the sum for payments and the sum for credit advances and non-interest and interest charges; (d) the annual interest rate that applied on each day in the period and the total of interest charged under those rates in the period; (e) the credit limit and the amount of credit available at the end of the period; (f) the minimum payment and its due date; (g) the person’s rights and obligations regarding any billing error that may appear in the statement of account; and (h) a local or toll-free telephone number, or a telephone number with a prominent indication that collect calls are accepted, that the person may use to get information about the account during the institution’s regular business hours. Frequency of disclosure (2) Subject to subsections (3) and (4), the prescribed information must be disclosed in a disclosure statement that is provided at least once a month. No statement required (3) The disclosure statement need not be provided for a period in which there are no advances or payments and (a) there is no outstanding balance at the end of the period; or (b) the person has received notice that their credit agreement has been suspended or cancelled due to default and the institution has demanded payment of the outstanding balance. Quarterly statement (4) The disclosure statement may be provided once in a three-month period, either in respect of that period or the last month of it, if, during that period, (a) there have been no advances or payments; (b) there is an outstanding balance of less than $10; and (c) no interest or fee is being charged or accrued.
Financial Consumer Protection Framework Regulations — 56
Waiver offer 56 An institution that, under a credit agreement for a line of credit, offers to waive a payment must, in a prominent manner, disclose in the offer whether interest will continue to accrue during any period covered by the offer if it is accepted.
Financial Consumer Protection Framework Regulations — 57
Advertisements 57 (1) For the purposes of section 627.91 of the Act, a representation of the annual interest rate, amount of any payment or amount of any non-interest charge in relation to a loan involving a line of credit is a prescribed representation. Information (2) For the purposes of section 627.91 of the Act, the annual interest rate on the date of the advertisement and any initial or periodic non-interest charges are prescribed information. Presentation of information (3) For the purposes of section 627.63 of the Act, the prescribed information must be presented at least as prominently as the prescribed representation and in the same manner, whether visually or aurally, or both.
Financial Consumer Protection Framework Regulations — 58
Agreement by telephone 58 For the purposes of subparagraph 627.55(2)(a)(ii) of the Act, the information referred to in subsection 65 (1) of these Regulations is prescribed information in relation to an application form for a credit card.
Financial Consumer Protection Framework Regulations — 59
Information box — application form 59 For the purposes of subsection 627.57(1) of the Act, the following information is prescribed information in relation to an application form for a credit card: (a) the applicable annual interest rate or, if it is a variable rate that is determined by adding or subtracting a fixed percentage interest rate to or from a public index, the name of the public index and the fixed percentage rate to be added to or subtracted from that index and the date on which that rate takes effect; (b) the length of the interest-free grace period in days, if any, and the circumstances in which it applies or, if no interest-free grace period applies, an indication to that effect; (c) the amount of the minimum payment required in each payment period and a brief description of the method for determining the amount of the minimum payment; (d) the foreign currency conversion rate, a brief description of how it is determined and the date on which it is applied; (e) the amount of any non-interest charges that are levied on an annual basis and the date on which they are levied or, if no annual charges are levied, an indication to that effect; and (f) a list of the types and amounts of any other non-interest charges that indicates the dates on which they are applied.
Financial Consumer Protection Framework Regulations — 60
Information box — agreement 60 For the purposes of subsection 627.57(1) of the Act, the following information is prescribed information in relation to a credit card: (a) the initial credit limit, if it is known on the date of the disclosure statement; (b) the applicable annual interest rate or, if it is a variable rate that is determined by adding or subtracting a fixed percentage interest rate to or from a public index, the name of the public index and the fixed percentage rate to be added to or subtracted from that index and the date on which that rate takes effect; (c) the length of the interest-free grace period in days, if any, and the circumstances in which it applies or, if no interest-free grace period applies, an indication to that effect; (d) a brief description of the manner in which interest is calculated and the date on which that calculation is made; (e) the amount of the minimum payment required in each payment period and a brief description of the method for determining the amount of the minimum payment; (f) the foreign currency conversion rate, a brief description of how it is determined and the date on which it is applied; (g) the amount of any non-interest charges that are levied on an annual basis and the date on which they are levied or, if no annual charges are levied, an indication to that effect; and (h) a list of the types and amounts of any other non-interest charges that indicates the dates on which they are applied.
Financial Consumer Protection Framework Regulations — 61
Solicitation of applications 61 If an institution that issues credit cards solicits applications for them in person, by mail, by telephone or by any electronic means, the institution must disclose the information referred to in subsection 65 (1) at the time of solicitation.
Financial Consumer Protection Framework Regulations — 62
Initial disclosure statement 62 If the initial disclosure statement for a credit card is part of the application for its issuance, then the initial disclosure statement must be set out in a consolidated manner in a single location and the information box required under subsection 627.57(1) of the Act must be set out at the beginning of the application.
Financial Consumer Protection Framework Regulations — 63
Non-application — paragraph 627.89(1)(a) of Act 63 Paragraph 627.89(1)(a) of the Act does not apply in respect of a credit card.
Financial Consumer Protection Framework Regulations — 64
Initial disclosure 64 (1) For the purposes of paragraph 627.89(1)(e) of the Act, the following information is prescribed information in relation to a credit card: (a) the information referred to in paragraphs 54 (1)(a) and (c) to (k) of these Regulations; (b) the manner in which interest is calculated and the information referred to in paragraphs 65 (1)(a) and (b) of these Regulations; (c) if the person is required by the credit agreement to pay the outstanding balance in full on receiving a statement of account, (i) a mention of that requirement, (ii) the grace period by the end of which the person must have paid that balance, and (iii) the annual interest rate charged on any outstanding balance not paid when due; (d) a statement that, if the credit card, credit card account information or personal authentication information created or adopted in relation to the credit card or credit card account is used in an unauthorized manner, the maximum liability to the person is $50 unless the person has demonstrated gross negligence or, in Quebec, gross fault in safeguarding the credit card, credit card account information or personal authentication information; and (e) a statement that, if the person reports to the institution that the credit card, account information of the credit card or the personal authentication information created or adopted in relation to the credit card or credit card account has been lost or stolen or is otherwise at risk of being used in an unauthorized manner, the person will not be liable for any unauthorized use following the receipt of that report. Subsequent disclosure of credit limit (2) If the initial credit limit is not known on the day on which the initial disclosure statement is provided, then, for the purposes of subsection 627.89(4) of the Act, the credit limit is prescribed information. Manner of disclosure (3) The prescribed information referred to in subsection (2) must be disclosed in (a) the first statement of account provided to the person; or (b) a separate statement that the person receives on or before the date on which the person receives the first statement of account.
Financial Consumer Protection Framework Regulations — 65
Application forms 65 (1) For the purposes of subparagraph 627.89(3)(a)(iv) of the Act, the following information is prescribed information in relation to an application form for a credit card: (a) the annual interest rate if it is a credit card with a fixed interest rate; (b) the public index and the fixed percentage rate to be added to or subtracted from it, if the credit card is a credit card with a variable interest rate that is determined by adding or subtracting a fixed percentage interest rate to or from a public index; and (c) the amount of any non-interest charges. Exception (2) This section does not apply if the information box required under subsection 627.57(1) of the Act is included in the application form or in the related document prepared by the institution for the issuance of the credit card.
Financial Consumer Protection Framework Regulations — 67
Amendments 67 (1) For the purposes of paragraph 627.89(5)(a) of the Act, an amendment to the terms or conditions of a credit agreement for a credit card that changes any information that was disclosed in accordance with subsection 627.89(1) of the Act in the initial disclosure statement is a prescribed amendment. This section does not, however, apply in respect of an amendment referred to in subsection 68 (1) of these Regulations or a change in a variable interest rate referred to in paragraph 65 (1)(b) of these Regulations as a result of a change in the public index referred to in that paragraph. Information (2) For the purposes of paragraph 627.89(5)(b) of the Act, any information that is required to update the initial disclosure statement as a result of an amendment referred to in subsection (1) is prescribed information. Time of disclosure (3) Despite subsection 37 (3), the prescribed amendment and any prescribed information must be disclosed in writing 30 days or more before the amendment takes effect.
Financial Consumer Protection Framework Regulations — 68
Other amendments 68 (1) For the purposes of paragraph 627.89(5)(a) of the Act, the following amendments are prescribed amendments in relation to a credit card: (a) a change in the credit limit; (b) an extension to the grace period; (c) a decrease in non-interest charges or default charges referred to in paragraphs 54 (1)(c) or (g) of these Regulations; (d) a change concerning information about any optional service in relation to the credit agreement that is referred to in paragraph 54 (1)(i) of these Regulations; and (e) a decrease in the fixed interest rate or a decrease in the fixed percentage interest rate referred to in paragraph 65 (1)(a) or (b) of these Regulations. Information (2) For the purposes of paragraph 627.89(5)(b) of the Act, any information that is required to update the initial disclosure statement as a result of a prescribed amendment is prescribed information. Time of disclosure (3) Despite subsection 37 (3), a prescribed amendment and the prescribed information must be disclosed not later than the day on which the first subsequent periodic disclosure statement is provided after the amendment is made.
Financial Consumer Protection Framework Regulations — 69
Waiver offer 69 An institution that, under a credit agreement for a credit card, offers to waive a payment must, in a prominent manner, disclose in the offer whether interest will continue to accrue during any period covered by the offer if it is accepted.
Financial Consumer Protection Framework Regulations — 70
Advertisements 70 (1) For the purposes of section 627.91 of the Act, a representation of the annual interest rate, amount of any payment or amount of any non-interest charge in relation to a credit card is a prescribed representation. Information (2) For the purposes of section 627.91 of the Act, the annual interest rate on the date of the advertisement and any initial or periodic non-interest charges are prescribed information. Presentation of information (3) For the purposes of section 627.63 of the Act, the prescribed information must be presented at least as prominently as the prescribed representation and in the same manner, whether visually or aurally, or both.
Financial Consumer Protection Framework Regulations — 71
Agreement by telephone 71 For the purposes of subparagraph 627.55(2)(a)(i) of the Act, the information referred to in paragraphs 627.92(1)(a) and (d) to (h) of the Act is prescribed information in relation to the issuance of a prepaid payment product.
Financial Consumer Protection Framework Regulations — 72
Information box 72 (1) For the purposes of subsection 627.57(1) of the Act, the information referred to in paragraph 627.92(1)(f) of the Act is prescribed information in relation to the issuance of a prepaid payment product. Exterior packaging (2) If the prepaid payment product has exterior packaging, the institution must ensure that the information box referred to in subsection 627.57(1) of the Act appears prominently on the exterior packaging.
Financial Consumer Protection Framework Regulations — 73
Issuance 73 For the purposes of paragraph 627.92(1)(j) of the Act, the following information is prescribed information: (a) the prepaid payment product’s terms and conditions, including the person’s rights and responsibilities with respect to a lost or stolen prepaid payment product; (b) a description of how the person can verify the balance of the funds loaded on the prepaid payment product; and (c) a description of how the person may, in certain circumstances, use funds loaded on the prepaid payment product towards partial payment of a purchase.
Financial Consumer Protection Framework Regulations — 74
Coverage and calculation of charges 74 For the purposes of subsection 627.992(1) of the Act, the following information is prescribed information: (a) the coverage provided by the insurance, including which party is protected by the insurance and which party pays for it; and (b) the manner in which the amount that the institution is being charged by the insurer for the insurance is calculated.