Financial Consumer Protection Framework Regulations — 66
Subsequent disclosure 66 (1) For the purposes of subsection 627.89(4) of the Act, the following information is prescribed information in relation to a credit card: (a) the information referred to in paragraphs 55 (1)(a) and (d) to (h) of these Regulations; (b) an itemized statement of account that describes each transaction and discloses each amount credited or charged, including interest, and the dates when those amounts were posted to the account or that permits the person to verify each transaction described by linking it with a transaction record provided to the person; (c) the amount that the person must pay, on or before a specified due date, in order to have the benefit of a grace period; (d) the sum for payments and the sum for purchases, credit advances and interest and non-interest charges; (e) subject to subsection (3), an estimate of the length of time in months and years that would be required to pay in full the outstanding balance set out in the disclosure, based on the assumption that (i) the minimum payment set out in that statement and in each subsequent disclosure will be made on its corresponding due date, (ii) the annual interest rate that applies on the date of the disclosure in respect of purchases of goods or services or that, based on the information available on that date, is expected to apply in respect of such purchases after a period during which a promotional or special introductory interest rate applies, will be applied to the outstanding balance until it is paid, (iii) the outstanding balance is rounded up to the nearest hundred dollars for the purpose of arriving at that estimate, and (iv) a year is considered to consist of not less than 360 days and not more than 366 days; and (f) if the annual interest rate that applies on the date of the disclosure, other than a variable interest rate disclosed to the person under subparagraph 627.89(3)(a)(iv) of the Act or an interest rate disclosed to the person under paragraph 627.89(5)(b) of the Act, could increase in the next period, the circumstances that would give rise to that increase and any new interest rate that would apply in the next period as a result of the increase. Frequency of disclosure (2) Subject to subsections (4) and (5), the prescribed information must be disclosed as a statement that is provided at least once a month. No estimate required (3) The estimate referred to in paragraph (1)(e) is not required to be provided if the person is required to pay the outstanding balance in full on receiving a statement of account. No statement required (4) For the purposes of subsection 627.34(1) of the Act, the statement need not be provided for a period during which there have been 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 (5) For the purposes of subsection 627.34(1) of the Act, the statement may be provided once in a three-month period, either in respect of that period or in respect of 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.