GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Cost of Borrowing (Retail Associations) Regulations — 7
7 (1) A retail association that proposes to enter into a credit agreement with a borrower must provide the borrower with the initial disclosure statement required by these Regulations on or before the earlier of the making of a payment, other than a disbursement charge, in relation to the credit agreement by the borrower and (a) two clear business days before the entering into the credit agreement by the borrower and the retail association, in the case of a credit agreement for a mortgage or hypothec; or (b) the entering into the credit agreement by the borrower and the retail association, in any other case. (2) Paragraph (1)(a) does not apply if (a) the borrower consents to being provided with the initial disclosure statement for the credit agreement in accordance with paragraph (1)(b); (b) the borrower obtains independent legal advice; (c) a rescission period of at least two clear business days is provided in the credit agreement; or (d) favourable terms, such as imposing no penalty or fee for early payment, are provided in the credit agreement. SOR/2009-261, s. 4; SOR/2014-273, s. 20(F); SOR/2016-142, s. 12
Cost of Borrowing (Retail Associations) Regulations — 8
8 (1) A retail association that enters into a credit agreement for a loan for a fixed interest rate for a fixed amount, to be repaid on a fixed future date or by instalment payments, must provide the borrower with an initial disclosure statement that includes the following information: (a) the principal amount of the loan; (b) the amount of the advance, or any advances, of the principal and when it is, or they are, to be made; (c) the total amount of all payments; (d) the cost of borrowing over the term of the loan, expressed as an amount; (e) the term of the loan, and the period of amortization if different from the term; (f) the annual interest rate and the circumstances under which it is compounded, if any; (g) the APR, when it differs from the annual interest rate; (h) the date on and after which interest is charged and information concerning any period during which interest does not accrue; (i) the amount of each payment and when it is due; (j) the fact that each payment made on a loan must be applied first to the accumulated cost of borrowing and then to the outstanding principal; (k) information about any optional service in relation to the credit agreement that the borrower accepts, the charges for each optional service and the conditions under which the borrower may cancel the service if that information is not disclosed in a separate statement before the optional service is provided; (l) the disclosure required by paragraph 385.18(1)(a) of the Act, including a description of any components that comprise a formula to calculate a rebate, charge or penalty in the event that the borrower exercises the right to repay the amount borrowed before the maturity of the loan and, if section 17 applies, the formula set out in subsection 17(4); (m) the disclosure required by paragraph 385.18(1)(b) of the Act, including default charges that may be imposed under section 18; (n) the property, if any, over which the retail association takes a security interest under the credit agreement; (o) any charge for a broker, if the broker’s fees are included in the amount borrowed and are paid directly by the retail association to the broker; (p) the existence of a fee to discharge a security interest and the amount of the fee on the day that the statement was provided; and (q) the nature and amount of any other charge, other than interest charges. (2) If the missing of a scheduled instalment payment or the imposition of a default charge for a missed scheduled instalment payment increases the outstanding balance of a loan referred to in subsection (1) with the result that each subsequently scheduled instalment payment does not cover the interest accrued during the period for which it was scheduled, the retail association must, at most 30 days after the missed payment or the imposition of the default charge, provide the borrower with a subsequent disclosure statement that describes the situation and its consequences.
Cost of Borrowing (Retail Associations) Regulations — 9
9 (1) A retail association that enters into a credit agreement for a loan with a variable interest rate for a fixed amount, to be repaid on a fixed future date or by instalment payments, must provide an initial disclosure statement that includes the following information in addition to that required by section 8: (a) the annual rate of interest that applies on the date of the disclosure; (b) the method for determining the annual interest rate and when that determination is made; (c) the amount of each payment based on the annual interest rate that applies on the date of the disclosure and the dates when those payments are due; (d) the total amount of all payments and of the cost of borrowing based on that annual interest rate; (e) if the loan is to be paid by instalment payments and the amount to be paid is not adjusted automatically to reflect changes in the annual interest rate that apply to each instalment payment, (i) the triggering annual interest rate above which the amount paid under a scheduled instalment payment on the initial principal does not cover the interest due on the instalment payment, and (ii) the fact that negative amortization is possible; and (f) if the loan does not have regularly scheduled payments, (i) the conditions that must occur for the entire outstanding balance, or part of it, to become due, or (ii) which provisions of the credit agreement set out those conditions. (2) If the variable interest rate for the loan is determined by adding or subtracting a fixed percentage rate of interest to or from a public index that is a variable rate, the retail association must, at least once every 12 months, provide the borrower with a subsequent disclosure statement that contains the following information: (a) the annual interest rate at the beginning and end of the period covered by the disclosure; (b) the outstanding balance at the beginning and end of the period covered by the disclosure; and (c) the amount of each instalment payment due under a payment schedule and the time when each payment is due, based on the annual interest rate that applies at the end of the period covered by the disclosure. (3) If the variable interest rate for the loan is determined by a method other than that referred to in subsection (2), the retail association must, at most 30 days after increasing the annual interest rate by more than 1% above the most recently disclosed rate, provide the borrower with a subsequent disclosure statement that contains the following information: (a) the new annual interest rate and the date on which it takes effect; and (b) the amount of each instalment payment and the time when each payment is due, for payments that are affected by the new annual interest rate.
Cost of Borrowing (Retail Associations) Regulations — 11
11 (1) A retail association that issues credit cards and that distributes an application form for credit cards must specify the following information in the form or in a document accompanying it, including the date on which each of the matters mentioned takes effect: (a) in the case of a credit card with a (i) fixed rate of interest, the annual interest rate, or (ii) variable interest rate that is determined by adding or subtracting a fixed percentage rate of interest to or from a public index, the public index and the fixed percentage rate to be added or subtracted from it; (b) the day on and after which interest accrues and information concerning any grace period that applies; and (c) the amount of any non-interest charges. (2) If the information box set out in Schedule 4, containing the information required by paragraph 6(2.1)(b) or (2.2)(b), as applicable, is included in an application form for a credit card or accompanies that application form, the retail association is considered to have met the requirements of subsection (1). (3) If an applicant for a credit card applies by telephone or any electronic means, the retail association must disclose to them the information required by paragraphs (1)(a) to (c) at the time of the application. (4) If a retail association that issues credit cards solicits applications for them in person, by mail, by telephone or by any electronic means, the information required by paragraphs (1)(a) and (c) must be disclosed at the time of the solicitation. SOR/2009-261, s. 6; SOR/2014-273, s. 21(F)
Cost of Borrowing (Retail Associations) Regulations — 12
nt, based on the assumption that (i) the minimum payment set out in that statement and in each subsequent supplementary disclosure statement will be made on its corresponding due date, (ii) the annual interest rate that applies on the date of the supplementary disclosure statement 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 (e) if the annual interest rate that applies on the date of the supplementary disclosure statement, other than a variable interest rate referred to in subparagraph 11(1)(a)(ii) or an interest rate that has been disclosed to a borrower under subsection (3), could increase in the next period, the circumstances that would give rise to that increase and any new rate of interest that would apply in the next period as a result of the increase. (6) For the purpose of paragraph (5)(a), an itemized statement of account is adequate if it permits the borrower to verify each transaction described by linking it with a transaction record provided to the borrower. (7) The estimate referred to in paragraph (5)(d) is not required to be provided if the borrower is required to pay the outstanding balance in full on receiving a statement of account. (8) The supplementary disclosure statement is not required to 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 borrower has notice that their credit agreement has been suspended or cancelled due to default and the retail association has demanded payment of the outstanding balance. (9) The supplementary disclosure statement may be provided once in a three-month period, either in respect of that period or in respect of the last month of that period, 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. SOR/2009-261, s. 7; SOR/2014-273, s. 22(F)
Cost of Borrowing (Retail Associations) Regulations — 13
13 (1) Subject to subsection (2), if a credit agreement is amended, the retail association must, not later than 30 days after the day on which the amendment is made, disclose in writing to the borrower any resulting changes to the information that was required to be disclosed in the initial disclosure statement. (2) If a credit agreement for a fixed amount has a schedule for instalment payments and the schedule is amended, the retail association must, not later than 30 days after the day on which the amendment is made, disclose in writing to the borrower the amended payment schedule and any increase in the total amount to be paid or in the cost of borrowing as a result of that amendment. SOR/2009-261, s. 8
Cost of Borrowing (Retail Associations) Regulations — 14
14 (1) If a credit agreement for a loan secured by a mortgage or hypothec is to be renewed on a specified date, the retail association must, at least 21 days before the date, provide the borrower with a subsequent disclosure statement that contains the information required to be disclosed by (a) section 8, if the credit agreement is for a fixed interest rate; or (b) section 9, if the credit agreement is for a variable interest rate. (2) The subsequent disclosure statement referred to in subsection (1) must specify that (a) no change that increases the cost of borrowing will be made to the credit agreement between the transmission of the subsequent disclosure statement and the renewal of the credit agreement; and (b) the borrower’s rights under the credit agreement continue, and the renewal does not take effect, until the day that is the later of the date specified for its renewal and 21 days after the borrower receives the statement. (3) A retail association that does not intend to renew a credit agreement for a loan secured by a mortgage or hypothec after its term ends shall, at least 21 days before the end of the term, notify the borrower of that intention.
Cost of Borrowing (Retail Associations) Regulations — 15
15 (1) If a retail association, under a credit agreement for a loan for a fixed amount, waives a payment without waiving the accrual of interest during the period covered by the payment, the retail association must, in an offer to make such a waiver, disclose in a prominent manner that interest will continue to accrue during that period if the offer is accepted. (2) If a retail association offers to waive a payment under a credit agreement for a line of credit or a credit card, the retail association must, with the offer, disclose in a prominent manner whether interest will continue to accrue during any period covered by the offer if the offer is accepted.
Cost of Borrowing (Retail Associations) Regulations — 16
16 (1) A disclosure statement made in relation to a credit agreement under which optional services, including insurance services, are provided on an on-going basis must specify that (a) the borrower may cancel the optional service by notifying the retail association that the service is to be cancelled effective as of the day that is the earlier of one month after the day that the disclosure statement was provided to the borrower, determined in accordance with subsection 6(6), and the last day of a notice period provided for in the credit agreement; and (b) the retail association shall, without delay, refund or credit the borrower with the proportional amount, calculated in accordance with the formula set out in subsection (2), of any charges for the service paid for by the borrower or added to the balance of the loan, but unused as of the cancellation day referred to in the notice. (2) The proportion of charges to be refunded or credited to a borrower shall be determined in accordance with the formula R = A × ((n- m) / n) where R is the amount to be refunded or credited; A is the amount of the charges; n is the period between the imposition of the charge and the time when the services were, before the cancellation, scheduled to end; and m is the period between the imposition of the charge and the cancellation. (3) Subsection (1) is subject to any provincial laws that apply to the cancellation of services that are referred to in that subsection.
Cost of Borrowing (Retail Associations) Regulations — 17
17 (1) This section applies to loans for fixed amounts of credit, except mortgage or hypothec loans. (2) A borrower under a credit agreement may prepay (a) the outstanding balance of a credit agreement, at any time, without incurring any charge or penalty for making the prepayment; or (b) a part of the outstanding balance (i) on the date of any scheduled payment, if payments are scheduled once a month or more often, or (ii) at any time but only once a month, in any other case. (3) A borrower under a credit agreement who prepays (a) the outstanding balance must be refunded or credited with the proportional amount of any non-interest charges, except for disbursement charges, paid by the borrower or added to that balance, calculated in accordance with the formula set out in subsection (4); and (b) a part of the outstanding balance is not entitled to a refund or credit related to non-interest charges mentioned in paragraph (a). (4) The proportion of non-interest charges to be refunded or credited to a borrower shall be determined in accordance with the formula R = A × ((n- m) / n) where R is the amount to be refunded or credited; A is the amount of the non-interest charges; n is the period between the imposition of the non-interest charge and the scheduled end of the term of the loan; and m is the period between the imposition of the non-interest charge and the prepayment.
Cost of Borrowing (Retail Associations) Regulations — 18
18 If a borrower under a credit agreement fails to make a payment when it becomes due or fails to comply with an obligation in the agreement, in addition to interest, the retail association may impose charges for the sole purpose of recovering the costs reasonably incurred (a) for legal services retained to collect or attempt to collect the payment; (b) in realizing on any security interest taken under the credit agreement or in protecting such a security interest, including the cost of legal services retained for that purpose; or (c) in processing a cheque or other payment instrument that the borrower used to make a payment under the loan but that was dishonoured.
Cost of Borrowing (Retail Associations) Regulations — 19
19 (1) A retail association that advertises a loan involving a fixed amount of credit in an advertisement that makes a representation of the interest rate, or the amount of any payment or of any non-interest charge, in relation to the loan must disclose the APR and the term of the loan. The APR must be provided at least as prominently as the representation and in the same manner, whether visually or aurally, or both. (2) If the APR or the term of the loan is not the same for all loans to which the advertisement relates, the 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.
Cost of Borrowing (Retail Associations) Regulations — 20
20 A retail association that advertises a loan involving a line of credit in an advertisement that makes a representation of the annual interest rate, or the amount of any payment or of any non-interest charge, in relation to the loan must disclose the annual rate of interest on the date of the advertisement and any initial or periodic non-interest charges at least as prominently as the representation and in the same manner, whether visually or aurally, or both.
Cost of Borrowing (Retail Associations) Regulations — 21
21 A retail association that advertises a credit card in an advertisement that makes a representation of the annual interest rate, or the amount of any payment or of any non-interest charge, in relation to the loan must disclose the annual rate of interest on the date of the advertisement and any initial or periodic non-interest charges at least as prominently as the representation and in the same manner, whether visually or aurally, or both.
Cost of Borrowing (Retail Associations) Regulations — 22
22 (1) A retail association that 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 must ensure that the advertisement discloses in a manner equally as prominent as the representation, if it is expressed, or in a prominent manner otherwise, whether or not interest, due after the period, accrues during the period. (2) If interest does not accrue during the period, the advertisement must also disclose 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.
Cost of Borrowing (Retail Associations) Regulations — 23
23 These Regulations apply to the renewal or on-going administration of a credit agreement that was entered into before these Regulations came into force.
Cost of Borrowing (Retail Associations) Regulations — 24
24 These Regulations come into force on the day on which they are registered.
Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 462(5) a and 579(5) b of the Bank Act c , hereby makes the annexed Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations . a S.C. 2001, c. 9, s. 126 b S.C. 2001, c. 9, s. 160 c S.C. 1991, c. 46
Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations — 1
Definition of Act 1 In these Regulations, Act means the Bank Act .
Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations — 2
Designation by bank 2 (1) Every bank that carries on business in a province must, for the purpose of subsection 462(3) of the Act, designate an office of the bank in respect of the province for the service of enforcement notices. Limitation on designation (2) If a bank has one or more branches in a province, the office that the bank designates in respect of the province must be one of those branches. Time for designation (3) The designation must be made on or before the later of the last day of the three-month period (a) beginning on the day on which these Regulations come into force, and (b) beginning on the day on which the bank begins to carry on business in the province.
Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations — 3
Designation by authorized foreign bank 3 (1) Every authorized foreign bank that carries on business in a province must, for the purpose of subsection 579(3) of the Act, designate an office of the authorized foreign bank in respect of the province for the service of enforcement notices. Limitation on designation (2) If an authorized foreign bank has one or more branches in a province, the office that the authorized foreign bank designates in respect of the province must be one of those branches. Time for designation (3) The designation must be made on or before the later of the last day of the three month period (a) beginning on the day on which these Regulations come into force, and (b) beginning on the day on which the authorized foreign bank begins to carry on business in the province.
Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations — 4
Publicizing requirements 4 (1) Every bank and every authorized foreign bank that designates an office under section 2 or 3 must publish the name and address of the designated office (a) in the Canada Gazette , Part I; and (b) at least once a week for four consecutive weeks in one or more newspapers in general circulation in the province in respect of which the office is designated. Requirements in case of change (2) If a bank or authorized foreign bank changes the office that it has designated in respect of a province, or changes the name or address of a designated office, it must publish a description of the change in the manner provided for under subsection (1). Time for publicizing (3) The requirement to publicize under subsections (1) or (2) must be completed within three months after the designation or the change, as the case may be.
Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations — 5
Internet site 5 Every bank and every authorized foreign bank must post and maintain, on its primary Internet site, an up-to-date list of the names and addresses of its offices designated under these Regulations.