GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Cost of Borrowing (Canadian Insurance Companies) Regulations — 11
11 (1) A company 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 company 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 company must disclose to them the information required by paragraphs (1)(a) to (c) at the time of the application. (4) If a company 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/2009-262, s. 6; SOR/2014-273, s. 29(F)
Cost of Borrowing (Canadian Insurance Companies) Regulations — 12
t 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 company 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/2009-262, ss. 7, 12(F); SOR/2014-273, s. 30(F)
Cost of Borrowing (Canadian Insurance Companies) Regulations — 13
13 (1) Subject to subsection (2), if a credit agreement is amended, the company 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 company 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/2009-262, s. 8
Cost of Borrowing (Canadian Insurance Companies) 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 company 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 company 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 (Canadian Insurance Companies) Regulations — 15
15 (1) If a company, 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 company 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 company offers to waive a payment under a credit agreement for a line of credit or a credit card, the company 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 (Canadian Insurance Companies) 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 company 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 company shall 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. SOR/2020-47, s. 29
Cost of Borrowing (Canadian Insurance Companies) 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. SOR/2009-262, s. 9(F)
Cost of Borrowing (Canadian Insurance Companies) 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 company 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 (Canadian Insurance Companies) Regulations — 19
19 (1) A company 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 (Canadian Insurance Companies) Regulations — 20
20 A company 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. SOR/2009-262, s. 10(F)
Cost of Borrowing (Canadian Insurance Companies) Regulations — 21
21 A company 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 (Canadian Insurance Companies) Regulations — 22
22 (1) A company 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 (Canadian Insurance Companies) Regulations — 23
23 These Regulations apply to the renewal or ongoing administration of a credit agreement that was entered into before these Regulations came into force.
Cost of Borrowing (Canadian Insurance Companies) Regulations — 25
25 These Regulations come into force on September 1, 2001.
Cost of Borrowing (Foreign Insurance Companies) Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 598 to 606 a and 703 b of the Insurance Companies Act c , hereby makes the annexed Cost of Borrowing (Foreign Insurance Companies) Regulations . a S.C. 1997, c. 15, ss. 307 to 313 b S.C. 1999, c. 31, s. 145 c S.C. 1991, c. 47
Cost of Borrowing (Foreign Insurance Companies) Regulations — 1
1 The definitions in this section apply in these Regulations. Act means the Insurance Companies Act . ( Loi ) APR means the cost of borrowing for a loan under a credit agreement expressed as an annual rate on the principal referred to in subsection 3(1). ( TAC ) borrower includes a person to whom a loan is proposed to be made and a holder, or an applicant to become a holder, of a credit card. ( emprunteur ) credit agreement includes an agreement for a line of credit, a credit card or any kind of loan. ( convention de crédit ) disbursement charge means a charge, other than one referred to in subsection 5(1), to recover an expense incurred by a foreign company to arrange, document, insure or secure a credit agreement. It includes a charge referred to in paragraphs 5(2)(c) and (f) to (h). ( frais de débours ) hypothec means a hypothec on immovable property. ( hypothèque ) principal means the amount borrowed under a credit agreement but does not include any cost of borrowing. ( capital ) public index means an interest rate, or a variable base rate for an interest rate, that is published at least weekly in a newspaper or magazine of general circulation, or in some media of general circulation or distribution, in areas where borrowers whose credit agreements are governed by that interest rate reside. ( indice publié )
Cost of Borrowing (Foreign Insurance Companies) Regulations — Cost of Borrowing (Foreign Insurance Companies) Regulations
Act means the Insurance Companies Act . ( Loi )
Cost of Borrowing (Foreign Insurance Companies) Regulations — Cost of Borrowing (Foreign Insurance Companies) Regulations
APR means the cost of borrowing for a loan under a credit agreement expressed as an annual rate on the principal referred to in subsection 3(1). ( TAC )
Cost of Borrowing (Foreign Insurance Companies) Regulations — Cost of Borrowing (Foreign Insurance Companies) Regulations
borrower includes a person to whom a loan is proposed to be made and a holder, or an applicant to become a holder, of a credit card. ( emprunteur )
Cost of Borrowing (Foreign Insurance Companies) Regulations — Cost of Borrowing (Foreign Insurance Companies) Regulations
credit agreement includes an agreement for a line of credit, a credit card or any kind of loan. ( convention de crédit )
Cost of Borrowing (Foreign Insurance Companies) Regulations — Cost of Borrowing (Foreign Insurance Companies) Regulations
disbursement charge means a charge, other than one referred to in subsection 5(1), to recover an expense incurred by a foreign company to arrange, document, insure or secure a credit agreement. It includes a charge referred to in paragraphs 5(2)(c) and (f) to (h). ( frais de débours )
Cost of Borrowing (Foreign Insurance Companies) Regulations — Cost of Borrowing (Foreign Insurance Companies) Regulations
hypothec means a hypothec on immovable property. ( hypothèque )
Cost of Borrowing (Foreign Insurance Companies) Regulations — Cost of Borrowing (Foreign Insurance Companies) Regulations
principal means the amount borrowed under a credit agreement but does not include any cost of borrowing. ( capital )
Cost of Borrowing (Foreign Insurance Companies) Regulations — Cost of Borrowing (Foreign Insurance Companies) Regulations
public index means an interest rate, or a variable base rate for an interest rate, that is published at least weekly in a newspaper or magazine of general circulation, or in some media of general circulation or distribution, in areas where borrowers whose credit agreements are governed by that interest rate reside. ( indice publié )
Cost of Borrowing (Foreign Insurance Companies) Regulations — 2
2 These Regulations apply to credit agreements, other than a credit agreement entered into (a) for business purposes of a borrower; (b) with a borrower that is not a natural person; (c) under the terms of the Canada Student Loans Act ; or (d) under the terms of any Act of Parliament or of the legislature of a province that relates to student loans and that requires the rate of interest or the discount that may apply to the borrower to be disclosed to the borrower. SOR/2009-263, s. 1
Cost of Borrowing (Foreign Insurance Companies) Regulations — 3
3 (1) For the purpose of section 600 of the Act, 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, is to be expressed as an annual rate on the principal, as follows: APR = (C/(T×P)) × 100 where APR is the annual percentage rate cost of borrowing; C is an amount that represents the cost of borrowing within the meaning of section 5 over the term of the loan; P is the average of the principal of the loan outstanding at the end of each period for the calculation of interest under the credit agreement, before subtracting any payment that is due at that time; and T is the term of the loan in years, expressed to at least two decimal points of significance. (2) For the purpose of the APR calculation under subsection (1), (a) the APR may be rounded off to the nearest eighth of a per cent; (b) each instalment payment made on a loan must be applied first to the accumulated cost of borrowing and then to the outstanding principal; (c) a period of (i) one month is 1/12 of a year, (ii) one week is 1/52 of a year, and (iii) one day is 1/365 of a year; (d) if the annual interest rate underlying the calculation is variable over the period of the loan, it must be set as the annual interest rate that applies on the day that the calculation is made; (e) if there are no instalment payments under a credit agreement, then the APR must be calculated on the basis that the outstanding principal is to be repaid in one lump sum at the end of the term of the loan; and (f) a credit agreement for an amount that comprises, in whole or in part, an outstanding balance from a prior credit agreement is a new credit agreement for the purpose of the calculation. (3) For the purpose of section 600 of the Act, the cost of borrowing for a loan obtained under a credit card agreement or line of credit is to be expressed as an annual rate, as follows: (a) if the loan has a fixed annual interest rate, that annual interest rate; or (b) if the loan has a variable interest rate, the annual interest rate that applies on the date of the disclosure.
Cost of Borrowing (Foreign Insurance Companies) Regulations — 4
4 The APR for a credit agreement is the annual interest rate if there is no cost of borrowing other than interest.
Cost of Borrowing (Foreign Insurance Companies) Regulations — 5
5 (1) Subject to subsection (2), the cost of borrowing for a loan under a credit agreement, other than an agreement for 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 in accordance with paragraph 598(a) of the Act, and including 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 a foreign company 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 foreign company 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 foreign company. (2) The cost of borrowing for a loan does not include (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 or hypothec; (i) fees to maintain a tax account that are (i) required for a mortgage or hypothec referred to in paragraph (h), or (ii) optional; (j) any fee to discharge a security interest; or (k) default charges.