Definitions
1. In this Act, “actually received” means the sum of money received by the borrower from the lender that can be used by the borrower without any restrictions on its use imposed by the lender; (“effectivement reçue”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “actually received” is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (1). See: 1999, c. 12, Sched. F, ss. 11 (1), 45 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (4) by adding the following definitions: “advance” means value received by the borrower under a credit agreement as determined by the regulations; (“avance”) “APR” means the annual percentage rate in respect of a credit agreement or a lease that is determined in accordance with the regulations; (“TA”) See: 1999, c. 12, Sched. F, ss. 11 (4), 45 (2). “borrower” means a person who receives credit; (“emprunteur”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “borrower” is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (6) and the following substituted: “borrower” means the party to a credit agreement or prospective credit agreement who, respectively, receives or will receive credit from the other party but does not include a guarantor; (“emprunteur”) See: 1999, c. 12, Sched. F, ss. 11 (6), 45 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (4) by adding the following definition: “brokerage fee” means an amount that a borrower pays or agrees to pay to a credit broker in consideration of the broker’s services in arranging or attempting to arrange a credit agreement, and includes an amount that the lender deducts from an advance and pays to the broker; (“frais de courtage”) See: 1999, c. 12, Sched. F, ss. 11 (4), 45 (2). “business premises” does not include a dwelling; (“locaux commerciaux”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “business premises” is repealed by the Statutes of Ontario, 1997, chapter 35, subsection 1 (1). See: 1997, c. 35, ss. 1 (1), 5 (2). “buyer” means a person who purchases goods for consumption or services under an executory contract or a direct sales contract as defined in section 23.1 and includes his or her agent, but does not include a person who buys in the course of carrying on business or an association of individuals, a partnership or a corporation; (“acheteur”) “cost of borrowing” means, (a) in the case of credit other than variable credit, the amount by which, (i) the total sum that the borrower is required to pay if the payments required are made as they become due, including all such sums regardless of the purpose or reason for the payment or the time of the payment, exceeds, (ii) the sum actually received in cash by the borrower or, where the lender is a seller, the amount of the cash price of the goods or services less the sums, if any, actually paid as a down payment or credited in respect of a trade-in or paid or credited for any other reason plus, in each case, insurance or official fees, if any, actually paid by the lender, (b) in the case of variable credit, the charges made in respect of the extension of the variable credit; (“frais d’emprunt”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “cost of borrowing” is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (6) and the following substituted: “cost of borrowing” means all amounts that a borrower is required to pay under or as a condition of entering into a credit agreement other than, (a) a payment or repayment of a portion of the principal under the agreement as prescribed by the regulations, and (b) charges prescribed by the regulations; (“coût d’emprunt”) See: 1999, c. 12, Sched. F, ss. 11 (6), 45 (2). “credit” means credit for which the borrower incurs a cost of borrowing and, (a) given under an agreement between a seller and a buyer to purchase goods or services by which all or part of the purchase price is payable after the agreement is entered into, or (b) given by the advancement of money, but does not include credit given on the security of a mortgage of real property; (“crédit”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “credit” is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (2). See: 1999, c. 12, Sched. F, ss. 11 (2), 45 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (4) by adding the following definitions: “credit agreement” means an agreement under which a lender extends credit to a borrower and includes a loan of money, a credit sale and an agreement under which a loan of money or credit sale may occur in the future but does not include an agreement under which a lender extends credit on the security of a mortgage of real property or agreements of a type prescribed by the regulations; (“convention de crédit”) “credit broker” means a person who, for remuneration, matches potential borrowers with potential lenders; (“courtier en crédit”) “credit card” means a card or device under which a borrower can obtain advances under a credit agreement for open credit; (“carte de crédit”) “credit sale” means an agreement for the purchase of goods or services under which a vendor extends credit to a purchaser for the purchase; (“vente à crédit”) “default charge” means a charge imposed on a borrower who does not make a payment as it comes due under a credit agreement or who does not comply with any other obligation under a credit agreement but does not include interest on an overdue payment; (“frais de défaut”) See: 1999, c. 12, Sched. F, ss. 11 (4), 45 (2). “Director” means the Director under the Ministry of Consumer and Business Services Act; (“directeur”) “dwelling” means any premises or any part thereof occupied as living accommodation; (“logement”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “dwelling” is repealed by the Statutes of Ontario, 1997, chapter 35, subsection 1 (1). See: 1997, c. 35, ss. 1 (1), 5 (2). “executory contract” means a contract between a buyer and a seller for the purchase and sale of goods or services in respect of which delivery of the goods or performance of the services or payment in full of the consideration is not made at the time the contract is entered into; (“contrat exécutoire”) Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (4) by adding the following definitions: “fixed credit” means credit under a credit agreement that is not for open credit; (“crédit fixe”) “floating rate” means a rate that bears a specified mathematical relationship to an index rate prescribed by the regulations; (“taux variable”) See: 1999, c. 12, Sched. F, ss. 11 (4), 45 (2). “goods” means personal property; (“marchandises”) “itinerant seller” means a seller whose business includes soliciting, negotiating or arranging for the signing by a buyer, at a place other than the seller’s permanent place of business, of an executory contract for the sale of goods or services, whether personally or by an agent or employee; (“vendeur itinérant”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “itinerant seller” is repealed by the Statutes of Ontario, 1997, chapter 35, subsection 1 (2). See: 1997, c. 35, ss. 1 (2), 5 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (4) by adding the following definitions: “lease” means an agreement for the lease of goods, other than an agreement for the lease of goods in connection with a residential tenancy agreement and “lessor” and “lessee” have a corresponding meaning; (“bail”, “bailleur”, “preneur”) “lease term” means the period during which the lessee is entitled to retain possession of the leased goods under a lease; (“durée du bail”) See: 1999, c. 12, Sched. F, ss. 11 (4), 45 (2). “lender” means a person who extends credit; (“prêteur”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “lender” is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (6) and the following substituted: “lender” means the party to a credit agreement or prospective credit agreement who, respectively, extends or will extend credit to the borrower and includes a credit card issuer; (“prêteur”) See: 1999, c. 12, Sched. F, ss. 11 (6), 45 (2). “Minister” means the Minister of Consumer and Business Services; (“ministre”) “Ministry” means the Ministry of Consumer and Business Services; (“ministère”) “official fee” means a fee that is required to be paid by or under a statute of Ontario or Canada; (“droits officiels”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “official fee” is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (3). See: 1999, c. 12, Sched. F, ss. 11 (3), 45 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (4) by adding the following definitions: “open credit” means credit under a credit agreement that, (a) anticipates multiple advances to be made as requested by the borrower in accordance with the agreement, and (b) does not define the total amount to be advanced to the borrower under the agreement, although it may impose a credit limit; (“crédit en blanc”) “optional service” means a service that is provided to a borrower in connection with a credit agreement and that the borrower does not have to accept in order to enter into the agreement; (“service facultatif”) See: 1999, c. 12, Sched. F, ss. 11 (4), 45 (2). “prescribed” means prescribed by this Act or the regulations; (“prescrit”) “purchase price” means the total obligation payable by the buyer under an executory contract; (“prix d’achat”) “registered” means registered under this Act; (“inscrit”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “registered” is repealed by the Statutes of Ontario, 1997, chapter 35, subsection 1 (2). See: 1997, c. 35, ss. 1 (2), 5 (2). “Registrar” means the Registrar of the Consumer Protection Bureau; (“registrateur”) Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “Registrar” is repealed by the Statutes of Ontario, 1997, chapter 35, subsection 1 (2). See: 1997, c. 35, ss. 1 (2), 5 (2). “regulations” means the regulations made under this Act; (“règlements”) Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (4) by adding the following definition: “residual obligation lease” means a lease under which the lessor may require the lessee at the end of the lease term to pay the lessor an amount based in whole or in part on the difference, if any, between, (a) the lessor’s reasonable estimate of the wholesale value of the leased goods at the end of the lease term, and (b) the realizable value of the leased goods at the end of the lease term; (“bail à obligation résiduelle”) See: 1999, c. 12, Sched. F, ss. 11 (4), 45 (2). “seller” means a person who is in the business of selling goods or services to buyers, and includes an agent of the seller; (“vendeur”) “trade-in” means consideration given by a buyer in a form other than money or an obligation to pay money; (“objet donné en reprise”) “Tribunal” means the Licence Appeal Tribunal; (“Tribunal”) “variable credit” means credit made available under an agreement whereby the lender agrees to make credit available to be used from time to time, at the option of the borrower, for the purpose of the purchase from time to time of goods or services, and, without limiting the generality of the foregoing, includes credit arrangements commonly known as revolving credit accounts, budget accounts, cyclical accounts and other arrangements of a similar nature. (“crédit variable”) R.S.O. 1990, c. C.31, s. 1; 1998, c. 18, Sched. E, s. 54; 1999, c. 12, Sched. F, s. 11 (5); 1999, c. 12, Sched. G, s. 19 (1); 2001, c. 9, Sched. D, s. 4 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “variable credit” is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 11 (3). See: 1999, c. 12, Sched. F, ss. 11 (3), 45 (2).