Disclosure of cost of borrowing
24. Except as provided in section 25, every lender shall furnish to the borrower, before giving the credit, a clear statement in writing showing, (a) the sum, (i) expressed as one sum in dollars and cents, actually received in cash by the borrower, plus insurance or official fees, if any, actually paid by the lender, or (ii) where the lender is a seller, being the amount of the cash price of the goods or services, including any insurance or official fees; (b) where the lender is a seller, 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; (c) where the lender is a seller, the amount by which the sum stated under subclause (a) (ii) exceeds the sum stated under clause (b); (d) the cost of borrowing expressed as one sum in dollars and cents; (e) the percentage that the cost of borrowing bears to the sum stated, (i) under subclause (a) (i), where the lender is not a seller, or (ii) under clause (c), where the lender is a seller, expressed as an annual rate applied to the unpaid balance thereof from time to time, calculated and expressed in the manner prescribed by the regulations; (f) the amount, if any, charged for insurance; (g) the amount, if any, charged for official fees; and (h) the basis upon which additional charges are to be made in the event of default. R.S.O. 1990, c. C.31, s. 24. Note: On a day to be named by proclamation of the Lieutenant Governor, section 24 is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, section 16 and the following substituted: PART III   CREDIT AGREEMENTS General Application of Part 24. (1) This Part does not apply to a credit agreement unless, (a) the borrower is an individual who has entered into the agreement other than in the course of carrying on a business; and (b) the agreement has been, (i) made by a lender in the course of carrying on a business, or (ii) arranged by a credit broker. Non-application (2) This Part does not apply to a credit sale that, (a) requires the purchaser to make payment in full for the goods under the sale in a single payment within a certain period after the vendor delivers a written invoice or statement of account to the purchaser; (b) is unconditionally interest-free during the period for payment described in clause (a); (c) does not provide for any non-interest charges; (d) is unsecured apart from liens on the goods under the sale that may arise by operation of law; and (e) the vendor cannot assign in the ordinary course of business other than as security. Obligations of credit brokers (3) If a credit broker arranges a credit agreement for a lender who does not enter into the agreement in the course of carrying on a business, the obligations that this Part imposes on the lender shall be deemed to be obligations of the credit broker and not the lender. Transitional (4) Sections 29.2, 29.4 and 29.5 do not apply to a credit agreement that the parties have entered into before section 16 of Schedule F to the Red Tape Reduction Act, 1999 comes into force and sections 24, 25 and 28, as they read immediately before that section comes into force, continue to apply to that agreement. See: 1999, c. 12, Sched. F, ss. 16, 45 (2).