Advertising
 61. (1) Any person who makes representations in respect of a credit agreement, or causes representations to be made in respect of a credit agreement, in an advertisement shall do so in accordance with this section, regardless of whether the representations are made orally, in writing or in any other form.  O. Reg. 17/05, s. 61 (1). (2) An advertisement that offers fixed credit and discloses the interest rate payable by the borrower under the credit agreement or the amount of a payment to be made by the borrower to the lender in connection with the credit agreement shall also disclose the following information: 1.  The annual percentage rate for the credit agreement. 2.  The length of the term of the credit agreement. 3.  If the advertisement is for a supplier credit agreement and applies to a specifically identified good or service, i.  the cash price of the good or service, and ii.  the cost of borrowing, unless, A.  the only element of the cost of borrowing is interest, or B.  the advertisement is broadcast on radio or television, displayed on a billboard or bus board or made through any other medium with similar time or space limitations. 4.  If the advertisement is for a supplier credit agreement, applies to a range of goods or services and uses a representative credit agreement, the cash price of the good or service represented in the representative credit agreement.  O. Reg. 17/05, s. 61 (2). (3) Subsection (2) applies even if the advertisement discloses that the interest rate payable by the borrower or the amount of a payment to be made by the borrower to the lender is zero.  O. Reg. 17/05, s. 61 (3). (4) The annual percentage rate referred to in paragraph 1 of subsection (2) shall be disclosed as prominently as the most prominently disclosed of, (a)  the interest rate payable by the borrower under the credit agreement; and (b)  the amount of a payment to be made by the borrower to the lender in connection with the credit agreement.  O. Reg. 17/05, s. 61 (4). (5) If the advertisement applies to a range of credit agreements for fixed credit and the information required to be disclosed under paragraph 1 or 2 of subsection (2) would not be the same for all credit agreements to which the advertisement applies, the advertisement shall disclose that information for a representative credit agreement and shall state that the information is for a representative credit agreement.  O. Reg. 17/05, s. 61 (5). (6) An advertisement that offers open credit and that discloses the amount of any element of the cost of borrowing shall also disclose the following information: 1.  The annual interest rate payable under the credit agreement at the time of the advertisement. 2.  The amount or, if the amount cannot be determined at the time of the disclosure, the manner of determining the amount, of each element of the cost of borrowing, other than interest, that a borrower is required to pay at the time the borrower enters into the agreement or on a periodic basis.  O. Reg. 17/05, s. 61 (6). (7) All disclosures with respect to an element of the cost of borrowing in an advertisement referred to in subsection (6) shall be of equal prominence.  O. Reg. 17/05, s. 61 (7). (8) In addition to any other information that it is required to disclose under this section, an advertisement stating or implying that no interest is payable for a definite or indefinite period under a credit agreement shall disclose the following information: 1.  Whether, i.  the credit agreement is unconditionally interest-free during the period, or ii.  interest accrues during the period but will be forgiven if certain conditions are met. 2.  In the situation described in subparagraph 1 ii, i.  the conditions that are required to be met in order for the interest to be forgiven, ii.  in the case of an advertisement for fixed credit, what the annual percentage rate for the credit agreement would be if the conditions for forgiveness of the interest were not met, and iii.  in the case of an advertisement for open credit, what the annual interest rate for the period would be if the conditions for forgiveness of the interest were not met, assuming that the annual interest rate payable under the credit agreement at the time of the advertisement applied to the period.  O. Reg. 17/05, s. 61 (8). (9) In this section, “representative credit agreement”, in relation to an advertisement, means an example of a credit agreement that fairly depicts the credit agreements to which the advertisement applies and is identified as a representative of those credit agreements.  O. Reg. 17/05, s. 61 (9). 61.1 Revoked:  O. Reg. 96/09, s. 6.