Initial disclosure statement, fixed credit agreement
 63. (1) The initial disclosure statement for a credit agreement for fixed credit shall be in writing and, for the purpose of subsection 79 (2) of the Act, shall disclose the following information, in addition to the information required under subsection 78 (1) of the Act: 0.1  The outstanding principal balance as at the beginning of the term of the credit agreement. 1.  The total of the advances to be made to the borrower. 2.  If more than one advance is to be made to the borrower, the nature, timing and amount of each advance. 3.  The length of the term of the credit agreement. 4.  The cost of borrowing. 5.  The length of the term of the amortization period, if different from the length of the term of the credit agreement. 6.  The interest rate payable by the borrower under the credit agreement, if the rate will not change during the term of the credit agreement. 7.  If the interest rate payable by the borrower under the credit agreement may change during the term of the credit agreement, i.  the initial interest rate payable by the borrower under the credit agreement, ii.  the manner of determining the annual interest rate at any time during the term of the credit agreement, and iii.  unless the amount of the scheduled payments is adjusted to account for changes in the interest rate, the lowest interest rate at which the scheduled payments would not cover the interest that would accrue between consecutive scheduled payments based on the outstanding principal balance as at the beginning of the term of the credit agreement. 8.  The date on which interest begins to accrue under the credit agreement. 9.  The circumstances under which interest is compounded under the credit agreement. 10.  For each element of the cost of borrowing, other than interest, the nature of the element and amount payable by the borrower. 11.  The details with respect to grace periods under the credit agreement. 12.  The annual percentage rate for the credit agreement. 13.  Subject to subsection (2), the optional services accepted by the borrower, the charge for each optional service, the borrower’s right to terminate any optional service of a continuing nature and the manner of exercising that right. 14.  The total of all payments the borrower is required to make in connection with the credit agreement and the timing and amount of each payment, including, without limitation, any down payment, trade-in allowance, balloon payment and final payment. 15.  If the credit agreement does not require the borrower to make scheduled payments, i.  the circumstances under which the outstanding balance or a portion of it is required to be paid by the borrower, or ii.  the provisions of the credit agreement that set out those circumstances. 16.  The method used to apply each payment by the borrower against the accumulated cost of borrowing and against the outstanding principal balance. 17.  The prepayment rights, charges and penalties that apply to the credit agreement. 18.  The method of calculating the amount that the lender is required to refund or credit to the borrower under subsection 76 (2) of the Act and section 60 of this Regulation, if the borrower prepays the full outstanding balance under the credit agreement. 19.  The default charges under the credit agreement. 20.  If the borrower is giving a security interest in personal property to secure the borrower’s indebtedness under the credit agreement, a description of the property that will be subject to the security interest. 21.  If the credit agreement requires the borrower to purchase insurance, i.  that the borrower may purchase the insurance from any insurer who may lawfully provide that type of insurance and may purchase the insurance directly from the insurer or through an agent of the borrower’s choice, and ii.  if the credit agreement gives the lender the following right, that despite subparagraph i, the lender has the right to disapprove, on reasonable grounds, an insurer selected by the borrower.  O. Reg. 17/05, s. 63 (1); O. Reg. 200/05, s. 1. (2) The information referred to in paragraph 13 of subsection (1) need not be disclosed in the initial disclosure statement if it is disclosed in a separate statement delivered to the borrower before the optional services are provided to the borrower.  O. Reg. 17/05, s. 63 (2). (3) If the interest rate payable by the borrower under the credit agreement may change during the term of the credit agreement, the information required under paragraphs 4 and 14 of subsection (1) shall be based on the initial interest rate disclosed under subparagraph 7 i of subsection (1).  O. Reg. 17/05, s. 63 (3).