Disclosure – lines of credit
 10. (1) A credit union that enters into a credit agreement for a line of credit must give the borrower an initial disclosure statement that includes the following information: 1.  The initial credit limit, if it is known at the time the disclosure is made. 2.  The annual interest rate, or the method for determining it if it is variable. 3.  The nature and amounts of any non-interest charges. 4.  The minimum payment during each payment period or the method for determining it. 5.  Each period for which a statement of account is to be provided. 6.  The date on and after which interest accrues and information concerning any grace period that applies. 7.  The particulars of the charges or penalties referred to in paragraph 5 of section 197.4 of the Act, including default charges that may be imposed under section 18 of this Regulation. 8.  The property, if any, in which the credit union takes a security interest under the credit agreement. 9.  Information about any optional service in relation to the credit agreement that the borrower accepts, the charges for each optional service and the conditions under which the borrower may cancel the service, if that information is not disclosed in a separate statement before the optional service is provided. 10.  A local or toll-free telephone number, or a telephone number with a prominent indication that collect calls are accepted, that the borrower may use to get information about the account during the credit union’s regular business hours. 11.  Any charge paid for a broker, if the broker’s charges are included in the amount borrowed and are paid directly by the credit union to the broker.  O. Reg. 238/09, s. 10 (1). (2) If the initial credit limit is not known when the initial disclosure statement is made, the credit union must disclose it, (a)  in the first statement of account provided to the borrower; or (b)  in a separate statement that the borrower receives on or before the date on which the borrower receives that first statement of account.  O. Reg. 238/09, s. 10 (2). (3) Subject to subsection (4), the credit union must give the borrower an additional disclosure statement at least once a month that contains the following information: 1.  The period covered by the disclosure statement and the opening and closing balances in the period. 2.  An itemized statement of account that discloses each amount credited or charged, including interest, and the dates when those amounts were posted to the account. 3.  The sum for payments and the sum for credit advances and interest and other charges. 4.  The annual interest rate that applied on each day in the period and the total of interest charged at those rates in the period. 5.  The credit limit and the amount of credit available at the end of the period. 6.  The minimum payment and its due date. 7.  The borrower’s rights and obligations regarding any billing error that may appear in the statement of account. 8.  A local or toll-free telephone number, or a telephone number with a prominent indication that collect calls are accepted, that the borrower may use to get information about the account during the credit union’s regular business hours.  O. Reg. 238/09, s. 10 (3). (4) The additional disclosure statements described in subsection (3) are not required for a period during which there are no advances or payments and, (a)  there is no outstanding balance at the end of the period; or (b)  the borrower has notice that the credit agreement has been suspended or cancelled due to default and the credit union has demanded payment of the outstanding balance.  O. Reg. 238/09, s. 10 (4).