Disclosure – credit cards
 12. (1) A credit union that enters into a credit agreement for a credit card must give the borrower an initial disclosure statement that includes the following information: 1.  The information described in paragraphs 1 and 3 to 11 of subsection 10 (1). 2.  The manner in which interest is calculated and the information required by paragraph 1 or 2, as the case may be, of subsection 11 (1). 3.  If the credit agreement requires the borrower to pay the outstanding balance in full on receiving a statement of account, i.  mention of that requirement, ii.  the grace period by the end of which the borrower must have paid that balance, and iii.  the annual interest rate charged on any outstanding balance not paid when due. 4.  If a lost or stolen credit card is used in an unauthorized manner, the fact that the maximum liability of the borrower is the lesser of $50 and the maximum set by the credit agreement. 5.  If a transaction is entered into at an automated teller machine by using the borrower’s personal identification number, the fact that the liability incurred by the transaction is the borrower’s maximum liability, despite paragraph 4. 6.  If the credit union has received a report from the borrower, whether written or verbal, of a lost or stolen credit card, the fact that the borrower is not liable for any transaction entered into through the use of the card after the credit union receives the report.  O. Reg. 238/09, s. 12 (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. 12 (2). (3) Despite section 13, if a credit agreement for a credit card is amended, the credit union must give the borrower a written statement at least 30 days before the amendment takes effect, and the statement must set out the changes to the information that was required to be given to the borrower in the initial disclosure statement, excluding information about the following changes: 1.  Any change in the credit limit. 2.  Any extension to the grace period. 3.  Any decrease in charges other than interest charges and default charges referred to in paragraphs 3 and 7 of subsection 10 (l). 4.  Any change concerning information about any optional service in relation to the credit agreement that is referred to in paragraph 9 of subsection 10 (1). 5.  Any change in a variable interest rate referred to in paragraph 2 of subsection 11 (1) as a result of a change in the public index referred to in that paragraph.  O. Reg. 238/09, s. 12 (3). (4) A change described in paragraphs 1 to 4 of subsection (3) must be disclosed in the first periodic disclosure statement that is given to the borrower after the amendment to the credit agreement is made.  O. Reg. 238/09, s. 12 (4). (5) A credit union that issues credit cards must give each borrower additional disclosure statements on a regular periodic basis, at least once a month that contain the following information: 1.  The information described in subsections 10 (3) and (4), other than paragraphs 2 and 3 of subsection 10 (3). 2.  An itemized statement of account that describes each transaction and discloses each amount credited or charged, including interest, and the dates when those amounts were posted to the account. 3.  The amount that the borrower must pay, on or before a specified due date, in order to have the benefit of a grace period. 4.  The sum for payments and the sum for purchases, credit advances and interest and other charges.  O. Reg. 238/09, s. 12 (5). (6) For the purpose of paragraph 2 of subsection (5), an itemized statement of account is adequate if it permits the borrower to verify each transaction described by linking it with a transaction record provided to the borrower.  O. Reg. 238/09, s. 12 (6).