27. (1) For the purposes of clause 16.5 (1) (a) of the Act, the following are requirements that a debt settlement services agreement entered into between a collection agency and a debtor is required to meet: 1. For each debt settlement services agreement with a debtor, the collection agency shall indicate which of the following methods of negotiating the settlement of the debtor’s debts the collection agency will pursue: i. The collection agency will put forward to each of the debtor’s creditors a proposed schedule of payments in respect of each debt. ii. The collection agency will put forward to each of the debtor’s creditors, on or before a specified date, an offer to settle the debt with a one-time payment that is less than the amount of the debt. 2. If the collection agency proposes to settle a debtor’s debts by the method described in subparagraph 1 i, i. the agreement shall include the proposed schedule of payments for each debt, ii. the agreement shall specify that the maximum payment or security for payment that the collection agency may require or accept for services provided under the agreement shall be 15 per cent of every payment made by the debtor to a creditor in respect of a debt to which the agreement applies, and iii. the first page of the agreement shall be the document entitled “Repaying Debt and Credit Counselling—What You Need to Know” and dated November 24, 2014, which is available on a Government of Ontario website. 3. If the collection agency proposes to settle a debtor’s debts by the method described in subparagraph 1 ii, i. the agreement shall state for each debt the date on which an offer to settle will be made and the amount of the one-time payment that will be offered, ii. the agreement shall specify that the maximum payment or security for payment that the collection agency may require or accept for services provided under the agreement shall be 10 per cent of the amount of each debt, at the time the agreement is signed, that is settled through the collection agency, and iii. the first page of the agreement shall be the document entitled “Settling Debt—What You Need to Know” and dated November 24, 2014, which is available on a Government of Ontario website. 4. Unless a termination provision set out in the agreement provides for an earlier termination date, the agreement terminates 18 months after the later of, i. the date the agreement was entered into, ii. the last day on which a payment was made in connection with the agreement, or iii. if any debts to which the agreement applies are settled by or through the collection agency, the last day on which such a settlement occurred. 5. The agreement shall disclose whether or not the collection agency receives or will attempt to receive funding from a creditor in exchange for entering into a debt settlement services agreement with the debtor. 6. The agreement must include the following information, in addition to the information required under paragraphs 1 to 5: i. The name, address and telephone number of the debtor. ii. The collection agency’s registered name, principal business address in Ontario, telephone number, fax number, e-mail address, website address and registration number under the Act, set out as “Ontario Registration # [insert registration number]” in English or “No d’inscription en Ontario : [insert registration number]” in French. iii. The names of any collectors who negotiated or concluded the agreement with the debtor on behalf of the collection agency. iv. The date on which the agreement was entered into. v. The proposed termination date of the agreement, together with the statement that the termination date is subject to the rule specified in paragraph 4. vi. An itemized list of all services that will be provided under the agreement. vii. The details of all the debts to which the agreement applies, including each creditor’s name, the total amount owed to each creditor and the interest rate applicable to each debt. viii. The total amount owed by the debtor to all creditors under the agreement. ix. Any restrictions, limitations and conditions under the agreement. x. A statement that the debtor is entitled to receive a written report on the performance of the agreement within 15 days after requesting it. xi. The date and signature of the debtor, the collection agency and the collector who dealt with the debtor at the time the agreement was signed. O. Reg. 309/14, s. 10; O. Reg. 460/17, s. 16. (2) A debt settlement services agreement may be amended, whether or not the agreement provides for amendment, by the express agreement of the debtor and collection agency. O. Reg. 309/14, s. 10. (3) If a debt settlement services agreement is amended, the debtor may, without any reason, cancel the agreement at any time from the date that the amendment is agreed to until 10 days after receiving the written copy of the amended agreement, and subsections 16.7 (3), (4) and (5) of the Act apply to the cancellation. O. Reg. 309/14, s. 10. (4) No amendment of a debt settlement services agreement is effective unless the amendment and the amended agreement meet all the requirements in the Act and this Regulation. O. Reg. 309/14, s. 10. (5) An amendment to a debt settlement services agreement does not retroactively affect rights and obligations acquired by the debtor before the effective date of the amendment, and does not affect any debt that has already been settled under the agreement. O. Reg. 309/14, s. 10.