Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:4d
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 4D
Character Range: 44358–45074

4D  Small amount credit contracts—credit limit increase to cover fees
  The credit limit set out in paragraph (c) of the definition of small amount credit contract in subsection 5(1) of the Act is increased by the amount of each of the following as included in the amount of credit to be provided under the contract:
 (a) the permitted establishment fee for the contract;
 (b) the first permitted monthly fee payable under the contract.
Note 1: Section 31A of the Code deals with the fees and charges that can be imposed under a small amount credit contract.
Note 2: While this regulation could raise a credit limit to a maximum of $2,480, no more than $2,000 would be available to the consumer under the contract.