Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:28lbf
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 28LBF
Character Range: 189076–190220

28LBF  Licensee to notify consumer of use of credit card in excess of credit limit
 (1) For the purposes of subsection 133BH(1) of the Act, if a consumer who is the debtor under a credit card contract has used a card in excess of the credit limit for the contract, the licensee who is the credit provider under the contract must take reasonable steps to notify the consumer of that matter, not later than 2 business days after becoming aware of the use of the card in excess of the limit.
 (2) However, if:
 (a) the consumer pays the amount by which the credit limit has been exceeded within 2 business days after the day on which the balance under the credit card contract first exceeds the credit limit; and
 (b) the licensee has not already notified the consumer when the amount is paid;
the licensee is not required to notify the consumer.
 (3) The licensee is only required to notify the consumer once during a statement period.
 (4) The licensee must include in the notification information about exceeding the credit limit that is sufficient to lead a reasonable consumer to check the balance under the consumer's credit card contract.