Cost of Borrowing (Canadian Insurance Companies) Regulations (SOR/2001-102)
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Regulations are current to 2024-10-14 and last amended on 2020-03-16. Previous Versions
SCHEDULE 2(Subsections 6(2.1) and (2.2))
Information Box — Credit Agreement for a Variable Interest Loan for a Fixed Amount Referred to in Subsection 9(1)
| Principal Amount | (Indicate the principal amount of the loan.) |
| Annual Interest Rate | (Indicate the annual interest rate that applies on the date of the disclosure statement and provide a brief description of how the interest is compounded, if applicable, and charged.) |
| Determination of Interest | (Provide a brief description of the method for determining the annual interest rate and the date that the determination is made.) |
| Annual Percentage Rate | (Indicate the APR, if it differs from the annual interest rate, and provide a brief description of how it is determined.) |
| Term | (Indicate the number of months or years of the term of the loan, and whether it is open or closed, and provide a brief explanation of what “open” or “closed”, as applicable, means.) |
| Date of Advance | (Indicate the date on which the principal amount of the loan is to be advanced and the date on which interest is to begin to be charged.) |
| Payments | (Indicate the amount of each payment, based on the annual interest rate that applies on the date of the disclosure statement, and the date on which each payment is due and provide a brief description of the components of a payment and the frequency of the payments.) |
| Amortization Period | (Indicate the number of months or years of the amortization period, if that period is different from the term of the loan.) |
| Prepayment Privilege | (Provide a brief description of the conditions under which a borrower may repay a greater portion of the loan than required in any given period without incurring penalty charges for the prepayment of the loan, if applicable.) |
| Prepayment Charges | (Indicate the amount of the penalty charges, if any, for prepayment of the loan or provide a brief explanation of the manner in which the penalty charges are calculated.) |
| Default Insurance | (Indicate the amount of charges for insurance against default on a high-ratio mortgage or hypothec, if any.) |
| Other Fees | (Provide a list of the types and amounts of any other charges, other than interest charges.) |
- SOR/2009-262, s. 11
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