Credit Business Practices (Banks, Authorized Foreign Banks, Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Foreign Insurance Companies) Regulations (SOR/2009-257)
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Regulations are current to 2013-05-26 and last amended on 2010-09-01. Previous Versions
INTERPRETATION
1. The following definitions apply in these Regulations.
- “borrower”
“borrower” means a person who holds a credit card or has applied to an institution to become a holder of a credit card. (emprunteur)
- “credit agreement”
“credit agreement” includes an agreement for a line of credit, a credit card or any kind of loan. (convention de crédit)
- “credit card”
“credit card” means a credit card issued to a natural person other than for business purposes. (card de crédit)
- “debtor”
“debtor” means a natural person who has entered into a credit agreement with an institution other than for business purposes and who owes a debt to that institution. (débiteur)
- “institution”
“institution” means any of the following:
(a) a bank, as defined in section 2 of the Bank Act;
(b) an authorized foreign bank, as defined in section 2 of the Bank Act;
(c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act;
(d) a company, as defined in subsection 2(1) of the Insurance Companies Act;
(e) a foreign company, as defined in subsection 2(1) of the Insurance Companies Act;
(f) a company, as defined in section 2 of the Trust and Loan Companies Act. (institution)
APPLICATION
2. These Regulations apply to institutions, to the affiliates that they control and to the agents and representatives of those institutions and affiliates.
MINIMUM GRACE PERIOD FOR NEW PURCHASES
3. (1) A statement of account in respect of a billing cycle for a credit card must be sent by an institution to the borrower without delay after the last day of that billing cycle.
(2) An institution may not require a minimum payment in respect of the outstanding balance owing on a credit card account for a particular billing cycle to be made by the borrower on a day earlier than 21 days after the last day of that billing cycle.
(3) If the due date for a minimum payment in respect of the outstanding balance owing on a credit card account falls on a Saturday or a holiday, the institution must consider a payment made on the next business day as being made on time.
(4) An institution may not charge interest on purchases of goods or services made on a credit card during a particular billing cycle if the borrower pays the outstanding balance owing on the credit card account in full on or before the due date.
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