Negative Option Billing Regulations
Version of section 9 from 2012-08-01 to 2020-03-15:
9 An institution that receives from a person a notice of cancellation of an optional product or service that is provided on an ongoing basis, other than one provided in relation to a credit agreement, must, without delay, refund or credit the person with the amount of any charges paid by the person for any part of the product or service that is unused as of the day the cancellation takes effect, calculated in accordance with the formula
A × (B – C) / B
where
- A
- is the amount of the charges;
- B
- is the period between the imposition of the charges and the time when the services were, before the cancellation, scheduled to end; and
- C
- is the period between the imposition of the charges and the cancellation.
- Date modified: