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• 3 (1) For the purpose of section 451 of the Act, the cost of borrowing for a loan under a credit agreement, other than a loan obtained through the use of a credit card or line of credit, is to be expressed as an annual rate on the principal, as follows:

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• (2) For the purpose of the APR calculation under subsection (1),

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  • (d) if the annual interest rate underlying the calculation is variable over the period of the loan, it must be set as the annual interest rate that applies on the day that the calculation is made;

• (3) For the purpose of section 451 of the Act, the cost of borrowing for a loan obtained under a credit card agreement or line of credit is to be expressed as an annual rate, as follows:

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• 19 (1) A bank that advertises a loan involving a fixed amount of credit in an advertisement that makes a representation of the interest rate, or the amount of any payment or of any non-interest charge, in relation to the loan must disclose the APR and the term of the loan. The APR must be provided at least as prominently as the representation and in the same manner, whether visually or aurally, or both.

• (2) If the APR or the term of the loan is not the same for all loans to which the advertisement relates, the disclosure must be based on an example of a loan that fairly depicts all those loans and is identified as a representative example of them.

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• (2.1) For a disclosure statement that is part of a credit agreement in respect of a loan, a line of credit or a credit card or an application for a credit card,

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  • (b) the applicable information box, as set out in one of Schedules 1 to 5, containing the information referred to in that Schedule, must be presented at the beginning of the agreement or application.

• (2.2) For a disclosure statement that is separate from the credit agreement or the application,

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  • (b) the applicable information box, as set out in one of Schedules 1 to 5, containing the information referred to in that Schedule, must be presented at the beginning of the disclosure statement.

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• (3) Information disclosed in a disclosure statement may be based on an assumption or estimate if the assumption or estimate is reasonable and the information disclosed by it

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  • (b) is identified to the borrower as an assumption or estimate.

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• (2.1) For a disclosure statement that is part of a credit agreement in respect of a loan, a line of credit or a credit card or an application for a credit card,

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  • (b) the applicable information box, as set out in one of Schedules 1 to 5, containing the information referred to in that Schedule, must be presented at the beginning of the agreement or application.

• (2.2) For a disclosure statement that is separate from the credit agreement or the application,

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  • (b) the applicable information box, as set out in one of Schedules 1 to 5, containing the information referred to in that Schedule, must be presented at the beginning of the disclosure statement.

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• (3) Information disclosed in a disclosure statement may be based on an assumption or estimate if the assumption or estimate is reasonable and the information disclosed by it

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  • (b) is identified to the borrower as an assumption or estimate.

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• 22 (1) A bank that finances a transaction depicted in an advertisement that involves a representation, express or implied, that a period of a loan is free of any interest charges must ensure that the advertisement discloses in a manner equally as prominent as the representation, if it is expressed, or in a prominent manner otherwise, whether or not interest, due after the period, accrues during the period.