1 The following definitions apply in these Regulations.
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)
7 (1) An institution that communicates with a debtor in order to collect payment of a debt from the debtor must inform them of the following information:
(a) the details of the debt, such as the amount owed and the type of debt; and
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(8) Except if the debtor or any other person referred to in subsection (7) has provided a cellular telephone number as a contact number, an institution may not knowingly communicate or attempt to communicate with the debtor or that person for the purpose of collecting, negotiating or demanding payment of a debt by a means that renders the charges or costs incurred for the communication payable by the debtor or that person, as the case may be.
5 (1) Subject to subsection (2), an institution may not charge a borrower an amount for surpassing their credit limit as a result of a hold on their credit card.
4 (1) If different interest rates apply to different amounts owing for a particular billing cycle on a credit card account, the institution must allocate any payment made by the borrower that is greater than the required minimum payment for that billing cycle among those amounts using one of the following methods:
(b) by allocating that payment among those amounts in the same proportion as each amount bears to the outstanding balance owing on the credit card account.
(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.
