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Marginal note:Advertisements — transactions financed by institution

• 51 (1) If an institution 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, the institution must ensure that the advertisement discloses whether or not interest, due after the period, accrues during the period.

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• Marginal note:Disclosure of conditions

  (3) If interest does not accrue during the period, the institution must also ensure that the advertisement discloses any conditions that apply to the forgiving of the accrued interest and the APR, or the annual interest rate in the case of credit cards or lines of credit, for a period when those conditions are not met.

Marginal note:Advertisements

30 For the purposes of paragraph 627.87(1)(c) of the Act, the following information is prescribed information:

• (a) if an advertisement gives an example of a situation in which interest would be payable, an example of another situation in which no interest would be payable; and

• (b) if an advertisement gives an example of a situation in which interest would be payable that is in addition to any minimum interest that is guaranteed, an example of another situation in which only the minimum interest would be payable.

Marginal note:Advertisements

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• Marginal note:Information

  (2) For the purposes of section 627.91 of the Act, the annual interest rate on the date of the advertisement and any initial or periodic non-interest charges are prescribed information.