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Bank Act

Version of section 449 from 2003-01-01 to 2022-06-29:

Definition of cost of borrowing

 For the purposes of this section and sections 449.1 to 456, cost of borrowing means, in respect of a loan made by a bank,

  • (a) the interest or discount applicable to the loan;

  • (b) any amount charged in connection with the loan that is payable by the borrower to the bank; and

  • (c) any charge prescribed to be included in the cost of borrowing.

For those purposes, however, cost of borrowing does not include any charge prescribed to be excluded from the cost of borrowing.

  • 1991, c. 46, s. 449
  • 1997, c. 15, s. 49
  • 2001, c. 9, s. 118

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