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Bank Act

Version of section 450 from 2012-05-24 to 2022-06-29:

Marginal note:Disclosing borrowing costs

  •  (1) A bank shall not make a loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 451, and other prescribed information have been disclosed by the bank to the borrower at the prescribed time and place and in the prescribed form and manner.

  • Marginal note:Non-application

    (2) Subsection (1) does not apply in respect of a loan that is of a prescribed class of loans.

  • 1991, c. 46, s. 450
  • 1997, c. 15, s. 49
  • 2012, c. 5, s. 41

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