Marginal note:Rebate of borrowing costs
567.1 (1) Where an authorized foreign bank makes a loan in respect of which the disclosure requirements of section 568 apply, and the loan is not secured by a mortgage on real property and is required to be repaid either on a fixed future date or by instalments, the authorized foreign bank shall, if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan.
Marginal note:Exception
(2) The charges to be rebated do not include the interest or discount applicable to the loan.
Marginal note:Regulations
(3) The Governor in Council may make regulations governing the rebate of charges under subsection (1). The rebate shall be made in accordance with those regulations.
- 1999, c. 28, s. 35
- Date modified: