Bank Act (S.C. 1991, c. 46)

Marginal note:Credit card statement

• 627.34 (1) Subject to any regulations, an institution shall, for a credit card issued in Canada to a natural person other than for business purposes, send a statement of account in respect of each billing cycle to the person. The statement is to be sent without delay after the last day of the billing cycle.

• Marginal note:Minimum payment — due date

  (2) An institution shall not require a minimum payment in respect of the outstanding balance owing for a particular billing cycle on the credit card account to be made by the person less than 21 days after the last day of that billing cycle.

• Marginal note:Non-business day

  (3) If the due date for a minimum payment in respect of the outstanding balance owing on the credit card account does not fall on a business day, the institution shall consider a payment made on the next business day as being made on time.

• Marginal note:No interest if balance paid in full

  (4) An institution shall not impose interest on purchases of goods or services made during a particular billing cycle on the credit card account if the person pays the outstanding balance owing on the credit card account in full on or before the due date.