Bank Act (S.C. 1991, c. 46)

Marginal note:No charge — holds

• 627.36 (1) An institution shall not impose a charge on a natural person for exceeding their credit limit as a result of a hold on a credit card that was issued in Canada to the person other than for business purposes.

• Marginal note:Non-application

  (2) Subsection (1) does not apply if the person would, in any case, have exceeded their credit limit during the period in which the hold was in effect.