Bank Act (S.C. 1991, c. 46)

Marginal note:Promotional and other offers

• 627.61 (1) If a natural person accepts, other than for business purposes, a promotional, preferential, introductory or special offer with respect to a product or service other than an optional product or service, the institution shall disclose to the person the information set out in subsection (2),

  • (a) if the period during which the person will benefit from the offer is more than 30 days, 21 days before, and five days before, the last day of the period; and

  • (b) if the period during which the person will benefit from the offer is 30 days or less, five days before the last day of the period.

• Marginal note:Content

  (2) The information to be disclosed is the following:

  • (a) the interest rate that will be applicable to the product or service after the day on which the person will no longer benefit from the offer;

  • (b) any charges or penalties that may be imposed on the person in relation to the product or service after the day on which the person will no longer benefit from the offer;

  • (c) particulars of the person’s rights and obligations in relation to the product or service after the day on which the person will no longer benefit from the offer;

  • (d) the period within which the institution shall allow the person to cancel the agreement in respect of the product or service after the day on which the person will no longer benefit from the offer; and

  • (e) any prescribed information.