Bank Act (S.C. 1991, c. 46)

Marginal note:Agreement — natural persons

• 627.89 (1) An institution shall, before entering into a credit agreement with a natural person other than for business purposes, disclose to the person

  • (a) the cost of borrowing, as calculated and expressed in accordance with section 627.9;

  • (b) particulars of the person’s rights and obligations;

  • (c) any charges or penalties that may be imposed on the person;

  • (d) in the case of a line of credit or credit card account, the circumstances in which the institution shall send the person an alert, in accordance with section 627.13; and

  • (e) any prescribed information.

• Marginal note:Agreement — other persons

  (2) An institution shall, before entering into a credit agreement with a person, other than a person referred to in subsection (1), disclose to the person prescribed information.

• Marginal note:Applications for credit, payment or charge card

  (3) An institution shall disclose in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards

  • (a) in the case of a credit card,

    • (i) a list of all non-interest charges,

    • (ii) the information referred to in paragraph (1)(a),

    • (iii) the day on which interest begins to accrue and information concerning any grace period that applies, and

    • (iv) any prescribed information; and

  • (b) in the case of a payment or charge card, any prescribed information.

• Marginal note:Subsequent disclosure

  (4) An institution shall, after entering into a credit agreement with a person, disclose prescribed information to the person.

• Marginal note:Amendments

  (5) An institution shall disclose to the person with whom it has entered into a credit agreement

  • (a) any prescribed amendment to the terms or conditions of the credit agreement; and

  • (b) any prescribed information resulting from the amendment.

• Marginal note:Renewal

  (6) An institution shall disclose to the person with whom it has entered into a credit agreement any prescribed information respecting the renewal of the credit agreement.