Cost of Borrowing (Canadian Insurance Companies) Regulations

11 (1) A company that issues credit cards and that distributes an application form for credit cards must specify the following information in the form or in a document accompanying it, including the date on which each of the matters mentioned takes effect:

• (a) in the case of a credit card with a

  • (i) fixed rate of interest, the annual interest rate, or

  • (ii) variable interest rate that is determined by adding or subtracting a fixed percentage rate of interest to or from a public index, the public index and the fixed percentage rate to be added or subtracted from it;

• (b) the day on and after which interest accrues and information concerning any grace period that applies; and

• (c) the amount of any non-interest charges.

(2) Subsection (1) does not apply if, on the application form or in a document accompanying it, the company prominently discloses

• (a) a local or toll-free telephone number, or a telephone number with a prominent indication that collect calls are accepted, that the borrower may use to get information required by subsection (1) during the company’s regular business hours; and

• (b) the fact that the applicant may obtain the information required by subsection (1) at that telephone number.

(3) If an applicant for a credit card applies by telephone or any electronic means, the company must disclose the information required by paragraphs (1)(a) and (c) at the time of the application.

(4) If a company that issues credit cards solicits applications for them in person, by mail, by telephone or by any electronic means, the information required by paragraphs (1)(a) and (c) must be disclosed at the time of the solicitation.