Financial Consumer Protection Framework Regulations (SOR/2021-181)

Marginal note:Definitions

1 The following definitions apply in these Regulations.

Act

Act means the Bank Act. (Loi)

APR

APR or annual percentage rate means the cost of borrowing for a loan under a credit agreement, expressed as an annual rate on the principal referred to in subsection 47(1). (TAC ou taux annuel du coût d’emprunt)

disbursement charge

disbursement charge means a charge, other than one referred to in subsection 48(1), to recover an expense incurred by an institution to arrange, document, insure or secure a credit agreement. It includes a charge referred to in any of paragraphs 48(2)(c) or (f) to (h). (frais de débours)

insurer

insurer includes a government agency that provides insurance referred to in subsection 627.992(1) of the Act. (assureur)

principal

principal means the amount borrowed under a credit agreement but does not include any cost of borrowing. (capital)

public index

public index means an interest rate, or a variable base rate for an interest rate, that is published at least weekly in a newspaper or magazine of general circulation, or in some media of general circulation or distribution, in areas where natural persons who — for purposes other than business purposes — have entered into credit agreements that are governed by that rate reside. (indice publié)