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

Marginal note:Disclosure statement

• 33 (1) Information that must be disclosed under section 627.89 of the Act must be provided in a disclosure statement that

  • (a) is part of the credit agreement;

  • (b) is part of the application for the credit agreement; or

  • (c) is set out in a separate document.

• Marginal note:Part of credit agreement

  (2) If the disclosure statement is part of a credit agreement for a loan, line of credit or credit card, then the disclosure statement must be set out in a consolidated manner in a single location and the information box required under subsection 627.57(1) of the Act must be set out at the beginning of the agreement.

• Marginal note:Separate document

  (3) If the disclosure statement is set out in a separate document then the information box must be set out at the beginning of the statement.

• Marginal note:Repetition of numbers

  (4) Numbers that are set out in the information box — including numbers that refer to an interest rate, a period, a date or a dollar amount — are not required to be repeated in the disclosure statement but may instead be referenced in it.

• Marginal note:Assumptions and estimates

  (5) Information in the disclosure statement may be based on an assumption or estimate if the assumption or estimate is reasonable and the information

  • (a) cannot be known by the institution at the time of disclosure; and

  • (b) is identified to the person entering into the agreement as an assumption or estimate.