P-40.1, r. 3 - Regulation respecting the application of the Consumer Protection Act

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61.0.3. The credit contract under which the credit rate, calculated in accordance with the Act at the time the contract was entered into, exceeds the rate obtained by increasing by 22 percentage points the Bank Rate of the Bank of Canada is a high-cost credit contract.
For the purposes of the first paragraph, the Bank Rate is the rate in force on the expiry of a 2-day period following its announcement by the Bank of Canada.
In the case of an open credit contract, to determine if the contract is high cost, the credit rate applicable under the contract in case of default of the consumer is not taken into account
994-2018O.C. 994-2018, s. 37.