P-40.1 - Consumer Protection Act

Section 119.1 Disposition versions

2019-08-01

119.1. A credit card application form or the accompanying documents must contain or state the following:

(a)  the credit rate or, if it is a variable rate, the initial credit rate, the index to which the credit rate is linked and the relationship between the index and the credit rate;

(b)  the grace period given the consumer to pay outstanding amounts without having to pay credit charges, except as regards money advances;

(c)  the nature of the charges and how they are determined; and

(d)  the date as of which the information referred to in subparagraphs a to c is current.

If the credit card is applied for remotely, the merchant must, before accepting the application, disclose to the consumer the information required under the first paragraph.

2017, c. 24, s. 27.