21. An authorized foreign bank that advertises a credit card in an advertisement that makes a representation of the annual interest rate, or the amount of any payment or of any non-interest charge, in relation to the loan must disclose the annual rate of interest on the date of the advertisement and any initial or periodic non-interest charges at least as prominently as the representation and in the same manner, whether visually or aurally, or both.

• 22. (1) An authorized foreign bank that finances a transaction depicted in an advertisement that involves a representation, express or implied, that a period of a loan is free of any interest charges must ensure that the advertisement discloses in a manner equally as prominent as the representation, if it is expressed, or in a prominent manner otherwise, whether or not interest, due after the period, accrues during the period.

• (2) If interest does not accrue during the period, the advertisement must also disclose any conditions that apply to the forgiving of the accrued interest and the APR, or the annual interest rate in the case of credit cards or lines of credit, for a period when those conditions are not met.

23. These Regulations apply to the renewal or on-going administration of a credit agreement that was entered into before these Regulations came into force.

24. The Cost of Borrowing (Authorized Foreign Banks) RegulationsFootnote ¹ are repealed.

• Return to footnote ¹SOR/99-277

25. These Regulations come into force on the day on which they are registered.