Marginal note:Rebate of borrowing costs
449.1 (1) Where a bank makes a loan in respect of which the disclosure requirements of section 450 apply, and the loan is not secured by a mortgage on real property and is required to be repaid either on a fixed future date or by instalments, the bank shall, if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan.
Marginal note:Exception
(2) The charges to be rebated do not include the interest or discount applicable to the loan.
Marginal note:Regulations
(3) The Governor in Council may make regulations governing the rebate of charges under subsection (1). The rebate shall be made in accordance with those regulations.
- 1997, c. 15, s. 49
- Date modified: