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

Marginal note:Renewal

• 45 (1) For the purposes of subsection 627.89(6) of the Act, the following information is prescribed information in relation to a credit agreement that will be renewed on a specified date:

  • (a) the information referred to in section 40 of these Regulations if the credit agreement is for a fixed interest rate;

  • (b) the information referred to in section 41 of these Regulations if the credit agreement is for a variable interest rate;

  • (c) a statement that no change that increases the cost of borrowing will be made to the credit agreement between the day on which the statement is disclosed by the institution and the day on which the credit agreement will be renewed; and

  • (d) a statement that the person’s rights under the credit agreement continue, and the renewal does not take effect, until the day that is the later of the specified date and the day that is 21 days after the day on which the person receives the statement.

• Marginal note:Time of disclosure

  (2) The prescribed information must be disclosed by providing a disclosure statement at least 21 days before the specified date.