Investor Presentaiton
[Rev. 2016]
No. 46 of 2012
Consumer Protection
55. Limiting liability for unauthorized charges
A borrower is not liable for any amount that is greater than the prescribed
maximum for unauthorized charges under a credit agreement for open credit.
56. Consequence of non-disclosure
A borrower under a credit agreement is not liable to pay the lender
(a) the cost of borrowing under a credit agreement if the borrower
receives no statements required by this Part; or
(b) as part of the cost of borrowing, any amount in excess of the amounts
specified in the statements that this Part requires to be delivered to
the borrower in respect of the agreement.
57. Correcting errors
If there is an error in a statement of account issued under a credit agreement
for open credit, the lender shall correct the error in accordance with the prescribed
requirements.
58. Required insurance
(1) A borrower who is required under a credit agreement to purchase insurance
may purchase it from any insurer who may lawfully provide that type of insurance,
except that the lender may reserve the right to disapprove, on reasonable grounds,
an insurer selected by the borrower.
(2) A lender who offers to provide or to arrange insurance required under a
credit agreement shall at the same time disclose to the borrower in writing that
the borrower may purchase the insurance through an agent or an insurer of the
borrower's choice.
59. Termination of optional services
(1) A borrower may terminate an optional service of a continuing nature
provided by the lender or an associate of the lender on giving thirty days notice
or such shorter period of notice as is specified in the agreement under which the
service is provided.
(2) A borrower who terminates an optional service in accordance with
subsection (1) is not liable for charges relating to any portion of the service that has
not been provided at the time of termination and is entitled to a refund of amounts
already paid for those charges.
(3) Notice under subsection (1) may be given in any way as long as it indicates
the intention of the borrower to terminate the optional service and section 76
applies, with necessary modification, to such notice.
60. Deferral of payments
(1) If the lender under a credit agreement invites the borrower to defer making
a payment that would otherwise be due under the agreement, the invitation must
disclose whether or not interest will accrue on the unpaid amount during the period
of the deferral and, if interest will accrue, the invitation must also disclose the
interest rate.
(2) If the lender does not comply with subsection (1), the lender shall be deemed
to have waived the interest that would otherwise accrue during the period.
27View entire presentation