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| Credit Card Regulations In Force In Canada |
by Mike Godfrey, Tax-News.com, Washington
Friday, September 03, 2010
The Canadian Finance Minister, Jim Flaherty, has announced the entry into force
of regulations to protect Canadians who use credit cards.
“Our government has taken action to make financial products more transparent
for consumers. The regulations that take effect today will protect Canadians
and their families from unexpected costs and provide clear information to help
them make better financial decisions,” Flaherty said.
Originally announced on September 30, 2009, the new regulations will:
- Mandate an effective minimum 21-day, interest-free grace period on all new
credit card purchases when a customer pays the outstanding balance in full;
- Lower interest costs by mandating allocations of payment in favour of the
consumer. For example, any payment made in excess of the required minimum
must either be allocated to the balance with the highest interest rate first
or distributed proportionally to each type of balance (cash advances, purchases,
etc);
- Provide information on the cardholder’s monthly statement on the
time it would take to fully repay the balance, if only the minimum payment
is made every month. For example, a balance of CAD1,000 on a credit card that
charges 18% could take more than 10 years to pay off; and,
- Mandate advance disclosure of interest rate increases prior to their taking
effect, even if this information had been included in the credit contract.
The regulations apply to credit cards issued by federally-regulated institutions.
Some provisions in the regulations have broader application to other financial
products, such as fixed- and variable-rate loans and lines of credit.
These new credit card regulations are in addition to those that came into
effect earlier this year, which include:
- Providing a summary box on credit contracts and application forms that
sets out key features, such as interest rates and fees;
- Requiring express consent for credit limit increases; and,
- Limiting debt collection practices used by financial institutions.
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