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  • Additional Public Disclosure for Credit Agreements other than Instalment Financing Facilities

    • BC-4.3.14

      In addition to the requirements under Paragraph BC-4.3.9, retail banks must publicly disclose by conspicuous notice for Credit Agreements other than instalment financing facilities:

      (a) For credit cards, the monthly and the annual rate of interest plus other fees and charges;
      (b) For overdrafts, the annual rate of interest plus other fees and charges;
      (c) For floating-rate credit agreements, the interest rate clearly defined on the basis of the relevant base rate, the periods during which this rate would apply, as well as information on key factors that could affect the total cost of the credit agreement; and
      (d) For instances where the customer exceeds contractual credit lines, the terms and any relevant charges.
      Added: October 2012

    • BC-4.3.15

      For credit agreements other than instalment financing facilities, any advertising through any media means must specify only the annual interest rate and other fees and charges.

      Added: October 2012

    • BC-4.3.16

      For credit agreements other than instalment financing facilities, banks are prohibited from using the term APR in any advertising.

      Added: October 2012