Back Custom print Link Text Only Rich Text Print

  • Disclosure to Customers: During the Term of the Credit Agreement

    • BC-4.2.24

      Retail banks must, at the time of signing the credit agreement, give the clients information on the payment schedule of the credit agreement, including the breakdown of principal, profit and other charges per month for the whole life of the facility. Information must be given, free of charge, at least on a semi-annual basis, unless the period of financing is shorter or where there exists a prior agreement on a more frequent basis.

      Amended: January 2019
      Amended: April 2014
      Added: October 2012

    • BC-4.2.25

      In addition to the requirements under Paragraph BC-4.2.24, when credit is granted through credit cards, monthly statements must be provided and include information on minimum payment.

      Amended: April 2014
      Added: October 2012

    • BC-4.2.25A

      Retail banks licensees must, when billing their customers, reflect the card transactions without rounding off the amounts in Fils. Retail banks licensees must collaborate with acquirers and Visa/MasterCard network schemes to ensure that there is no rounding off in any transaction irrespective of the currency of the transaction.

      Added: January 2019