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

    • BC-3.1.24

      Licensees must, at the time of singing the credit agreement, give the clients information on the payment schedule of the credit agreement, including the breakdown of principal, profit/interest 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 debt servicing is shorter or where there exists a prior agreement on a more frequent basis.

      Amended: January 2019
      January 2014

    • BC-3.1.25

      In addition to the requirements under Paragraph BC-3.1.24, when credit is granted through credit cards, monthly statements must be provided and include information on minimum payment.

      January 2014

    • BC-3.1.25A

      Licensees must, when billing their customers, reflect the card transactions without rounding off the amounts in Fils. 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