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BC-4.21.4

Licensees’ credit policy must specify, at a minimum, the following:

(a) Disclosures to be made to customers prior to signing of the financing agreement;
(b) Age limits, if any, that apply for insurance cover as per the licensee’s arrangements with the insurer and the options available to customers not meeting the age limits;
(c) Measures or implications of default or extension of tenor for any reason, particularly for financing which have an expiry date falling in a higher age bracket at the time of grant of the financing; and
(d) Any additional terms that apply to customers who fall within the higher age bracket.
Added: January 2024