Committee of the Board of Directors

Requirement to designate a committee of the Board of Directors to monitor procedures regarding disclosure of information to customers and to deal with complaints, as required under the Act

Complaint procedures

Requirement to put in place a procedure for handling complaints, and to file a copy of the procedure with the FCAC

Requirement to join a complaints resolution organization

Requirement to provide information to customers on contacting the FCAC

Disclosure requirements

Requirement to disclose information to consumers with respect to:

• cost of borrowing
• terms and conditions of loan prepayments
• a customer's rights and obligations when being issued a credit, charge or payment card, and any associated costs
• any other products and services, policies, procedures or practices, as specified by regulation

Requirement to provide information to FCAC Commissioner, as deemed necessary

Loans and credit/charge cards

Consumer right to prepayment of certain types of loans

Prohibition on loans that require minimum credit balances to be maintained by borrower, unless expressly agreed to

Public Accountability Statements

Requirement for large institutions to file Public Accountability Statements