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Services	May 2, 2008
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Cost of Credit Disclosure

Justice and Consumer Affairs

Cost of Credit Disclosure Act | | HTML 83-180 - General | | HTML

Overview:

This Act regulates the lending and collection practices of lenders and of companies that offer products for sale on credit. This Act prohibits unsolicited credit cards. Violations of this Act may result in suspension or cancellation.

Eligibility:

Applicant must submit completed application form and copy of the contract to be used with consumers for approval.

Description:

This Act provides consumer protection by ensuring that the true cost of borrowing is always disclosed to the consumer. This includes contractual requirements, as well as advertising requirements. The Act also prohibits certain collection practices to avoid harassment. The Act authorizes the Consumer Affairs Branch to investigate complaints and perform audits where necessary. The Act provides penalties for companies that fail to comply.

Fees: (Unless otherwise specified, the harmonized sales tax (HST) is NOT included in the Fees.)

List of Fees		Rate in $
Payments can be made at the Consumer Affairs Branch
For a company with assets valued at $50 000 or less		75.00
For a company with assets valued at more than $50 000		100.00

Forms and Packages: Forms may require the latest version of Adobe Acrobat Reader.

Forms are not applicable or not available.

Online transactions:

Online transactions are not applicable or not available.

Service Contact(s):

Consumer Affairs, Fredericton

Related Links: Some links may require the latest version of Adobe Acrobat Reader.

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