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CG-4 Information box examples for the Cost of Borrowing Regulations
Version of document from October 2009 to June 9, 2024.
CG-4 has been converted to a bulletin, as part of FCAC’s comprehensive review of guidance. Read the bulletin.
Notice
The new Financial Consumer Protection Framework (FCPF) in the Bank Act and the Financial Consumer Protection Framework Regulations (collectively: “the Framework Requirements”) come into force on June 30, 2022. The Framework Requirements apply to banks, authorized foreign banks and federal credit unions. Certain guidelines will be reviewed, including for purposes of reflecting the Framework Requirements, and will be reissued in due course as is appropriate. Starting June 30, 2022, the affected guidelines are to be read by banks, authorized foreign banks and federal credit unions in conjunction with, and subject to, the Framework Requirements. If there is any inconsistency between the Framework Requirements and the below guidelines relating to banks, authorized foreign banks and federal credit unions and their conduct post June 30, 2022, the Framework Requirements prevail.
Information box examples
The government’s 2010 amendments to the Cost of Borrowing Regulations include provisions for information disclosure boxes. In consultation with the Department of Finance Canada, FCAC has developed examples of information boxes to provide guidance to the industry.
These are intended to be generic examples of information boxes. Each federally regulated financial institution is responsible for ensuring that all of its disclosure documentation meets the regulatory requirements.
- Application form for a credit card
- Credit agreement for a credit card
- Credit agreement for a fixed interest loan for a fixed amount mortgage
- Credit agreement for a variable interest loan for a fixed amount mortgage
- Credit agreement for a fixed interest loan for a fixed amount personal loan
- Credit agreement for a line of credit