Direct Sales, Future Performance, and Time Share Contracts (11:V): Difference between revisions
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Direct Sales, Future Performance, and Time Share Contracts (11:V) (view source)
Revision as of 20:36, 12 August 2020
, 12 August 2020→F. Credit Transactions
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*Under ss 59 to 64, certain requirements flow from the advertising of certain aspects of credit, such as interest-free periods, interest rates, and cost of credit. | *Under ss 59 to 64, certain requirements flow from the advertising of certain aspects of credit, such as interest-free periods, interest rates, and cost of credit. | ||
*Under Division 4 of Part 5, a borrower has certain rights, such as being able to choose an insurer and to cancel optional services. | *Under Division 4 of Part 5, a borrower has certain rights, such as being able to choose an insurer and to cancel optional services. | ||
*Under s 99, where a credit card is lost or stolen, the holder is not liable for any charges incurred after notice in person or by registered mail has been given to the issuer of the card. In the case of purchases made before notice is given, an individual is only liable for $50 or up to the credit limit remaining on the card, whichever is less. This protection does not extend to | *Under s 99, where a credit card is lost or stolen, the holder is not liable for any charges incurred after notice in person or by registered mail has been given to the issuer of the card. In the case of purchases made before notice is given, an individual is only liable for $50 or up to the credit limit remaining on the card, whichever is less. This protection does not extend to situations where a credit card is used with a personal identification number at an ATM (see ''Plater v Bank of Montreal'' (1988), 22 BCLR (2d) 308 (Co Ct)). | ||
=== 1. Notice Required for Increased Interest Rates === | === 1. Notice Required for Increased Interest Rates === | ||
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Section 96 provides that a credit card issuer must not issue a credit card to an individual that has not applied for one. This does not affect the ability of a credit card issuer to provide a renewal or replacement card that has been applied for. | Section 96 provides that a credit card issuer must not issue a credit card to an individual that has not applied for one. This does not affect the ability of a credit card issuer to provide a renewal or replacement card that has been applied for. | ||
Sections 56.1-56.5 regulate the terms of prepaid purchase cards. A prepaid purchase card is a card, written certificate or other voucher with a monetary value that is issued or sold to a person in exchange for the future supply of goods or services. These include gift cards or gift certificates. Section 56.2 prevents any cards from being issued with an expiry date. ''Prepaid Purchase Cards Regulation'', BC Reg 292/2008 contains exemptions from the expiry date prohibition. These include cards issued for a specific good or service, cards issued for a charitable purpose, and cards issued to a person who provides nothing of value in exchange. | Sections 56.1-56.5 regulate the terms of prepaid purchase cards. A prepaid purchase card is a card, written certificate or other voucher with a monetary value that is issued or sold to a person in exchange for the future supply of goods or services. These include gift cards or gift certificates. Section 56.2 prevents any cards from being issued with an expiry date. ''Prepaid Purchase Cards Regulation'', BC Reg 292/2008 contains exemptions from the expiry date prohibition. These include cards issued for a specific good or service, cards issued for a charitable purpose, and cards issued to a person who provides nothing of value in exchange. | ||
== G. High-Cost Loans (Payday Loans) == | == G. High-Cost Loans (Payday Loans) == | ||
