Subsection 1: Borrower information

In the event of a change in the borrowing rate, the borrower shall be informed on paper or on another durable medium before the change takes effect. This information shall indicate the amount of the instalments after the new borrowing rate comes into effect and, where applicable, any change in the number or frequency of instalments. When the change in the borrowing rate results from a change in the borrowing…

For the credit transactions mentioned in this chapter, excluding hire-purchase and hire-purchase with a purchase option, the creditor shall provide the borrower, at least once a year, with information relating to the amount of capital still to be repaid, on paper or any other durable medium. This information shall appear, in legible characters, on the first page of the document provided to the borrower.

Where the lender has required the borrower to take out insurance and the borrower has taken out insurance with the insurer of his choice, the insurer shall inform the lender of any substantial change to the insurance contract.