Credit Disclosure

Overview

The Commission administers the Cost of Credit Disclosure and Payday Loans Act through regulation, oversight and licensing of individuals and businesses that regularly extend credit, negotiate loans or arrange leases.

This Act also applies to mortgages, credit card transactions, leases and lines of credit.

Consumer Protection

Credit Brokers, lessors and grantors arrange loans, leases or credit agreements for personal use. We register these businesses and ensure they comply with the Cost of Credit Disclosure and Payday Loans Act. We enforce rules designed to protect consumers, including:

• ensuring the true cost of borrowing is clearly and accurately disclosed
• consumers aren’t penalized for prepaying most loans or leases
• collection practices follow rules to prevent harassment

What we can do:

• register credit brokers, lessors, and grantors who negotiate or extend credit for personal, family or household purposes
• oversee lending practices under the Act
• investigate complaints about loans and credit contracts
• take enforcement action when businesses do not comply with the Act

What we cannot do:

• require registration for one-time credit extensions (Review the Act to see the full list of activities that require registration)
• provide legal advice or personalized financial or debt counselling services