Cost of Credit Disclosure
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.
Applicant must submit completed application form and copy of the contract to be used with consumers for approval.
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.
|Fee Description||Rate in $||Effective Date|
|Payments can be made at the Consumer Affairs Branch|
|For a company with assets valued at $50 000 or less||75.00||2012-03-05|
|For a company with assets valued at more than $50 000||100.00||2012-03-05|