Consumers
Students
Financial institutions are required to provide you with information about the costs of borrowing and any charges or penalties that may apply, at or before the time a loan or a credit or charge card is issued.
Financial institutions must express the cost of borrowing as a rate per year and, in prescribed circumstances, as an amount in dollars and cents.
You are entitled to prepay a loan before it comes due without penalty, unless the loan is secured by a mortgage on real property.
You are not required to maintain a minimum credit balance, unless you agree to do so.
Below are some of the rights that you, as a consumer, have:
Consumer Protection Act
Ensures consumers are fully aware of their rights.
Human Rights Legislation
Prohibits discrimination in giving credit on the basis of sex, race, colour, religion, national origin, marital status, age or receipt of public assistance.
Credit Reporting Act
Sets up a procedure for the quick correction of mistakes that appear on consumer credit accounts.
Collection Agencies Act
Prevents abuse by professional debts collectors, and applies to anyone employed to collect debts owed to others; does not apply to banks and other businesses collecting their own accounts.
Sale Of Goods Act
Contract of sale between buyer and seller. Encompasses type of contract, enforcement provisions, duties and remedies.
Fair Trading Act
Applies to consumer transactions and unfair practices that occurred after September 1999.
How You Can Protect Yourself
1. Keep records, such as:
Credit card number
Phone number to call if your card is lost or stolen
Receipts for purchases and returns
Receipts for merchandise ordered that has not yet arrived but appear on your bill
Record of telephone orders and confirmation numbers
2. Protect yourself against fraud
Always keep your card with you or store in a safe place.
When using card, watch the person who is running charges (to be sure duplicate is not made).
Never give card number over the phone or e-mail if you did not initiate contact.
Report lost or stolen cards immediately. To report a lost or stolen VISA card, call 1-800-847-2911
Carefully read the bills before paying. Compare amount on receipts to amounts on bill. Don't always assume the bill is correct.
Keep receipts, and shred when not needed.
Destroy unused credit card solicitations.
