Part 9 — Cost of Credit Disclosure Division 1 Interpretation and Application
68 Prepayment of non-mortgage credit
(2) A borrower is entitled to pay the full outstanding balance under
a credit agreement at any time without any prepayment charge or
penalty.
(3) Where a borrower prepays the full outstanding balance under a
credit agreement for fixed credit, the credit grantor must refund or
credit the borrower with a portion of any non-interest finance
charge that was paid by the borrower or was added to the
outstanding balance of the credit agreement.
(4) The portion of each non-interest finance charge that must be
refunded or credited to the borrower under subsection (3) is to be
determined in accordance with the regulations.
(5) A borrower is entitled to prepay a portion of the outstanding
balance of a credit agreement for fixed credit on any scheduled
payment date or at least monthly without any prepayment charge or
penalty, but is not entitled by reason of the payment to a credit for
any non-interest finance charges.
1998 cF-1.05 s68