Notice to Lenders: Consequences of non-compliance with cost of credit disclosure requirements

The decision in Lexfund Inc. v. Ferro illustrates the importance of complying with the cost of credit disclosure requirements of the Consumer Protection Act (Ontario) (the “Act”). In this case, the lender was found to have “flagrantly” breached the Act for failure to provide its borrowers with the disclosure statements required under the Act. Background … Continue reading Notice to Lenders: Consequences of non-compliance with cost of credit disclosure requirements

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Prepaid payment card class action certified in Ontario

The Ontario Superior Court of Justice has certified a class action against Peoples Trust Company, a federal trust company incorporated under the Trust and Loan Companies Act, and Peoples Card Services LLP. The class alleges that the defendants breached the Consumer Protection Act (Ontario) (the "Act") and the gift card regulation in O. Reg. 17/05 … Continue reading Prepaid payment card class action certified in Ontario

Ontario regulations re: prohibition of expiry of reward points

The Ontario government has launched a consultation, to obtain public commentary on proposed regulatory amendments to the Consumer Protection Act (the "CPA") to implement the prohibition on the expiry of reward points due to the passage of time alone. It is expected that once the reward points amendments come into force, they will govern a wide range … Continue reading Ontario regulations re: prohibition of expiry of reward points

Ontario regulations re: prohibition of expiry of reward points

The Ontario government has launched a consultation, to obtain public commentary on proposed regulatory amendments to the Consumer Protection Act (the "CPA") to implement the prohibition on the expiry of reward points due to the passage of time alone. It is expected that once the reward points amendments come into force, they will govern a wide … Continue reading Ontario regulations re: prohibition of expiry of reward points