Ottawa, September 1, 2010
The Honourable Jim Flaherty, Minister of Finance, today announced the coming into force of regulations to protect Canadians who use credit cards.
“Our Government has taken action to make financial products more transparent for consumers,” said Minister Flaherty. “The regulations that take effect today will protect Canadians and their families from unexpected costs and provide clear information to help them make better financial decisions.”
Originally announced on September 30, 2009, the new regulations will:
The regulations apply to credit cards issued by federally regulated institutions. Some provisions in the regulations have broader application to other financial products, such as fixed- and variable-rate loans and lines of credit.
These new credit card regulations are in addition to those that came into effect earlier this year, which include:
For further information on the regulations, please visit http://www.fin.gc.ca/n08/09-089-eng.asp.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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