Version of section 449.1 from 2003-01-01 to 2022-06-29:
Marginal note:Rebate of borrowing costs
449.1 (1) Where a bank makes a loan in respect of which the disclosure requirements of section 450 apply, and the loan is not secured by a mortgage on real property and is required to be repaid either on a fixed future date or by instalments, the bank shall, if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan.
(2) The charges to be rebated do not include the interest or discount applicable to the loan.
(3) The Governor in Council may make regulations governing the rebate of charges under subsection (1). The rebate shall be made in accordance with those regulations.
- 1997, c. 15, s. 49
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