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ARTICLE · 27 MAY 2009

Proposed New Rules Announced For Credit Cards And Other Loans

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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On May 21, 2009, the Government of Canada (Department of Finance) released the proposed new Credit Business Practices Regulations (the CBP Regulations).

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Jacqueline Shinfield
Jacqueline Shinfield
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Copyright 2009, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Financial Services, May 2009

On May 21, 2009, the Government of Canada (Department of Finance) released the proposed new Credit Business Practices Regulations (the CBP Regulations). These regulations implement certain consumer protection measures promised by the federal government in its January 27, 2009 budget. Once implemented, the CBP Regulations will apply to credit cards and, in some cases, lines of credit and other loans offered by federally regulated financial institutions (FRFIs). The government also released proposed amendments to the existing Cost of Borrowing Regulations under federal financial institutions legislation (the COB Regulations). The government is accepting comments on the proposed regulations until June 13, 2009. As drafted, the two sets of regulations would come into force upon registration and there is no indication of any transition or implementation

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