List of summaries, consolidations and regulations
The Cost of Credit Disclosure Act, 2002
The Cost of Credit Disclosure Act, 2002 represents the fulfilment of Saskatchewan's obligations under the 1994 Agreement on Internal Trade between the federal government, the provinces and territories, to develop harmonized cost of credit disclosure legislation. Saskatchewan's Act is based on recommendations developed by the Uniform Law Conference of Canada for implementation nationally.
The Act applies to almost all forms of consumer credit, including:
Lenders and retailers are required to disclose interest and borrowing costs in a meaningful, accurate and consistent manner that will allow consumers to assess and compare credit options.
The Act protects consumers through provisions which prohibit pre-payment penalties on credit agreements (other than mortgage and farm loans or leases), and provisions which require lenders to refund a portion of certain charges when loans are repaid early.