Credit Business Practices (Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Foreign Insurance Companies) Regulations

3 (1) A statement of account in respect of a billing cycle for a credit card must be sent by an institution to the borrower after the last day of that billing cycle.

(2) An institution may not require a minimum payment in respect of the outstanding balance owing on a credit card account for a particular billing cycle to be made by the borrower on a day earlier than 21 days after the last day of that billing cycle.

(3) If the due date for a minimum payment in respect of the outstanding balance owing on a credit card account falls on a Saturday or a holiday, the institution must consider a payment made on the next business day as being made on time.

(4) An institution may not charge interest on purchases of goods or services made on a credit card during a particular billing cycle if the borrower pays the outstanding balance owing on the credit card account in full on or before the due date.