Important change for co-borrowers!
The Financial Consumer Agency of Canada (FCAC) has issued new guidelines for financial institutions concerning prescribed disclosure practices when several co-borrowers hold one of the following lending products for individuals:
- Personal loan
- Mortgage loan
- Line of credit or account with an integrated line of credit
- Credit card
At present, only one copy of the regulatory information is sent to only one borrower, i.e., the main borrower. This is the single disclosure option. All documents concerning the disclosure of the cost of borrowing as defined in the Bank Act, including statements of account and various notices, constitute regulatory information.
Effective immediately or as of January 1, 2008 for the credit cards, if you think it is necessary, you can ask to receive individually copies of the regulatory information. This is the separate disclosure option. If you request this option, you and all of your co-borrowers will receive individual copies of the regulatory information, even if you have the same address.
For more information, consult our FAQ.