According to the Consumer Credit Act, any lender is obliged to provide consumers with reliable, true and complete information, among other things, on the total amount to be paid, actual annual interest rate (RRSO) and repayment dates. In view of the President of the Competition Authority, the entrepreneur should provide it to consumers on paper or using another durable medium.
How to understand the term durable medium? Its definition can be found in numerous provisions which regulate the rights and obligations in agreements to which consumers are parties. According to the President of Office of Competition and Consumer Protection, the term in question should be understood in the same way on the grounds of all provisions aimed at consumer protection. The Consumer Credit Act says it is: material or device used for storing and reading information provided to the consumer in connection with the loan agreement, for the period which corresponds to the objectives of this information, and which allows recreating this information in an unchanged form.
