Federally regulated financial institutions must provide you with certain information about your line of credit or loan, in clear language. For more information, select one of the following types of agreements:
A joint borrower is someone who signs a mortgage, loan, credit card or line of credit agreement with another person. As a joint borrower, you become equally responsible for repaying the balance owing on the loan. You are entitled to receive disclosure information from your federally regulated financial institution. For more information, see the Joint borrower disclosure page.
If a federally regulated financial institution contacts you about a debt you owe, you have rights with respect to how the institution goes about collecting the debt. For more information, see the Debt collection page.
Insurance on a loan or debt is an optional service. When Canadian banks offer borrowers an insurance product on a loan, they have agreed to be bound by a voluntary code of conduct. For more information, see the Insurance on loans page.
Before signing a loan or credit agreement, you have a responsibility to read and understand the terms and conditions. Ask questions about anything that is not clear.
If you feel that a federally regulated financial institution is not respecting your rights, contact FCAC.