NEWFOUNDLAND AND LABRADOR
REGULATION 17/24

High-Cost Credit Product Regulations (Amendment)
under the
Consumer Protection and Business Practices Act
(O.C. 2024-041)

(Filed April 4, 2024)

Under the authority of section 83.23 of the Consumer Protection and Business Practices Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, April 4, 2024.

Krista Quinlan
Clerk of the Executive Council

REGULATIONS

Analysis

        1.   S.5 Amdt.
Prohibited practices

        2.   Commencement

NLR 100/23

        1. Section 5 of the High-Cost Credit Product Regulations is amended by renumbering the section as subsection 5(1) and adding immediately after that subsection the following:

             (2)  Notwithstanding paragraphs (1)(n) and (q), a high-cost credit grantor may

             (a)  communicate information about the high-cost credit product or the existence of the high-cost credit product to a credit reporting agency; and

             (b)  require, request or accept consent from a borrower to use or disclose the borrower’s personal information for the purposes of providing credit information of the borrower relating to the high-cost credit product to a credit reporting agency.

Commencement

        2. These regulations come into force on the day that An Act to Amend the Consumer Protection and Business Practices Act, SNL2022 c28, comes into force.

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