The Cost of Credit Disclosure Act protects consumers by ensuring that the true cost of borrowing is accurately disclosed to them. The disclosure must be clear in any contractual documents as well as in any advertising.

The Act prohibits penalties on prepayment of most consumer loans or leases. It also prohibits certain collection practices to avoid harassment. Sections 9(1)& (2) of the Regulation 2010-104: General under the Cost of Credit Disclosure Act provides guidelines for permissible collection practices and prohibits a number of abusive collection practices. Failure to comply with the regulations constitutes an offence punishable under the Provincial Offences Procedure Act.  

The Act requires registration of credit grantors, credit brokers and lessors who are involved in the negotiation of, or the extension of credit or leases, for personal, family or household purposes.

All lenders, who offer credit to people who are borrowing for personal, family or household purposes, must register with the Consumer Affairs Division, including:
  • Credit unions;
  • Trust companies;
  • Credit brokers;
  • Leasing companies;
  • and Retailers. 

In addition to consumer loans and retail credit, this Act also applies to mortgages, credit card transactions, leases and lines of credit.

 Downloadable Resources


Industry Bulletin - Credit Grantors

Information for all registrants under the Cost of Credit Disclosure Act.  A credit grantor must ensure the written disclosure requirements outlined in the Cost of Credit Disclosure Act of New Brunswick are provided to the borrower.