Every province has enacted legislation requiring that the true cost of borrowing be disclosed,thus prohibiting excessive rates of interest and costs in loan transactions.

Question

Quizplus · Accepted Answer

This statement is true as all provinces in Canada have enacted legislation that requires lenders to disclose the true cost of borrowing to borrowers, which includes interest rates and fees. This is done to protect consumers from being charged excessive rates of interest and costs in loan transactions.

Every Province Has Enacted Legislation Requiring That the True Cost