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Bill C-342

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This enactment provides that a financial institution that grants a mortgage loan of five hundred thousand dollars or less to a natural person must, pursuant to regulation, include in the mortgage document a statement as to whether the borrower can repay a mortgage loan before maturity and the conditions for the exercise of that right, expressed in plain language in terms generally understood by the public.

The financial institutions to which this enactment applies are banks to which the Bank Act applies, companies and foreign companies to which the Insurance Companies Act applies and companies to which the Trust and Loan Companies Act applies.