Cost of Credit Disclosure Harmonization


Consumer Measures Committee (CMC)




Changing patterns of credit use among Canadians have prompted the need to modernize laws governing credit. In particular, consumer leasing arrangements, similar to credit arrangements, have become increasingly used as a means of financing automobiles.

In order to keep up with this evolving commercial environment, reduce compliance costs and provide uniform consumer protection across Canada, Ministers responsible for Consumer Affairs agreed to a package of harmonization proposals presented to them at their meeting in Toronto in September 1996. Ministers then tasked the Consumer Measures Committee with developing a technical template expressing the harmonization proposals in sufficient detail to guide legal drafting and with conducting technical consultations with stakeholders.

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Source: Consumer Policy Research Database

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