72CPrecontractual disclosure—making documents available for retrieval on an electronic document retrieval system

72C Precontractual disclosure—making documents available for retrieval on an electronic document retrieval system

(1) For the purposes of subsection 16(8) of the Code, a credit provider may give a precontractual document to a debtor for the purposes of section 16 of the Code by: (a) notifying the debtor, in accordance with subregulation (3), that the precontractual document is available for retrieval by the debtor on an electronic document retrieval system; and (b) making the precontractual document available for retrieval by the debtor, in accordance with the notification, for a reasonable period after the credit provider gives the notification to the debtor.

Note: This regulation does not limit the ways in which a credit provider may give a precontractual document to a debtor for the purposes of section 16 of the Code.

(2) The credit provider is taken to give the precontractual document to the debtor at the first time: (a) that occurs at or after the time the credit provider gives the debtor the notification mentioned in paragraph (1)(a); and (b) at which the precontractual document is available for retrieval by the debtor as mentioned in paragraph (1)(b). (3) For the purposes of paragraph (1)(a), the notice must: (a) state that the precontractual document is a precontractual statement, a document forming part of a precontractual statement, a variation of a precontractual statement or an information statement (whichever is applicable); and (b) include any information relating to the precontractual document that the debtor needs in order to be able to retrieve the document.

Note: Example: Paragraph (b)—the document’s electronic address or any password protecting the document.

(4) The precontractual document is available for retrieval by a debtor on an electronic document retrieval system if the document is available on an information system for retrieval by electronic communication by the debtor.

Note: Regulations 72A and 72B provide additional requirements for giving precontractual documents to debtors by means of electronic communication.