Important Upcoming Changes to Your Tangerine Line of Credit Account
We’re making some updates to the Tangerine Line of Credit Account Agreement effective
Please review this information and keep it for reference. An online copy is available here.
Changes to the Line of Credit Account Agreement include:
Section #19 – Default - Events of Default and Remedies After Default
(this new clause, worded to align with the Québec Consumer Protection Act, will be added to the end of Section #19)
(this new clause, worded to align with the Québec Consumer Protection Act, will be added to the end of Section #19)
This clause is required by the Québec Consumer Protection Act and is only applicable to residents of the province of Québec who have a personal Line of Credit Account: (Clause of forfeiture of benefit of the term)
Before availing itself of this clause, the merchant must forward the consumer a notice in writing and unless the merchant is exempted in accordance with section 69 of the General Regulation, it must forward the consumer a statement of account.
Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may:
(a) either remedy the fact that the consumer is in default;
(b) or present an application to the court to have the terms and conditions of payment prescribed in this contract changed.
It is in the consumer’s interest to refer to sections 104 to 110 of the Consumer Protection Act (chapter P-40.1) as well as to section 69 of the General Regulation made under that Act and, where necessary, to communicate with the Office de la protection du consommateur.
Section #44 – For Québec Residents Only
(this new clause, worded to align with the Québec Consumer Protection Act, will be added to the end of the Cardholder Agreement as an entirely new section #44)
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If the consumer uses all or part of the credit extended to make full or partial payment for the purchase or the lease of goods or for a service, the consumer may, if the open credit contract was entered into on the making of and in relation to the sale, lease or service contract, and if the merchant and the open credit merchant collaborated with a view to granting credit, plead against the lender any ground of defence urgeable against the merchant who is the vendor, lessor, contractor or service provider.
The consumer may also, in the circumstances described in the first paragraph, exercise against the open credit merchant, or against the merchant’s assignee, any right exercisable against the merchant who is the vendor, lessor, contractor or service provider if that merchant is no longer active or has no assets in Québec, is insolvent or is declared bankrupt. The open credit merchant or the merchant’s assignee is then responsible for the performance of the obligations of the merchant who is the vendor, lessor, contractor or service provider up to the amount of, as the case may be, the debt owed to the open credit merchant at the time the contract is entered into, the debt owed to the assignee at the time it was assigned to him or the payment the open credit merchant received if he assigned the debt.
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A consumer who is solidarily liable with another consumer for the obligations arising from an open credit contract is released from the obligations resulting from any use of the open credit account after notifying the merchant in writing that he will no longer use the credit extended and no longer intends to be solidarily liable for the other consumer’s future use of the credit extended in advance, and after providing proof to the merchant, on that occasion, that he informed the other consumer by sending him a written notice to that effect at his last known address or technological address.
Any subsequent payment made by the consumer must be applied to the debts contracted before the notice was sent to the merchant.
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The consumer may demand that the merchant send, without charge, a copy of the vouchers for each of the transactions charged to the account during the period covered by the statement. The merchant must send the copy of the vouchers requested within 60 days after the date the consumer’s request was sent.
(this new clause, worded to align with the Québec Consumer Protection Act, will be added to the end of the Cardholder Agreement as an entirely new section #44)
44. For Residents of the Province of Québec Only:: This clause is required by the Québec Consumer Protection Act and is only applicable to Québec residents with a personal Line of Credit Account: (Open credit contract)
It is in the consumer’s interest to refer to sections 103.1, 122.1, 123, 123.1, 124, 126, 126.2, 126.3, 127 and 127.1 of the Consumer Protection Act (chapter P-40.1) and, if further information is necessary, to contact the Office de la protection du consommateur.
Questions? If you have any questions, please don’t hesitate to call us at