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    2016-04-28

MCOB 7A.2 Notification of interest-rate changes

MCOB 7A.2.1RRP

When giving notice to a consumer of any changes that the consumer is required to make resulting from interest-rate changes for an MCD regulated mortgage contract, a firm must:

  1. (1)

    give notice of the amount of the payments to be made after the new interest-rate change takes effect; and

  2. (2)

    where the number or frequency of the payments will change, give particulars of these changes.

[Note: article 27(1) of the MCD]