Disclosure of information to joint borrowers: know your rights

From: Financial Consumer Agency of Canada

A joint borrower is someone who signs a mortgage, loan, credit card or line of credit agreement with one or more other persons. This is also referred to as co-signing. As a joint borrower, you become equally responsible for repaying the unpaid balance on the borrowed amount. You might be dealing with a federally regulated financial institution when borrowing money or getting a joint credit card. In that case, they must provide you with disclosure information.

Find out if your financial institution is federally regulated.

Your right to information as a joint borrower

Every joint borrower on the account has the right to receive:

  • information that outlines the interest and other costs they’ll have to pay
  • the same statements that the other borrowers receive on an ongoing basis

Giving up your right to receive disclosure

You can give up your right to receive disclosure in 2 ways:

  • all joint borrowers consent verbally or in writing to allow only one borrower to receive the disclosure documents
  • two or more joint borrowers consent verbally or in writing to allow another borrower to receive disclosure documents instead of them. Those who didn’t consent will continue to receive the disclosure documents

If borrowers give verbal consent to allow someone to receive information on their behalf, the federally regulated financial institution must confirm this in writing to them.

They may provide this information on paper or electronically (if you consent to receive information this way).

When these rights apply to you

These rights apply when you’re dealing with a federally regulated financial institution like a bank or federal credit union.

Find out if your financial institution is federally regulated.

Learn more about how your banking rights are protected.

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