|
FAIR TRADING COMMISSION INFORMATION REQUIREMENTS FOR CREDIT TRANSACTIONS
Members of the business community (including car dealerships, financial institutions, and other retailers or suppliers of goods and services) are reminded that if you promote a price that is only part of the total price of a good or service, you must also specify all the information mandated by Section 17(b) of the Consumer Protection Act, CAP.326D (CPA), namely:
(i) the total sum to be paid for the goods or services;
(ii) the number of instalments by which payment is to be made;
(iii) the rate of interest that will be charged; and
(iv) the deposit, if any, that must be made.
In this regard, for example, any person advertising a down payment, monthly installment or other part-payment for any item to be purchased on credit must ensure that the advertisement also includes all of the above information.
Please note that failure to comply with this section is an offence, punishable by imprisonment or a fine of up to BBD$100,000.00, as provided for in the CPA. The Fair Trading Commission will pursue available sanctions via the Law Courts in instances of breach.
The Commission has a legal duty to protect consumers. In fulfilment of this duty, all advertisements, whether in print, broadcast or on social media, are monitored to ensure compliance with the CPA. Consumers who believe that an advertisement is in breach of the CPA, and businesses or other persons seeking further information, should contact the Commission at 424-0260 or
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
December 4, 2018
|
Utility Regulation 
