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FIs disallowed from granting further unsecured credit to borrowers who are 60 days past due on any credit card or unsecured credit facility extended by the FI. Other FIs will also not be allowed to grant credit limit increases, or issue new credit cards or unsecured credit facilities, to such borrowers (“60 days past due rule”).

When can an FI lift suspensions imposed on credit cards and unsecured credit facilities (as a result of the 60 days past due rule)?

Credit cards and unsecured credit facilities that have been suspended as a result of this rule can be reinstated once the borrower has repaid all minimum payments due, and the FI has conducted fresh income and credit bureau checks on the borrower.

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