22. A contract in which credit extended to a consumer is or must be secured by an immovable hypothec other than an immovable hypothec ranking first is exempt from the application of sections 12, 14 and 15, Chapter II of Title I, Divisions I.1, II and III of Chapter III of Title I, except sections 81, 86, 98, 99, 100.1, 101 to 103, 103.2 to 103.5 and 115.2, and Title II of the Act, except section 245.2, on the following conditions:
(a) at least 2 days before the act constituting a hypothec is entered into, the merchant must indicate to the consumer in writing, in dollars and cents, the credit charges determined in accordance with the Act;
(b) a copy of the writing must be attached to the act constituting a hypothec;
(c) the contract must stipulate that if, on the expiry of the contract, an amount exceeding the amount of one periodic payment is outstanding, the merchant may not demand payment thereof before 30 days after the merchant has given a notice in writing of the merchant’s intention to the consumer, except in the case of default by the consumer.
The conditions set out in subparagraphs a, b and c of the first paragraph of section 21 and the second and third paragraphs of that section apply, with the necessary modifications, to the contract for which credit extended to the consumer is or must be secured by an immovable hypothec other than an immovable hypothec ranking first.
R.R.Q., 1981, c. P-40.1, r. 1, s. 22; O.C. 994-2018, s. 111.