45.4. A contract of lease with guaranteed residual value other than a contract entered into by an itinerant merchant and subject to sections 58 to 65 of the Act must contain, in addition to the clauses prescribed by section 69.4.1 and the clauses prescribed in sections 45.1 and 45.2, the following compulsory clause:
“Clause required under the Consumer Protection Act.
(Contract of lease with guaranteed residual value)
If, before his default, the consumer has paid at least one-half of his maximum obligation, the merchant may not recover possession of the goods unless he first obtains the permission of the court.
The consumer may cancel this contract without cost or penalty within 2 days following the day on which each party takes possession of a duplicate of the contract, except in the case of the lease of a new road vehicle that the consumer has taken delivery of.
To cancel the contract, the consumer must:
(a) return the goods to the merchant or his representative if he received delivery of the goods at the time each party came into possession of a duplicate of the contract;
(b) forward a notice in writing for that purpose, or return the goods to the merchant or his representative if he did not receive delivery of the goods at the time each party came into possession of a duplicate of the contract.
The contract is cancelled, without further formality, as soon as the consumer returns the goods or sends the notice.
As soon as possible after the cancellation, the consumer and the merchant must return what they have received from one another.
The merchant shall assume the costs of restitution.
The consumer shall not cancel this contract if, as a result of any act or fault for which he is liable, he is unable to restore the goods to the merchant in the condition in which he received them.
The consumer may acquire the goods at any time during the leasing period on paying the balance of his instalment obligation minus the implied credit charges not yet earned at the time of the acquisition, computed in accordance with the Act.
The consumer who wishes to acquire the goods during the leasing period may, at all times and without charge, request a statement of account from the merchant; the latter must furnish or forward it as soon as possible but not later than 10 days after the receipt of the request.
The consumer’s obligation of guarantee as to the residual value of the goods is limited to the lesser of the following amounts:
(a) the amount by which the residual value exceeds the value the merchant obtains from the alienation of the goods;
(b) 20% of the residual value.
While the residual value of the goods is guaranteed by the consumer, the merchant cannot alienate the goods to a prospective acquirer who offers a price for them lower than such residual value without first offering the goods to the consumer at the same price by sending him a notice in writing to that effect.
It is in the consumer’s interest to refer to sections 150.21, 150.23 and 150.27 to 150.32 of the Consumer Protection Act (chapter P-40.1) and, where necessary, to communicate with the Office de la protection du consommateur.”.