61.1. In accordance with section 100.1 of the Act, credit contracts that provide for a variable credit rate are exempt from the application of the Act mentioned in that section, provided that they
(a) include, depending on the nature of the contract, the information prescribed by section 115, 125, 134 or 150 of the Act;
(b) stipulate, except in the case of an open credit contract, equal deferred payments, except the final payment which may be less, by reserving the possibility that the amount of the payments and the number of payments be adjusted based on the variations of the credit rate.
For the application of section 52 or 59, as the case may be, to the contracts thus exempted, the credit rate application to the computation of credit charges is the rate that, according to the terms of the contract, was in force on the days included in the payment period for which the computation is made.
O.C. 712-95, s. 1; O.C. 994-2018, s. 381.