P-40.1 - Consumer Protection Act

Full text
260.11. The reserve account funds may be applied to the following purposes only:
(a)  paying a claim arising from a contract of additional warranty in respect of which a sum was deposited in the account pursuant to section 260.8;
(b)  refunding the sums due to a consumer following the dissolution or cancellation of a contract of additional warranty in respect of which a sum was deposited in the account pursuant to section 260.8.
The merchant may reserve the right to choose how the reserve account funds are to be invested. The only investments permitted in that case are investments of a class prescribed by regulation, made by the trust company.
1988, c. 45, s. 2.