P-40.1 - Consumer Protection Act

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70. The credit charges shall be determined as the sum of their components, particularly the following:
(a)  the amount claimed as interest;
(b)  the premium for an insurance contract the consumer subscribed to or participated in through the merchant;
(c)  the rebate;
(d)  administration charges, brokerage fees, appraiser’s fees, contract fees and the cost incurred for obtaining a credit report;
(e)  membership or renewal fees;
(f)  the commission;
(g)  the value of the rebate or of the discount to which the consumer is entitled if he pays cash;
(h)  the duties chargeable, under a federal or provincial Act, on the credit.
Despite any provision to the contrary, the following do not constitute credit charge components:
(a)  the premium for insurance of persons if the merchant does not subject the entering into of the credit contract to subscribing to or participating in the insurance;
(b)  the premium for insurance covering goods that are the subject of the credit contract or covering property that secures the performance of the consumer’s obligations;
(c)  the premium for automobile insurance or home insurance;
(d)  the fee for registration in or access to a public register of rights;
(e)  in the case of an open credit contract,
i.  the fee for an additional copy of a statement of account, and
ii.  the fee for customizing a credit card; and
(f)  in the case of a credit contract secured by an immovable hypothec,
i.  expenses and professional fees paid for the mandate assigned to a notary,
ii.  fees paid to obtain certified statements of rights registered in the public registers of rights or to cancel the registration of rights,
iii.  professional fees paid for the purpose of determining or confirming the value, condition, location or compliance with the law of the hypothecated property, provided the consumer is given a report signed by the professional and is free to give the report to third persons,
iv.  transaction fees paid in respect of a tax account relating to a hypothecated immovable,
v.  any amount payable as a prepayment charge, and
vi.  the premium charged by a hypothecary insurer for insurance to guarantee a hypothecary loan.
A regulation may be made to determine other components that are not credit charge components for one or more types of credit contracts.
1978, c. 9, s. 70; 2017, c. 242017, c. 24, s. 10.
70. The credit charges shall be determined as the sum of their components, particularly the following:
(a)  the amount claimed as interest;
(b)  the premium for insurance subscribed for, except any automobile insurance premium;
(c)  the rebate;
(d)  administration charges, brokerage fees, appraiser’s fees, contract fees and the cost incurred for obtaining a credit report;
(e)  membership or renewal fees;
(f)  the commission;
(g)  the value of the rebate or of the discount to which the consumer is entitled if he pays cash;
(h)  the duties chargeable, under a federal or provincial Act, on the credit.
1978, c. 9, s. 70.