P-40.1, r. 3 - Regulation respecting the application of the Consumer Protection Act

Section 21 Disposition versions

2019-08-01

21. A contract in which credit extended to a consumer is or must be secured by 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 103.2 to 103.5 and 115.2, and Title II of the Act, except section 245.2, on the following conditions:

(a)  the credit contract is the contract for which the consumer has agreed to grant a hypothec;

(b)  the act constituting the hypothec identifies the contract secured by the hypothec;

(c)  if the hypothec secures a credit contract other than the contract referred to in subparagraph a, the act constituting the hypothec provides that the consumer must agree, in that other contract, that it be secured by the hypothec.

The exemption also applies to a credit contract to amend, renew or replace the credit contract referred to in subparagraph a of the first paragraph.

The exemption does not apply to an open credit contract entered into for the use of a credit card.

R.R.Q., 1981, c. P-40.1, r. 1, s. 21; O.C. 994-2018, s. 10.

2012-09-01

21. A contract in which credit extended to a consumer is or must be secured by an immovable hypothec ranking first is exempt from the application of sections 12, 14 and 15 of the Act, of Chapter II of Title I of the Act, Divisions II and III of Chapter III of Title I, and Title II of the Act.

R.R.Q., 1981, c. P-40.1, r. 1, s. 21.