37. An open credit contract that contains a clause of forfeiture of benefit of the term must, immediately after that clause, contain the following compulsory clause:
“Clause required under the Consumer Protection Act.
(Clause of forfeiture of benefit of the term)
Before availing himself of this clause, the merchant must forward the consumer a notice in writing and unless he is exempted in accordance with section 69 of the General Regulation, he must forward him a statement of account.
Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may:
(a) either remedy the fact that he is in default;
(b) or present an application to the court to have the terms and conditions of payment prescribed in this contract changed.
It is in the consumer’s interest to refer to sections 104 to 110 of the Consumer Protection Act (chapter P-40.1) as well as to section 69 of the General Regulation made under that Act and, where necessary, to communicate with the Office de la protection du consommateur.”.