P-40.1 - Consumer Protection Act

Full text
260.23. The costs of the provisional administration and the fees of the provisional administrator shall be charged to the merchant and become payable upon being approved by the president. If the merchant fails to pay the account within 30 days of its presentation, the costs and fees shall be payable by preference to any other debt, out of the security required of the merchant where such is the case, and in case of a lack or insufficiency of funds, they shall be payable out of the reserve account funds and the sums so applied shall affect proportionally the claim of each consumer. In such a case, each consumer is subrogated to the rights of the provisional administrator against the merchant for an amount equal to the amount of his claim applied to the payment.
1988, c. 45, s. 2.