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P-40.1, r. 3 - Regulation respecting the application of the Consumer Protection Act
Section 110
Disposition versions
110. The security must be furnished:
(a) by means of an individual security policy;
(b) by means of a group security policy;
(c) in cash, by cheque, by postal money order, by bank money order, or by order to pay drawn on a financial services cooperative, to the order of the Minister of Finance; or
(d) by means of a bond convertible at all times, issued or guaranteed by the Government of Canada or by one of the provinces, and whose market value is at least equal to the amount of the security exigible.
Despite the foregoing, the security furnished by a road vehicle dealer or a road vehicle recycler may be furnished only in the manner prescribed in subparagraph a or b of the first paragraph or section 112.1. If the security is furnished by means of a group security policy, the global amount of the policy is established as follows:
(a) $125,000, where the amount of individual security of a majority of members is $25,000;
(b) $250,000, where the amount of individual security of a majority of members is $50,000;
(c) $500,000, where the amount of individual security of a majority of members is $100,000;
(d) $1,000,000, where the amount of individual security of a majority of members is $200,000.
If the road vehicle dealer or road vehicle recycler owns 2 or more establishments, the dealer or recycler must furnish security for all the establishments with only one security policy.
110. The security must be furnished:
(a) by means of an individual security policy;
(b) by means of a group security policy;
(c) in cash, by cheque, by postal money order, by bank money order, or by order to pay drawn on a financial services cooperative, to the order of the Minister of Finance; or
(d) by means of a bearer bond convertible at all times, issued or guaranteed by the Government of Canada or by one of the provinces, and whose market value is at least equal to the amount of the security exigible.
Despite the foregoing, the security furnished by a road vehicle dealer or a road vehicle recycler may be furnished only in the manner prescribed in subparagraph a or b of the first paragraph or section 112.1. If the security is furnished by means of a group security policy, the global amount of the policy is established as follows:
(a) $125,000, where the amount of individual security of a majority of members is $25,000;
(b) $250,000, where the amount of individual security of a majority of members is $50,000;
(c) $500,000, where the amount of individual security of a majority of members is $100,000;
(d) $1,000,000, where the amount of individual security of a majority of members is $200,000.
If the road vehicle dealer or road vehicle recycler owns 2 or more establishments, the dealer or recycler must furnish security for all the establishments with only one security policy.
110. The security must be furnished:
(a) by means of an individual security policy;
(b) by means of a group security policy;
(c) in cash, by cheque, by postal money order, by bank money order, or by order to pay drawn on a financial services cooperative, to the order of the Minister of Finance; or
(d) by means of a bearer bond convertible at all times, issued or guaranteed by the Government of Canada or by one of the provinces, and whose market value is at least equal to the amount of the security exigible.
