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

Section 120.2 Disposition versions

2015-10-19

120.2. The security prescribed by sections 108.1.1 to 108.1.3 is required to guarantee, for the duration of the security, compliance with the Act and respect for obligations arising from contracts entered into in the course of operations requiring such security by the road vehicle dealer or recycler who has furnished security or by his or her representative:

(a)  for the indemnification in capital, interest and costs of any consumer holding a liquidated debt resulting from non-compliance with the Act or from a contract covered by the security and certified, either by a judgment rendered against the road vehicle dealer or recycler, his or her representative or the surety, or by an agreement or transaction entered into between the consumer, on the one hand, and the road vehicle dealer or recycler, his or her representative or the surety, on the other hand;

(b)  for reimbursement to the true owner of the amount paid to the purchaser by the true owner as a condition for revendication of his or her road vehicle, in the case of the sale by the road vehicle dealer or recycler of the property of a third person;

(c)  for reimbursement to the owner of a stolen road vehicle, dismantled or sold for parts by a road vehicle recycler of an amount corresponding to the vehicle’s value at the time of the theft;

(d)  for the recovery of the fine and costs imposed on that road vehicle dealer or recycler or his or her representative under Chapter III of Title IV of the Act.

O.C. 815-2015, s. 16.