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

Section 120.3 Disposition versions

2019-02-01

120.3. The security provided for in section 108.1.3.3 is required to guarantee, for the duration of the security, compliance with the Act and fulfilment, by the merchant who furnished a security or by the merchant’s representative, of the obligations arising from contracts entered into within the scope of the operations requiring the security

(a)  firstly, to pay administrative expenses and fees of the provisional administrator appointed in accordance with section 214.29 of the Act;

(b)  then to indemnify in capital, interest and costs 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 merchant, the merchant’s representative or the surety, or by an agreement or transaction entered into between the consumer, on the one hand, and the merchant, the merchant’s representative, the trustee, the provisional administrator appointed in accordance with section 214.29 of the Act or the surety, on the other hand;

(c)  lastly, to recover the fine and costs imposed on the merchant or the merchant’s representative under Chapter III of Title IV of the Act.

O.C. 994-2018, s. 62.