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

Section 121.2 Disposition versions

2017-06-15

121.2. Subject to section 122.1, at the end of each 6-month period following the opening of the claim file, the president shall see to the payment, in capital, interest and costs, of the claims received during the preceding 6 months. For that purpose, he must:

(a)  if the security was furnished by means of an individual or group security policy, notify the surety by transmitting to him a copy of the judgments or of the agreements or transactions with instructions to pay them up to the amount of the security;

(b)  if the security was furnished by means of cash, cheque, postal money order, bank money order or order to pay drawn on a financial services cooperative, request the Bureau général de dépôts pour le Québec to transmit to him the sum necessary to pay those claims up to the amount of the security;

(c)  if the security was furnished by means of a bearer bond, request the Bureau général de dépôts pour le Québec to convert the bearer bond and to transmit to him, out of the proceeds of the conversion, the sum necessary to pay those claims up to the amount of the security.

Following a notice or request of the president pursuant to paragraphs a, b or c, the surety or the Bureau général de dépôts pour le Québec must submit to him the necessary sum to pay those claims within 30 days after the receipt of the notice or request.

Where, as of the date of the notice or of the president’s request, the total amount of the claims exceeds the sums available to pay them, the president shall ensure that they are paid pro rata.

O.C. 1148-90, s. 20; O.C. 495-2010, s. 26; O.C. 815-2015, s. 17; O.C. 488-2017, s. 15.

2015-10-19

121.2. Subject to section 122.1, at the end of each 6-month period following the opening of the claim file, the president shall see to the payment, in capital, interest and costs, of the claims received during the preceding 6 months. For that purpose, he must:

(a)  if the security was furnished by means of an individual or group security policy, notify the surety by transmitting to him a copy of the judgments or of the agreements or transactions with instructions to pay them up to the amount of the security;

(b)  if the security was furnished by means of cash, cheque, postal money order, bank money order or order to pay drawn on a financial services cooperative, request the Minister of Finance to transmit to him the sum necessary to pay those claims up to the amount of the security;

(c)  if the security was furnished by means of a bearer bond, request the Minister of Finance to convert the bearer bond and to transmit to him, out of the proceeds of the conversion, the sum necessary to pay those claims up to the amount of the security.

Following a notice or request of the president pursuant to paragraphs a, b or c, the surety or the Minister of Finance must submit to him the necessary sum to pay those claims within 30 days after the receipt of the notice or request.

Where, as of the date of the notice or of the president’s request, the total amount of the claims exceeds the sums available to pay them, the president shall ensure that they are paid pro rata.

O.C. 1148-90, s. 20; O.C. 495-2010, s. 26; O.C. 815-2015, s. 17.

2012-09-01

121.2. At the end of each 6-month period following the opening of the claim file, the president shall see to the payment, in capital, interest and costs, of the claims received during the preceding 6 months. For that purpose, he must:

(a)  if the security was furnished by means of an individual or group security policy, notify the surety by transmitting to him a copy of the judgments or of the agreements or transactions with instructions to pay them up to the amount of the security;

(b)  if the security was furnished by means of cash, cheque, postal money order, bank money order or order to pay drawn on a financial services cooperative, request the Minister of Finance to transmit to him the sum necessary to pay those claims up to the amount of the security;

(c)  if the security was furnished by means of a bearer bond, request the Minister of Finance to convert the bearer bond and to transmit to him, out of the proceeds of the conversion, the sum necessary to pay those claims up to the amount of the security.

Following a notice or request of the president pursuant to paragraphs a, b or c, the surety or the Minister of Finance must submit to him the necessary sum to pay those claims within 30 days after the receipt of the notice or request.

Where, as of the date of the notice or of the president’s request, the total amount of the claims exceeds the sums available to pay them, the president shall ensure that they are paid pro rata.

O.C. 1148-90, s. 20; O.C. 495-2010, s. 26.