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

Section 61.0.11 Disposition versions

2019-08-01

61.0.11. An open credit contract other than the contract entered into for using a credit card must include, at the very beginning, any of the boxes providing the following information, as the case may be:

INFORMATION BOX — OPEN CREDIT CONTRACT OTHER THAN FOR THE USE OF A CREDIT CARD

(Consumer Protection Act, section 125)

Credit limit granted	Indicate the amount of the credit limit granted.
Credit rate	Indicate the credit rate calculated in accordance with the Consumer Protection Act.
Minimum periodic payment	Indicate the amount of the minimum periodic payment or the method of calculating that payment for each period.
Other charges	Indicate the other charges likely to be required in accordance with section 72 of the Consumer Protection Act or as charges other than credit charges.

INFORMATION BOX — VARIABLE RATE OPEN CREDIT CONTRACT, OTHER THAN FOR USING A CREDIT CARD

(Consumer Protection Act, section 125)

Credit limit granted	Indicate the amount of the credit limit granted.
Initial credit rate	Indicate the credit rate calculated in accordance with the Consumer Protection Act applicable on the date of the contract, and the fact that it is variable during the contract.
Minimum periodic payment	Indicate the amount of the minimum periodic payment or the method of calculating that payment for each period.
Other charges	Indicate the other charges likely to be required in accordance with section 72 of the Consumer Protection Act or as charges other than credit charges.

The box provided for in the first paragraph may be given to the consumer in a separate document provided no later than with the contract The merchant is then exempt from the obligation of providing it at the very beginning of the contract.

O.C. 994-2018, s. 37.