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

Section 61.0.5 Disposition versions

2019-08-01

61.0.5. For the purposes of section 103.4 of the Act, the merchant must give to the consumer a document on which only appears the following information:

(a)  the information taken into account to assess the consumer’s capacity to repay the credit;

(b)  the methods for calculating the debt ratio provided for in section 61.0.4;

(c)  the elements used in the calculation of the consumer’s debt ratio;

(d)  the consumer’s debt ratio, calculated in accordance with section 61.0.4;

(e)  if the debt ratio exceeds the ratio identified in section 61.0.6, the following compulsory clause:

“WARNING

You are about to enter into a high-cost credit contract The contract includes an obligation on your part that is presumed excessive, abusive or exorbitant within the meaning of the Consumer Protection Act.

It is in the consumer’s interest to refer to sections 8 and 9 of the Consumer Protection Act (chapter P-40.1) and, if necessary, consult the Office de la protection du consommateur.”.

The compulsory clause must show the text in typeface of at least 12 points and the heading in bold type.

O.C. 994-2018, s. 37.