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

Section 69.7 Disposition versions

2012-09-01

69.7. Where the merchant wishes to avail himself of a clause of forfeiture of benefit of the term, the statement of account provided for in section 105 of the Act must include the following information:

(a)  the date of the statement of account;

(b)  the date, nature and amount of each sum of money paid into the consumer’s account since the contract was entered into;

(c)  the amount and the due date stipulated in the contract of each periodic instalment for which the merchant intends to demand immediate payment; and

(d)  the total of the sums for which the merchant intends to demand immediate payment.

In the case of a contract of lease with guaranteed residual value, the statement of account must also indicate the sum that would be required of the consumer to acquire the goods on the date of the statement of account.

O.C. 600-92, s. 6.