P-40 - Consumer Protection Act

Section 21 Disposition versions

1977-12-31

21. A merchant who makes a loan of money must furnish the consumer with a writing indicating:

(a)  the date and place of the contract if it is entered into in the presence of the merchant and of the consumer;

(b)  the name and address of the merchant;

(c)  the name and address of the consumer;

(d)  the amount actually received by the consumer;

(e)  the cost of insurance of the loan;

(f)  the duties payable;

(g)  any amount payable in addition to those mentioned in paragraphs e and f;

(h)  the credit charge, namely the aggregate of the amounts mentioned in paragraphs e, f and g;

(i)  the credit rate calculated in accordance with the regulations;

(j)  the consumer’s total obligation, namely the aggregate of the amounts mentioned in paragraphs d and h;

(k)  the description of every object or document given to the merchant as acknowledgment of or security for the consumer’s obligation;

(l)  the terms and conditions of payment;

(m)  whether or not the merchant performs his principal obligation when the contract is entered into;

(n)  anything else required by regulation.

1971, c. 74, s. 21.