P-40.1 - Consumer Protection Act

Section 150.22 Disposition versions

2019-08-01

150.22. In addition to the information that may be required by regulation, a contract of lease with guaranteed residual value must contain or state the following, presented in conformity with the model prescribed by regulation:

(a)  a description of the goods to be provided under the contract;

(b)  the retail value of the goods and, if applicable, the payment on account paid by the consumer and the amount of the net obligation;

(c)  the value of any goods given in exchange;

(d)  the implied credit charges claimed from the consumer and the consumer’s maximum obligation under the contract;

(e)  the term of the contract;

(f)  the implied credit rate;

(g)  the date on which the implied credit charges begin to accrue, or how that date is determined;

(h)  the amount and due date of each payment;

(i)  if entering into an insurance contract is a condition for entering into the contract, a statement that the consumer has the right to use an existing insurance policy or to purchase insurance from the insurer and insurance representative of the consumer’s choice, subject to the merchant’s right to disapprove the insurance selected or held by the consumer on reasonable grounds; and

(j)  the date of delivery of the goods.

1991, c. 24, s. 3; 2018, c. 14, s. 16.

1992-06-30

150.22. The contract must reproduce the particulars provided for in Schedule 7.3, in addition to those prescribed by regulation.

1991, c. 24, s. 3.