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P-40.1 - Consumer Protection Act

Section 260.8
Disposition versions

Full text
260.8. For the purpose of maintaining sufficient reserves as required by section 260.7, the merchant must deposit forthwith in a separate trust account identified as a “reserve account”, a portion equal to not less than 50% of any sum he receives as consideration for a contract of additional warranty.
Any sum received by the merchant as consideration for a contract of additional warranty is, to the extent of the portion that he must deposit in the reserve account, transferred in trust and the merchant is the trustee thereof.
1988, c. 45, s. 2; 1999, c. 40, s. 234.
260.8. For that purpose the merchant must deposit forthwith in his reserve account a portion equal to not less than 50 % of any sum he receives as consideration for a contract of additional warranty.
1988, c. 45, s. 2.
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