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P-40.1 - Consumer Protection Act

Section 72
Disposition versions

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72. The credit rate is the amount of the credit charges expressed as an annual percentage. It must be computed and disclosed in the manner prescribed by regulation.
In computing the credit rate in the case of an open credit contract, the following components of the credit charges are not considered:
(a)  membership or renewal fees;
(b)  the value of the rebate or of the discount to which the consumer is entitled if he pays cash; and
(c)  replacement fees for a lost or stolen credit card.
1978, c. 9, s. 72; 2017, c. 24, ss. 11 and 68.
72. The credit rate is the amount of the credit charges expressed as an annual percentage. It must be computed and disclosed in the manner prescribed by regulation.
In computing the credit rate in the case of a contract extending variable credit, the following components of the credit charges are not considered:
(a)  membership or renewal fees; and
(b)  the value of the rebate or of the discount to which the consumer is entitled if he pays cash.
1978, c. 9, s. 72.
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