P-40.1 - Consumer Protection Act

Section 98 Disposition versions

2019-08-01

98. If the parties to a contract of credit wish to amend certain provisions of the contract and if the credit rate or the credit charges are thereby increased, they must execute a new contract containing

(a)  the identification of the original contract;

(b)  the amount exacted from the consumer to discharge, before maturity, his obligation under the original contract;

(c)  the net capital, the credit charges and the credit rate; and

(d)  the amount of the consumer’s total obligation and the terms and conditions of payment.

The change in the credit rate of a contract with a variable credit rate does not constitute a modification to the provisions of the contract.

1978, c. 9, s. 98; 2017, c. 24, s. 16.

1980-04-30

98. If the parties to a contract of credit wish to amend certain provisions of the contract and if the credit rate or the credit charges are thereby increased, they must execute a new contract containing

(a)  the identification of the original contract;

(b)  the amount exacted from the consumer to discharge, before maturity, his obligation under the original contract;

(c)  the net capital, the credit charges and the credit rate; and

(d)  the amount of the consumer’s total obligation and the terms and conditions of payment.

1978, c. 9, s. 98.