P-40.1 - Consumer Protection Act

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126. Without delay at the end of each period, the merchant must send the consumer a statement of account specifying
(a)  the date of the end of the period;
(b)  the outstanding balance at the beginning of the period;
(c)  the date, a sufficient description and the amount of each transaction charged to the account during the period;
(d)  the date and amount of each payment or sum credited to the account during the period;
(e)  the credit rate or rates applicable; in the case of a variable credit rate, the rate applicable at the end of the period and the manner of obtaining a list of the rates during the period;
(f)  the charges charged to the account during the period;
(g)  the total of all advances and purchases charged to the account during the period;
(h)  the outstanding balance at the end of the period;
(i)  the credit limit applicable for the period;
(j)  the minimum payment required for the period;
(k)  in the case of a credit card, the estimated number of months and, if applicable, years required to pay off the outstanding balance if only the required minimum payment is made each period;
(l)  in the case of a credit card, the due date for payment;
(m)  the grace period given the consumer to pay outstanding amounts without having to pay credit charges, except as regards money advances;
(n)  the consumer’s rights and obligations regarding billing errors; and
(o)  a telephone number that the consumer can use, at no charge, to obtain information about the contract or the statement of account in the language of the contract, or a telephone number that the consumer can use to obtain such information in the language of the contract, together with a clear statement that collect calls are accepted.
For the purposes of subparagraph c of the first paragraph, a transaction is sufficiently described if the information given can reasonably be expected to enable the consumer to identify the transaction.
1978, c. 9, s. 126; 1999, c. 40, s. 234; 2017, c. 242017, c. 24, s. 31.
See transitional provision, 2017, c. 24, s. 82.
126. At the end of each period, the merchant must furnish the consumer who owes him a debt with a statement of account, mailed not less than 21 days before the date on which the creditor may impose credit charges, if the consumer does not discharge his obligation in full; in the case of an advance of money, these charges may accrue from the date of that advance until the date of payment.
The statement of account must indicate:
(a)  the date of the end of the period;
(b)  the balance of the account at the end of the preceding period, specifying the portion of the balance which is represented by moneys advanced;
(c)  the date, description and value of each transaction debited to the consumer’s account during the period unless the merchant appends a copy of the vouchers to the statement of account;
(d)  the date and amount of each payment made or sum credited during the period;
(e)  the credit charges required during the period;
(f)  the balance of the account at the end of the period;
(g)  the minimum payment required for such period; and
(h)  the time during which the consumer may discharge his obligation without being required to pay credit charges except on advances of money.
The consumer may require the merchant to send to him without charge a copy of the vouchers for each of the transactions debited to the consumer’s account during the period.
1978, c. 9, s. 126; 1999, c. 40, s. 234.
126. At the end of each period, the merchant must furnish the consumer who owes him a debt with a statement of account, mailed not less than twenty-one days before the date on which the creditor may impose credit charges, if the consumer does not discharge his obligation in full; in the case of an advance of money, these charges may accrue from the date of that advance until the date of payment.
The statement of account must indicate:
(a)  the date of the end of the period;
(b)  the balance of the account at the end of the preceding period, specifying the portion of the balance which is represented by moneys advanced;
(c)  the date, description and value of each transaction debited to the consumer’s account during the period unless the merchant appends a copy of the vouchers to the statement of account;
(d)  the date and amount of each payment made or sum credited during the period;
(e)  the credit charges required during the period;
(f)  the balance of the account at the end of the period;
(g)  the minimum payment required for such period; and
(h)  the delay during which the consumer may discharge his obligation without being required to pay credit charges except on advances of money.
The consumer may require the merchant to send to him without charge a copy of the vouchers for each of the transactions debited to the consumer’s account during the period.
1978, c. 9, s. 126.