P-40.1, r. 3 - Regulation respecting the application of the Consumer Protection Act

Section 31.2 Disposition versions

2019-08-01

31.2. The compulsory clauses provided for in sections 35 and 36 must, where the contracts referred to in those sections are high-cost contracts, include the following modifications:

(a)  by adding “High-cost” before “Open credit contract for the use of a credit card” or “Open credit contract other than that entered into for the use of a credit card” in the portion in parentheses;

(b)  the clause must include, in addition to what is provided for section 35 or 36, as the case may be, immediately before paragraph 1, the following paragraph:

“(0.1)  A consumer may resolve, free of cost, this contract within 10 days after the date on which each party takes possession of a duplicate of the contract.

To resolve the contract, the consumer must

“(a)  remit the part of the granted credit that the consumer used to the merchant or the merchant’s representative if the credit has been granted at the time each party took possession of a duplicate of the contract;

“(b)  send a written notice to that effect or remit the part of the granted credit that the consumer used to the merchant or the merchant’s representative if the credit has not been granted at the time each party takes possession of a duplicate of the contract.

“The contract is resolved, without other formality, as soon as the consumer remits the part of the credit that the consumer used or sends the notice.”;

(c)  by adding “73, 74, 76,” after “It is in the consumer’s interest to refer to sections” in the last paragraph.

O.C. 994-2018, s. 17.