447. Every loan shall be evidenced in a writing setting out the name and address of the lender, the date, amount, term and rate of interest of the loan and the terms and conditions of repayment of the principal and payment of the interest, which must take section 448 into account.
Where an elector becomes surety for a loan, the contract of suretyship shall set out the name and address of the elector and the amount for which he becomes surety.
The deed of loan or contract of suretyship shall also include a declaration by the elector stating that the loan is being granted or the suretyship contracted out of the elector’s own property, voluntarily, without compensation and for no consideration, and that it will not be reimbursed in any other way than as stipulated in the deed or contract.
1987, c. 57, s. 447; 2016, c. 17, s. 671.