Section 443 of the Act respecting the distribution of financial products and services (chapter D-9.2)
THE ACT RESPECTING THE DISTRIBUTION OF FINANCIAL PRODUCTS AND SERVICES GIVES YOU IMPORTANT RIGHTS
·You are required to purchase insurance coverage described below in order to secure the repayment of a loan.
·However, you are free to purchase this insurance from the insurer and representative of your choice. You can thus obtain the required insurance in 3 different ways:
(1) By purchasing the insurance offered to you;
If you choose this option, you benefit from the application of section 441 of the Act which allows you to rescind an insurance contract that you signed at the time of signing another contract, without penalty, within 10 days of its signature. However, you must then purchase another equivalent insurance to the satisfaction of the creditor who may not refuse without reasonable cause.
(2) By purchasing other insurance that is equivalent to the insurance required, to the satisfaction of the creditor who may not refuse without reasonable cause.
(3) By demonstrating that you already have insurance that is equivalent to the insurance required, to the satisfaction of the creditor who may not refuse without reasonable cause.
You may change insurer or representative at any time, provided that you maintain during the term of the loan agreement an insurance equivalent to the insurance required to the satisfaction of the creditor who may not refuse without reasonable cause. You cannot be required to choose or keep an insurance contract with a particular insurer, nor can you be refused credit or have your loan called in for this reason.
To rescind your insurance, you may use the section hereunder entitled “Notice of rescission of an insurance contract.” For further information, contact the Autorité des marchés financiers at 1-877-525-0337 or visit www.lautorite.qc.ca.
|DESCRIPTION OF THE REQUIRED COVERAGE|
|(section completed by the distributor)|
|To secure the repayment of your loan, we have required that you purchase:|
|⃞ damage insurance:|| |
|in an amount of: $|| |
|⃞ insurance of persons of the following type:|| |
| ||(life, disability, other)|| || |
|in an amount of: $|| || || |
|(coverage)|| ||(particulars)|| |
NOTICE OF RESCISSION OF AN INSURANCE CONTRACT
|(name of insurer)|
|(address of insurer)|
|Date:||(date of sending of notice)|
|Pursuant to section 441 of the Act respecting the distribution of financial products and services, I hereby rescind insurance contract no.: ______________________ (number of contract, if indicated)|
|Entered into on: _________________________________||(date of signature of contract)|
|In : ___________________________________________||(place of signature of contract)|
|______________________________________________||(name of client)|
|______________________________________________||(signature of client)|