40. In addition to the clauses in sections 61.0.13 and 61.0.14 and of the clause prescribed in section 38 or 39, as the case may be, an instalment sale contract that does not contain a clause of forfeiture of benefit of the term must, immediately after the reserve of ownership clause, contain the following compulsory clause:
“Clause required under the Consumer Protection Act.
(Instalment sale contract)
If the consumer fails to perform his obligation in the manner prescribed in this contract, the merchant may:
(a) either exact immediate payment of the instalments due;
(b) or retake possession of the goods forming the object of the contract.
Before retaking possession of the goods, the merchant must give the consumer a notice in writing of 30 days during which the consumer may, as he chooses:
(a) remedy the fact that he is in default;
(b) return the goods to the merchant.
If the consumer returns the goods to the merchant, his obligation under this contract is extinguished and the merchant is not bound to restore the payments he has already received.
If, before his default, the consumer has paid at least one-half of the amount of the total obligation and of the down payment, the merchant may not recover possession of the good unless he obtains the permission of the court.
It is in the consumer’s interest to refer to paragraphs a and c of section 138 and sections 139 to 142 of the Consumer Protection Act (chapter P-40.1) and, where necessary, to communicate with the Office de la protection du consommateur.”.