Immediately after entering into the high-cost credit agreement, a high-cost credit grantor must give the borrower, at no cost, (a) a copy of each document that comprises the entire agreement; and, (i) the goods or services that the borrower was required to purchase, and. The director may limit the aggregate number of direct sellers who may be licensed to act for and on behalf of a vendor licensed in accordance with subsection 75(1). (a) the amount of each instalment is approximately the same; (b) the length of each time period covered by each instalment is approximately the same; and. If there is more than one borrower under a credit agreement, a disclosure statement or other document that must be given to the borrower may be given to any of them, and is not required to be given to each of them. (ii) if an inspector were to be refused entry to any premises or place to carry out an inspection under section 135.2, delaying the inspection in order to obtain a warrant on the basis of the refusal could be detrimental to the inspection; may at any time issue a warrant authorizing an inspector or any other person named in the warrant to enter the premises or place and carry out an inspection under section 135.2. (« fournisseur de crédit à coût élevé » et « produit de crédit à coût élevé »), "payday lender" and "payday loan" have the same meaning as in Part XVIII (Payday Loans). For the purpose of the definition "negative option marketing", a request to buy goods or services must not be inferred solely from the passage of time or from inaction on the consumer's part, or from the consumer's use of or payment for the goods or services. (ii) respecting Internet negative option marketing; (ff) defining any word or phrase used but not defined in this Act; (gg) respecting any matter necessary and advisable to carry out effectively the intent and purpose of this Act; (hh) respecting the manner in which an order under section 135.6 (compliance) or 135.12 (costs) may be given or served; (ii) extending the application of section 135.12 (order re costs) to other persons; (jj) requiring persons to make and maintain records for the purposes of this Act, and specifying the records to be made and maintained and the length of time for which and the location at which those records are to be retained; (kk) prescribing anything referred to in this Act as being prescribed. 2014, c. 12, s. 9. The holder of a licence as a direct seller shall only act as a direct seller for, or on behalf of, the vendor whose name is specified in the licence. How, when and in what circumstances the high-cost credit grantor will or may cancel the high-cost credit agreement. 204-945-0300 Téléc. 2005, c. 16, s. 22; S.M. The director may refuse to renew any licence if any event, or any change in the directorship or management of a corporation, has occurred since it was granted or last renewed, and that event or change would give grounds for refusing the grant of a licence. (a) the broker's name, business address and the telephone number; (c) the amount of the credit — or in the case of a lease, the nature of the leased goods — requested, and the date by which the credit or the leased goods are expected to be available; and. If you do not cancel this contract within the 7 days, you may not be able to cancel it afterwards. The owner of the business carried on at the premises or the person in charge of the place of inspection or having custody or control of the relevant records or property must. Where the goods are described as used in the manner required by this section, there shall be taken into account, in deciding whether they are of merchantable quality. (b) the gross amount of moneys collected during the preceding fiscal year of the collection agent. Where in the opinion of a court it is inequitable that clause (2)(e) should apply, the court may make such order as it considers appropriate. 2013, c. 45, s. 19. If a provision or statement in a payday loan agreement or in any related document provided to a borrower is ambiguous, it must be construed in favour of the borrower. (b) repay, by cash, certified cheque or money order or in a prescribed manner, the outstanding balance of the initial advance, less any cost of credit that was paid by or on behalf of the borrower or deducted or withheld from the initial advance. Limited application of Public Utilities Board Act. (e) in the case of a credit sale, a charge that would also be payable by a cash customer, (f) a charge for a share in a cooperative or a credit union; (« frais financiers autres que l'intérêt »), "office" means the Consumer Protection Office continued under section 70; (« Office »), "open credit" means credit under a credit agreement that, (a) anticipates multiple advances, which are to be made at the borrower's request, and, (b) whether or not it sets a credit limit, does not establish the total amount to be advanced; (« contrat d'avance à découvert »), "optional service" means a service that is offered to a borrower in connection with a credit agreement — or to a lessee, in the case of a lease — but that the borrower or lessee does not have to accept in order to enter into the credit agreement or lease; (« services facultatifs »), "outstanding balance" in relation to a credit agreement or lease means, at any particular time, the total amount then owing under the agreement or under a promissory note given by the borrower or lessee in connection with the agreement; (« solde impayé »), "person" includes a partnership and an unincorporated association; (« personne »). The board may decide how to conduct the public consultation, which may include a public hearing, and may establish its own procedures for the consultation. 2006, c. 31, s. 3; S.M. What collateral or security will or may be required from the borrower. (c) a person claiming the goods by paramount title to that of the seller, if the person consented, either expressly or by implication, to the seller's selling or letting of the goods. A decision to cancel or suspend a payday lender's licence takes effect when notice of the decision is served on the lender, or on the date specified in the decision, whichever is later. (k) in the director's opinion, it is not in the public interest to issue a licence to the applicant. 2011, c. 25, s. 2; S.M. (b) none of the rights of a buyer under this Act or any other statute of Manitoba or Canada are abrogated, limited or modified. Responsibility re jointly placed advertisements. (« fournisseur »). Repairer and subcontractor jointly and severally liable under warranty. (ii) contact the director to arrange a date and time for a hearing before the director. The initial disclosure statement for a credit agreement for open credit must be dated and must disclose as much of the following information about the agreement as is applicable: (a) the credit limit, unless there is none or it is otherwise disclosed in the first statement of account or in a separate statement no later than when the borrower receives the first statement of account; (b) the minimum periodic payment, or the method of determining it; (c) the initial annual interest rate and the compounding period; (d) if the agreement is associated with a credit card, the manner in which interest is calculated; (e) if the annual interest rate may change, the method of determining the annual interest rate at any time; (f) when interest begins to accrue on advances or different types of advances, and the particulars of any grace period; (g) the nature and amount, or the method of determining the amount, of any non-interest finance charges that may become payable; (h) if the borrower has paid or is liable to pay a brokerage fee, the amount of that fee; (i) if the agreement is associated with a credit card, the borrower's maximum liability for debts incurred through unauthorized use of the card if it is lost or stolen; (j) if the borrower purchases an optional service and is required to make payments for it to or through the credit grantor, a description of, (i) the service and the charges for it, and. (a) prescribing information that a seller must provide to a buyer before entering into a retail sale or retail hire-purchase agreement to which Part XVI applies; (b) respecting requests under Part XVI for the reversal or cancellation of credit card charges and charges for associated interest and other costs; (b.1) prescribing goods or services for the purpose of subsection 130(1); (c) respecting any matter that the minister considers necessary or advisable to carry out effectively the intent and purposes of Part XVI. 2005, c. 16, s. 5; S.M. The director is a party to an appeal under subsection (8), and is entitled to be heard, by counsel or otherwise, upon the appeal. (« durée »), Subject to subsection 4(2), this Division applies to a lease that. A notice, decision or other document to be given to or served on a person by the director under this Part must be given or served, (b) by sending a copy of it by registered mail, or by another service that provides the sender with proof of delivery, to the person at the last address known to the director for the person or the person's business; or. (« véhicule de piètre qualité »), "motor vehicle" has the same meaning as in Part XXIII (Motor Vehicle Work and Repairs). (a) for any reason for which the director may refuse to issue a licence under section 142; (b) if the lender fails to provide information required by the director or the regulations, or provides incomplete, false, misleading or inaccurate information to the director; (c) if the lender contravenes or fails to comply with any provision of this Act or the regulations; (c.1) if the lender contravenes or fails to comply with a director's order under section 135.6 or 135.12 issued in respect of the payday lender's licence; or. (a) does not, though required, contain a statement of the interest rate or APR; (b) understates the APR by more than the margin permitted by the regulations; (c) for fixed credit, omits or incorrectly states any of the information required by clause 34.3(b), (c), (i), or (o) or subclause 34.3(g)(ii); (d) for open credit, omits or incorrectly states any of the information required by clause 35.2(a), (b), (c), (d), (e), (g) or (n); or. (b) gives a person entitled to disclosure a disclosure statement that does not contain all the information required by subsection (2); the borrower may prepay the outstanding balance of the renewed mortgage without penalty at any time within 21 days after the renewal date of the mortgage. If the broker fails to provide the initial disclosure statement as required, the broker is not entitled to a brokerage fee and the borrower is entitled, on demand, to a refund of any brokerage fee paid to the broker. If the interest rate is not a floating rate, and is increased during the term of the credit agreement to a rate that is at least one percentage point higher than the rate most recently disclosed to the borrower, the credit grantor must give to the borrower within 30 days after the increase a supplementary disclosure statement containing the following information: (b) the date the new rate took effect; and. Sections 189 to 191 do not apply to amendments made to an indeterminate contract. An order sent in accordance with clause (1)(b) is deemed to have been received on the date shown on the confirmation of delivery obtained from the Canada Post Corporation or the other service. 2006, c. 31, s. 3; S.M. (i) the credit grantor in connection with the agreement, assuming there is no prepayment or default, (ii) a person other than the credit grantor in respect of a charge for services that the credit grantor required the borrower to obtain or pay for in connection with the credit agreement, unless the charge is for an amount to which clause (1)(e) or regulations under clause (1)(g) would have applied if it had been incurred initially by the credit grantor and then charged to the borrower, or. (i) sales in which the only goods supplied consist of food or food products in a perishable state at the time of delivery; (j) sales of daily or weekly newspapers by persons who actually make deliveries of the newspapers at periods coincident with the frequency of issue; or. On request of the director, a lessor must provide a copy of a record described in subsection (4) to the director. Notice of the loss or theft of a credit card, or of an unauthorized use of credit card information, may be given orally or in writing. Seller responsible for cost of returning goods. This Part does not apply to a contract in force at the time this Part comes into force. Each good or service that must also be purchased by the borrower, how to purchase it, why it is required and how much it will cost. The minimum monthly cost is to be expressed on a monthly basis, even if the costs under the contract are calculated on a basis other than a monthly basis, or the billing period is not a monthly period. (b) the agreement is unenforceable because of subsection 20(3) of The Electronic Commerce and Information Act and the consideration has not been refunded to the buyer within 30 days after the buyer notified the seller of the error referred to in that subsection. Fixed term contract — no cell phone provided, If a cell phone was not provided by the supplier to the customer for free or by sale at a reduced cost, or if subsection (2) does not apply for any other reason, the supplier may charge a cancellation fee not to exceed the lesser of. Contract not to be cancelled if security deposit exceeds amount of debt. (d) Division 7 (Transitional Application of Part II); apply to a lease entered into in the course of a lessor's business — or arranged by a broker — with an individual primarily for a personal, family or household purpose. Despite The Financial Administration Act, the following are to be paid or credited to the fund: (a) the levies paid under section 259 (financial literacy support levy); (b) amounts authorized to be so paid and applied by an Act of the Legislature; (c) interest and other income earned on the amounts paid or credited to the fund. This Part does not apply to banks, credit unions or prescribed persons. 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