The following constitute value given or to be given by the borrower in connection with a credit agreement: (a) money paid or to be paid or property transferred or to be transferred by the borrower to. The terms, conditions and amount of the bond or other security must be satisfactory to the director and must meet the requirements of the regulations. The credit grantor may apply to the court for an order authorizing the correction of an error or omission in the description of collateral in the initial disclosure statement for a credit sale. (b) the notice of the right to cancel under subsection (1) does not meet the requirements under section 249. If you cancel the contract, any moneys you paid will be returned to you.". If any item of collateral under a credit sale, or of the goods that comprised the collateral before a judgment was obtained, has been destroyed or damaged by a deliberate act or by wilful neglect of the borrower, the credit grantor may recover from the borrower the lesser of the following amounts: (a) the balance owing under the agreement or judgment, as the case may be; (b) the value of the item had it not been destroyed, or of the damage done. A supplier must ensure that the following information is set out prominently and in a clear and understandable manner, satisfactory to the director, on the beginning page or pages of a contract: (a) the supplier's business name, business and mailing addresses, telephone number, fax number, e-mail address and, if the supplier has a website, its website address; (c) the date the contract was made, and where it was made; (d) the term of the contract expressed in days, weeks, months or years, and its expiry date; (e) the minimum monthly cost of the contract; (f) an itemized list of all costs included in the minimum monthly cost; (g) a description of the cell phone services provided for in the minimum monthly cost ("the base services") including, where applicable. (ii) the optional goods or services that the borrower accepted or declined. (c) A warranty that the goods are free from any charge or encumbrance in favour of any third party except only for any that the buyer has specifically agreed in writing to accept. The lessor need not give a supplementary disclosure statement if the amendment does not result in an increase to the APR. 2009, c. 12, s. 8; S.M. Where a collection agent has collected moneys on behalf of a creditor, and is unable to locate the person entitled to receive the moneys within six months after the moneys have been collected; he shall pay the moneys, less his agreed charges, to the minister with a statement thereof showing the full name and address last known to him of the person entitled to the moneys. Every bond delivered under subsection (1) shall be forfeited, upon demand of the director, where, (a) a person in respect of whose conduct the bond is conditioned or any representative, agent, or salesman of that person has been convicted of, (i) an offence under this Act or any regulation; or, (ii) an offence involving fraud or theft or conspiracy to commit an offence involving fraud or theft under the Criminal Code (Canada); or, (b) judgment in respect of a claim arising out of a sale to which Part VII applies, has been given against the person in respect of whose conduct the bond is conditioned or against any representative, agent, or salesman of that person; or, (c) the person in respect of whose conduct the bond is conditioned commits an act of bankruptcy, whether or not proceedings have been taken under the Bankruptcy Act (Canada); or, (d) a decision has been rendered by the director in writing stating in effect that after consideration and investigation of a complaint, he is satisfied that the person in respect of whose conduct the bond is conditioned or any representative, agent, or salesman of that person, (i) has violated any provision of this Act or has failed to comply with any of the terms, conditions or restrictions to which his licence is subject or is in breach of contract; or. A person who applies for a credit card without signing an application form is considered to enter into a credit agreement in relation to that card upon using the card for the first time. (ii) the information is capable of being retained and printed by the buyer. This Division does not apply in relation to a mortgage registered under The Real Property Act. In addition to having a cancellation right under subsection (1), a borrower may cancel a payday loan at any time, if, (a) the payday lender did not notify the borrower of his or her right under subsection (1) to cancel the loan; or. The rights of the buyer under this Part in respect of a retail sale or retail hire-purchase agreement are in addition to, and do not affect, any other right or remedy the buyer has under or in respect of the agreement or at law. A borrower who is entitled to compensation under this section may set it off against the outstanding balance of the relevant credit agreement, or recover it in an action. (vi) the terms and conditions of a licence; (c.1) for the purpose of protecting borrowers, prescribing responsibilities of payday lenders and governing or prohibiting activities and practices; (d) respecting bonds and other security, including, (i) the terms, conditions and amount of a bond or other security, and. 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. (iii) respecting the forfeiture of a bond or other security, and disposition of proceeds of forfeiture; (f) for the purpose of section 248, respecting the manner of giving or serving notices, decisions and other documents; (g) for the purpose of protecting borrowers, prescribing responsibilities of high-cost credit grantors, and governing or prohibiting activities and practices, including activities and practices related to defaults, tied selling, discounting, and the entering into of concurrent high-cost credit agreements; (h) respecting collection practices of high-cost credit grantors, including modifying or limiting any provision of Part XII and restricting or prohibiting activities that are not restricted or prohibited under that Part; (i) respecting information disclosure, including. 2009, c. 12, s. 8; S.M 2014, c. 12, s. 10. This Part applies to services for which payment in advance is required. Borrower may prepay if no disclosure or incomplete, (a) does not give a disclosure statement to each person entitled to disclosure within the time required by subsection (1); or. Where credit is extended or arranged by a vendor in connection with a retail sale or retail hire-purchase to which this Part applies, and the credit agreement is separate from the sale or hire-purchase agreement, a cancellation under this section of the sale or hire-purchase agreement has the effect of cancelling the credit agreement. (ii) the value of any other consideration given. Cancellation fees for indeterminate contracts. 2011, c. 35, s. 8; S.M. In this Part the term "debtor" includes any person, (a) from whom payment of an alleged debt is demanded; and. (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. Subject to subsection (2), if information in a disclosure statement is more favourable to the borrower than the information or a term set out in the credit agreement, the information in the disclosure statement becomes a term of the agreement and prevails, to the extent of the inconsistency, over any other term of the agreement. A justice, upon being satisfied by information on oath that, (a) an inspector has been refused entry to any premises or place to carry out an inspection under section 135.2; or, (b) there are reasonable grounds to believe that, (i) an inspector would be refused entry to any premises or place to carry out an inspection under section 135.2, or. 2010, c. 31, s. 2; S.M. 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