Bill 215 (Legislature 25, Session 2)

L25 S2 171

Alberta — Bills

2002 BILL 215 Second Session, 25th Legislature, 51 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 215 FAIR TRADING (COST OF CREDIT) AMENDMENT ACT, 2002 REV. ABBOTT F i r s t R e a d i n g .................................... Second Reading .................................. C o m m i t t e e o f t h e W h o l e ........................... T h i r d R e a d i n g ................................... R o y a l A s s e n t ....................................

1 Bill 215 Rev. Abbott BILL 215 2002 FAIR TRADING (COST OF CREDIT) AMENDMENT ACT, 2002 (Assented to , 2002) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Amends RSA 2000 cF-2 1 The Fair Trading Act is amended by this Act. 2 The following is added after

section 64: Execution of credit agreement 64.1(1) In addition to any signatures required to execute a credit agreement, a borrower must acknowledge the APR and the total cost of credit by initialling these terms in the agreement.

(2) This

section does not apply to mortgage loans. Copy of credit agreement 64.2 A credit grantor must provide to a borrower, on request, a copy of the credit agreement. 3 The following is added after

section 101: Division 8 Consumer Education Programs Consumer education programs 101.1 The Minister may establish programs to educate consumers on matters relating to (

a) the cost of credit, (

b) the meaning of APR,

2 (

c) the legal obligations of credit grantors, and (

d) the legal rights of borrowers. 4

Section 161 is amended in clause (

f) by adding “64.2,” before “66(2)”. 5 This Act comes into force on Proclamation.

1 Explanatory Notes Explanatory Notes 1 Amends

chapter F-2 of the Revised Statutes of Alberta, 2000. 2 New requirements for borrower to initial certain terms of credit agreement and for creditor to provide borrower with a copy of credit agreement. 3 Consumer education programs.

2 Explanatory Notes 4

Section 161 presently reads: 161 Any person who contravenes any of the following provisions is guilty of an offence: (

a) in

Part 2, sections 7, 9, 10, 11, 23; (

b) in

Part 3, sections 31(2), 39(1); (

c) in

Part 5, sections 44(1) and (2), 45, 46(1), (3), (4), (6) and (7), 48(2) and (3), 49; (

d) in

Part 7,

section 54; (

e) in

Part 8, sections 55(2), 56(1), 57(1); (

f) in

Part 9, sections 62, 64(1) and (2), 66(2), 68(3), 73(3), 78, 79(1), 80, 81, 85, 86, 87, 88; (

g) in

Part 10, sections 104, 107; (

h) in

Part 11, sections 111, 113, 114(1), 115(1), 116(1), 117; (

i) in

Part 12, sections 120(2) and (3), 121, 122, 123; (

j) in

Part 13, sections 132, 133, 134; (

k) in

Part 14, sections 145(6), 168(3). 5 Coming into force. Title: 2002 (25th, 2nd) Bill 215, Fair Trading (Cost of Credit) Amendment Act, 2002

Document details

Collection	Alberta — Bills
Citation	L25 S2 171
Type	bill
Volume / chapter	L25 S2 171
Language	en
Format	json
Source	PROVINCIAL
Identifier	5c5c594b23e7177964339ed0636bbaa32c7b4b9e

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