Bill 239 — Third Session, 18Th Legislature, 26 Elizabeth Ii the Legislative Assembly of Alberta Bill 23Q An Act To Amend the Credit and Loan Agree'Ments Act (Legislature 18, Session 3)

L18 S3 5844

Alberta — Bills

1977 Bill 239 Third Session, 18th Legislature, 26 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 23Q

AN ACT TO AMEND THE CREDIT AND LOAN AGREE'MENTS ACT MR. MANDEVILLE First Reading Second Reading .... .' ....................... . Third Reading ............................. . Printed by the Queen's Printer for the Province of Alberta, EDMONTON

Bill 239 Mr. Mandeville BILL 239 1977

AN ACT TO AMEND THE CRE'DIT AN,DLOAN AGRE'E'M,ENTS ACT (Assented to , 1977) 1. The Credit and Loan Agreements Act is hereby amended.

Section 2 is am,ended by striking out clause (e.1) and by substituting the following: (e.1) "disicounter" means 'a person including an agent or broker who, acting in the course of business, acquires from a taxpayer the taxpayer's right to a refund which is due or will become due to the taxpayer;

Section 15.6 is amended (

a) by striking out subsection (1) and by substituting the following: 15.'6

(1) In this

section and in

section 15.7, (a) "refund" means the amount which an individual is entitled to receive, (

i) as an overpayment of the income tax plaid by him or on his behalf un der The Income Tax Act or The Income Tax Act (Oanadia) and inter est on the overpayment, or (ii) as an overpayment of unemployment insurance premiums paid by him or on his bebalf under The Unemploy ment Insurance Act, 1971 (Ganada), or (iii) las an overp!ayment of Canada Pen sion Plan Iconrtributions paid by him or on his behalf under The Canada Pension Act (Canada), or (iv) as a renters tax credi,t under The Income Tax Act, or (

v) as a grant or refund under any Pro vincial or Federal Act; (b) "taxpayer" m'eans an individual other than a discounter who has the right to receive a refund. (

b) by striking out subsection (15) and by substitut ing the following:

Explanatory Notes I. Amends c.73, Revised Statutes of Alberta, 1970. 2. Amends

section 2;

definitions. 3. Amends

section 15.6;

definitions.

(15) Before a discounter m'ayacquire f~om a tax payer the right to receive .a refund which is due or will become due to the taxpayer, the discounter shall s'pecify in writing ,to the tax payer the terms of the acquisition including (

a) the amount of the refund that the tax- payer believes is due or will becom'e due to him, (

b) the amount to be paid by the discounter for the refund which is due or will be come due after deducting the amount charged for any service rellated to the acquisition of the refund or the right to the refund, (

c) the difference. between the amounts re ferred to in clauses (

a) and (b), and (

d) the annual percentage linterest rate used to discount the inco,me tax refund which is due or will become due, expressed in the manner prescribed by the regul;ations. 4. The following

section is added after

section 15.6 15.7

(1) No dis'Counter shall acquire a refund from a taxpayer unless the discounter pays the taxpayer an amount which is not less than 90 per cent of the refund.

(2) Where a discounter receives an amount which exceeds the amount referred to in

section 15.6, subsection (15), clause (a), the excess amount shall be remitted forthwith by the discounter to the taxpayer.

(3) Every discounter shall, by July 31 of each year, file with the Minister in the manner prescribed by the regul'ations fa) the name and address of each taxpayer whose refund was acquired, (

b) the amount of the refund, (

c) the amount that was paid to the taxpayer, and (

d) the amount actually received by the dis counter pursuant to the refund acquired, for the year ending the previous June 30.

Section 23 is amended (

a) by striking out the word and at the end of clause (e), (

b) by adding the word and at the end of clause (f), and (

c) by adding after clause (

f) the following clause: (

g) the m'anner in which discounters shall file with the Minister the information specified in sec tion 15.7, subsection (3). 6. This Act comes into force on the day upon which it is assented to. 2

4. Adds new

section 1'5.7; discoun t limited. s. Amends

section 2'3; regulations. 2 Title: 1977 (18th, 3rd) Bill 239,

An Act to Amend The Credit and Loan Agreements Act

Document details

Collection	Alberta — Bills
Citation	L18 S3 5844
Type	bill
Volume / chapter	L18 S3 5844
Language	en
Format	json
Source	PROVINCIAL
Identifier	70dfc07c0a9642f5b377e8ad4bfbb7ff781a0dd6

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