Bill 233 — Fourth Session, 18Th Legislature, 27 Elizabeth Ii the Legislative Assembly of Alblia.'Ia Bill 233 An Act To Amend the Credit and Loan Agreements Act (Legislature 18, Session 4)

L18 S4 4417

Alberta — Bills

1978 BILL 233 Fourth Session, 18th Legislature, 27 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBlia.'IA BILL 233

AN ACT TO AMEND THE CREDIT AND LOAN AGREEMENTS ACT MR. MANDEVILLE First Reading _;-,-_____________________________________ _ Second Reading _______________ -'-_~~_~ __ ...,.-.:,..~------------ Committe'e of the Whole _________ ~--------~-_----------- Third Reading _______________________________________ _ Royal Assent ___________________ -'-_--'-'-~ _______________ _ Printed by the Queen'$ Printer for the PrQvlnce of Alberta, EDMONTON

Bill 233 Mr. Mandeville 'BILL 233 1978

AN ACT TO AMEND THE CREDIT AND LOAN AGREEMENTS ACT (Assented to , 1978) HER MAJESTY, by and with the ,advice and consent of the Legislative Assembly of Alberta, enacts as ~ollows: 1. The Credit and Loan Agreements Act is amended by this Act.

Section 2 ( e.1) is repealed and the following is substituted: (e. 1 ) "discounter" means a person, including ,an agent or broker who, acting in the course of business, acquires from a tax payer the taxpayer's right to 'a refund whioh i's due or will beoome due to the taxpayer;

Section 15.6 is amended (

a) by repealing subsection ( 1 ) and substituting the following: ( 1) In ,this

section and in

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

i) as a result 'Of an overpayment of the income tax paid by him or on his behalf under The Income Tax Act or The Income Tax Act (Can ada) and interest on the overpayment, or (ii) as ,a result of an ove11payment 'Of unemployment insurance premiums paid by him or on his be half under The Unemployment Insurance Act, 1971 (Canada), or (iii) ,as a result 'Of an overpaym,ent of Oanada Pen sion Plan contributions paid by him or on his behalf under The Canada Pension Act (Can ada), 'Or (iv) 'as a renter's tax credit under The Income Tax Act, Dr

Explanatory Notes 1. This Bill will Amend c. 73 of the Revised S~atutes of Alberta, 1970. 2. Amends

section 2;

definitions. 3. Amends

section 15.6;

definitions.

(

v) as a grant or refund under any Provincial or Federal Act; (b) "Taxpayer" means an individual other than a dis counter who has the right to receive a refund, and (

b) by repealing subsection (15) and substituting the follow- ing: .

(15) Be~ore a discounter may ,acquire from a tax payer the right to receive a refund which is due or win become due to the taxpayer, the disoounter shall specify in writing to the taxpayer the terms of the acquisition inoluding (

a) the amount of the refund that the taxpayer believes is due or will become due to him, (

b) the amount to be paid by ,the discounter for the re fund which is due or will beoome due after deduot ing the amount charged for any servke related to the acquisition of the refund or the right to the re fund, (

c) the difference between the amounts referred to in clauses (

a) and (b), and (

d) the annual percentage interest J:1ate used to discount the income tax refund which ,is due or will become due, expressed in the manner prescribed by the regulations. 4. The following is added after

section 15.6: 1,5. '7 (1 ) No discounter shaH acquire the right to receive a refund from a taxpayer unless the discounter pays the taxpayer an amount which is not less than 90 % of the refund.

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

section 15.6(15) (a), the excess amount shaH be remitted forthwith by I1Jhe disoounter to the taxpayer.

(3) Every dis-oounter shall, by July 31 of 'e'ach year, file with the Minis-terin the manner prescribed by the regulations (

a) 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 ~axpayer, and (

d) the amount actually received by the discounter pursuant to the acquisition, for the year ending the previous June 30.

Section 23 is amended (

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

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

c) by adding the following after clause (f): (

g) the m,anner in whioh discounters shall file with the Minister the information specified in

section 15.7(3). 6. This Act comes into force on the day upon which it is assented to. 2

4. Adds new

section 15.7; discount limited. 5. Amends

section 23; regulations. Title: 1978 (18th, 4th) Bill 233,

An Act to Amend the Credit and Loan Agreements Act

Document details

Collection	Alberta — Bills
Citation	L18 S4 4417
Type	bill
Volume / chapter	L18 S4 4417
Language	en
Format	json
Source	PROVINCIAL
Identifier	a92b83a0e162bec8b20b0c7a1cff008eca156d25

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