Bill 283 — Second Session, 22Nd Legislature, 39 Euzabeth Ii the Legislative Assembly of Alberta Bill 283 Interest Charge Review Board Act (Legislature 22, Session 2)

L22 S2 2800

Alberta — Bills

1990 BILL 283 Second Session, 22nd Legislature, 39 EUzabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 283 INTEREST CHARGE REVIEW BOARD ACT MR. WRIGHT Fkst Reading Second Reading Committee of the Whole Thkd Reading Royal Assent ' -r-: L i-i

Bill 283 Mr. Wright BILL 283 1990 INTEREST CHARGE REVIEW BOARD ACT (Assented to , 1990) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as foUows: Purpose 1 The purpose of this Act is to provide a quick, simple and fak review of interest that has been charged on a loan to determine whether the interest has been charged in accordance with the law and the agreement governing the loan.

Definitions 3 In this Act (a) "appUcant" means a person who makes an appUcation to the board under this Act; (b) "financial instkution" kicludes a bank, trust company, credit union. Treasury Branch or loan company; (c) "Mmister" means the Mmister of Consumer and Corporate Affaks. Boat, established 2>{

l) Thcrc is hereby estabUshed the Interest Charge Review Board consisting of 7 members.

(2) The members shaU be appomted by Order of the Lieutenant Governor m CouncU for a term not to exceed 4 years and shaU include (

a) a person representing financial institutions; (

b) a lawyer;

Application for review Powers of tx}ard (

c) an accountant; (

d) an officer of the Department of Consumer and Corporate Affaks; (

e) three people representmg consumer interest groups.

(3) The Lieutenant Governor m CoimcU shaU by order designate one of the members to chak the board and one as a deputy.

(4) The members of the board may be paid such salary or fees and receive such remuneration of reasonable actual expenses as ordered by the Lieutenant Governor in CouncU out of money appropriated to that purpose by the Legislature. 4 Any person who borrows money from a financial institution doing business in the province may apply to the board for a review of the £unount of interest paid and the determination as to whether the interest was in accordance with the loan agreement. 5(1) The board shall review every appUcation brought to it that, in the opinion of the board, specifies sufficient information to estabUsh a reasonable possibility that interest may have been incorrectly calculated and determine whether the interest actually charged is in accordance with the agreement and whether the agreement and related transactions between the fmancial institution and the applicant is in accordzmce with the law.

(2) Within 15 days of receiving an application the board shall commence the review, request further information from the appUcant or advise the appUcant that it does not propose to carry out a review, giving its reasons.

(3) If an appUcant is asked to give further information or is advised that the board wiU not carry out a review, the appUcant may appeal the decision of the bocurd to the Minister.

(4) Where possible, the board shall complete ks review and advise the appUcant and the financial institution of ks decision and of any order k makes, wkhin 90 days of receiving the application. 6 The board may receive evidence in any form it deems appropriate bearing in mind the circumstances and the facilitiej available to the appUcant or the financial kistkution as the case may be and may receive evidence on oath. 7 The board has the powers of a commissioner appointed undei the Public Inquiries Act with respect to the conduct of hearmgs, the calling of witnesses and the summoning and receipt of evidence.

Order 8 Ou complctlug Its review, the board may make any order it sees fit with relation to the loan agreement and the relationship between the appUcant and the financial institution which may include an order that (

a) emy interest improperly charged be refunded with interest at a rate set by the board; (

b) the loan agreement be amended to comply with the law; (

c) the financicJ institution comply with any practice requked by law or desist from any practice forbidden by law or which, in the opiiuon of the board, has or may cause confusion as to the amount of interest payable on a loan or any other terms of a loan. Registration: 9 /i^ ofdcT of the board may be registered with the Clerk of The Court of Queen's Bench and upon registration has the same force and effect as an order of the Court of Queen's Bench.

Appeal iQ /^ otdcT of the board may be appealed to the Court of Appeal, on the same basis as an order of the Court of Queen's Bench. semce jj ^jj ordcr of the board shall be in writing and shall be served personally or by registered mail on the applicant, the financial institution involved and any other person ordered by the board.

Contempt j2 If auy person refuses to comply with an order of the board to appear or to present written documents demanded by the board without reasonable excuse, the board may order that that person is m contempt of the board and upon the order being filed with the Clerk of the Court of Queen's Bench the order is of the same effect as an order of that Court of contempt.

Default Orders 13 jf jjjg ^^^^^j j^^^ ordered the attendance of a financial mstitution and the financial mstitution faUs to comply with the order or fails to present evidence related to the application, the board may make an order in default of the appearance or in default of evidence presented.

Representation ^4 j^^ appUcaut or fiuaucial institution may be represented before the board in person, by counsel or by agent. 15(1) Notwithstanding the Limitations of Actions Act, the board may make an order under this Act that relates to a transaction for the payment or non-payment of interest that took place on or alter January 1, 1968. Limitation

(2) This

section expires December 31, 1992. Commencement jg jjjjg ^^.f comcs luto forco OH proclamation. Title: 1990 (22nd 2nd) Bill 283, Interest Charge Review Board Act

Document details

Collection	Alberta — Bills
Citation	L22 S2 2800
Type	bill
Volume / chapter	L22 S2 2800
Language	en
Format	json
Source	PROVINCIAL
Identifier	d8ad24a68f2ed896bcf70eaee16036fb94909e91

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