Copyright © Queen's Printer,

Victoria, British Columbia, Canada

Licence

Disclaimer

Volume 48, No. 25

B.C. Reg. 349/2005

The British Columbia Gazette,

Part II

December 13, 2005

B.C. Reg. 349/2005, deposited December 9, 2005, pursuant to the BUSINESS PRACTICES AND CONSUMER PROTECTION ACT [Sections 57 and 238]. Order in Council 882/2005, approved and ordered December 8, 2005.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that

(

a) Order in Council 627/2004 is amended by repealing paragraph (f.1) and substituting the following:

(f.1) effective July 1, 2006, the following provisions of the Business Practices and Consumer Protection Act are brought into force:

(

i) Part 5, except sections 61 (2) (

a) and 91 (1) (h);

(ii) sections 196, 207, 216, 218 and 221 to 228, and ,

(

b) Order in Council 627/2004 is amended in paragraph (

g) by striking out "January 1, 2006" and substituting "July 1, 2006",

(

c) Order in Council 629/2004 is amended by striking out "January 1, 2006" and substituting "July 1, 2006", and

(

d) the Disclosure of the Cost of Consumer Credit Regulation, B.C. Reg. 273/2004, is amended as set out in the attached Schedule.

— J. LES, Minister of Public Safety and Solicitor General; G. CAMPBELL, Presiding Member of the Executive Council.

Schedule

Section 6 (2) (

b) and (

c) of the Disclosure of the Cost of Consumer Credit Regulation, B.C. Reg. 273/2004, is repealed and the following substituted:

(

b) for each calculation period in the term, the outstanding principal amount is the outstanding principal amount before any amount is applied in that calculation period against that principal amount under paragraph (c);

(

c) each payment made by the borrower within a calculation period must, for the purposes of paragraph (b), be applied as follows:

(

i) firstly, the payment must be applied against the amount of interest that has accrued to the date of payment;

(ii) secondly, the balance of payment remaining after application of the payment under subparagraph (

i) must be applied against the non-interest finance charges payable in that calculation period;

(iii) thirdly, the balance of payment remaining after application of the payments under subparagraphs (

i) and (ii) must be applied against the outstanding principal amount; .

2 Sections 8 and 18 (3) are repealed.

Copyright © 2005: Queen's Printer, Victoria, British Columbia, Canada