Investor Presentaiton
[Rev. 2016]
No. 46 of 2012
Consumer Protection
the assignor in connection with the extension of the credit or the lending of the
money, and the provisions of this Act apply equally to such assignee.
(2) Despite subsection (1), a borrower shall not recover from, or be entitled
to set off against, an assignee of the lender an amount greater than the balance
owing under the consumer agreement at the time of the assignment, and, if there
have been two or more assignments, the borrower shall not recover from an
assignee who no longer holds the benefit of the consumer agreement an amount
that exceeds the payments made by the borrower to that assignee.
70. Order to pay indemnity
(1) If an assignor of a negotiable instrument is convicted of a contravention
of section 65, the High Court making the conviction may order that the person
convicted is liable to indemnify the maker.
(2) If an indemnity order is made under subsection (1) in favor of a person who
is or becomes liable under a judgment of a court to an assignee of the negotiable
instrument in respect of which the indemnity order was made, the person entitled
to the indemnity may file the indemnity order in the court office of the court in which
the judgment was issued.
(3) Upon the filing of the indemnity order, the local registrar or clerk of the court
shall issue a default judgment in favor of the person entitled to the indemnity and
against the person required by the indemnity order to give the indemnity, and the
amount of the default judgment shall be the amount of the judgment referred to in
subsection (1) and costs together with the costs of issuing the default judgment, or
such lesser amount as the person entitled to the indemnity by requisition requests.
(4) Upon application, the court in which the default judgment is issued may
set aside the default judgment or may determine the amount of the indemnity or
make an order of reference for the purpose and may vary the amount of the default
judgment.
71. Allowance for trade-in subject to adjustment
(1) If the amount to be paid by a consumer under a consumer agreement
is determined after an allowance for a trade-in and is stated in the consumer
agreement to be subject to adjustment after the existence or amount of liens
against the trade-in is ascertained or confirmed, any statements of the terms of
payment and the cost of borrowing, as required under this Act, shall be based upon
the amount as determined upon the information provided by the consumer.
(2) If there is an additional adjustment to the amount to be paid by a consumer
under a consumer agreement to which subsection (1) applies after the adjustment
under subsection (1), the consumer agreement shall not be adjusted to change―
(a) the percentage rate by which the cost of borrowing is expressed;
(b) the total number of installments required to pay the total indebtedness;
or
(c) the price shown in the consumer agreement.
72. Application of Part
This Part applies to―
PART VIII-LEASING
(a) leases for a fixed term of four months or more;
31View entire presentation