Investor Presentaiton
No. 46 of 2012
[Rev. 2016]
Consumer Protection
(b) the borrower is in default and has been notified that the lender has
cancelled or suspended his or her right to obtain advances under the
agreement and has demanded payment of the outstanding balance.
(3) The lender shall provide to the borrower a telephone number at which
the borrower can make inquiries about the borrower's account during the lender's
ordinary business hours without incurring any charges for the telephone call.
(4) A statement of account for a credit agreement for open credit shall disclose
the prescribed information.
(5) A lender under a credit agreement for open credit who, pursuant to
the agreement, changes the interest rate under the agreement shall deliver a
disclosure statement to the borrower disclosing the change-
(a) in the next statement of account after the change, in the case of a
credit agreement that is not for a credit card; and
(b) at least thirty days before the change, in the case of a credit
agreement that is for a credit card where the interest rate is not a
floating rate.
(6) Subject to subsection (7), if the parties have agreed to amend a credit
agreement for open credit and the amendment changes any of the information
prescribed under subsection (4), the lender shall, within thirty days after the
amendment is made, deliver to the borrower a supplementary disclosure statement
setting out the changed information.
(7) If the parties have agreed to amend a credit agreement for open credit
in respect of a credit card and the amendment changes any of the information
prescribed under section 65(3), the lender shall deliver to the borrower a
supplementary disclosure statement setting out the changed information—
(a) within thirty days after the amendment is made, if the change is not a
material change, as prescribed; and
(b) at least thirty days before the amendment is made, if the change is a
material change, as prescribed.
68. Assignment of negotiable instrument
(1) If a person assigns a negotiable instrument given to secure credit or a loan
of money, the person shall deliver to the assignee with the negotiable instrument a
copy of the statement required by section 65 and, if the person is a supplier creditor,
a copy of the consumer agreement for the goods or services that were obtained
with the fixed credit.
(2) Every assignee of a negotiable instrument who reassigns the instrument
shall deliver to the person to whom the instrument is being reassigned the
statement and the consumer agreement, if any, received by the assignee in respect
of the instrument.
(3) If an assignee of a negotiable instrument to which subsection (2) applies
is entitled to recover on the instrument from the maker, the maker is entitled
to be indemnified by any assignor of the instrument who has not complied with
subsection (1) or (2), as the case may be.
69. Obligations of assignee of lender
(1) If a lender assigns to a person the lender's rights in connection with the
extension of credit or the lending of money to a borrower, the assignee has no
greater rights than, and is subject to the same obligations, liabilities and duties as,
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