| Copyright (c) Queen's Printer, Victoria, British Columbia, Canada |
IMPORTANT INFORMATION |
1 In this Act:
"borrower" means an individual who receives credit;
"buyer" means an individual who leases or purchases goods or services under a contract with a seller, and includes the individual's agent;
"cash" includes cheques, bills of exchange, money orders and sums credited to an account on which a borrower has an unrestricted power of drawing;
"contract for dance lessons" means a contract for future services that provides for instruction in any type of dancing, and includes lessons and other services, rights or privileges whether provided to persons individually or in groups;
"contract for future services" means any of the following:
(a) an executory contract that includes a provision for services of a prescribed type or class to be rendered in the future on a continuing basis;
(b) a contract for dance lessons under which the consideration, excluding the cost of borrowing, is greater than an amount set by regulation;
(c) a contract for health studio services under which the consideration, excluding the cost of borrowing, is greater than an amount set by regulation;
(d) a contract for travel club services under which the consideration, excluding the cost of borrowing, is greater than an amount set by regulation;
"contract for health studio services" means a contract for future services that provides
(a) for instruction, training or assistance in physical culture, body building, exercising, reducing, figure development or self defence, or
(b) for the use by a person of the facilities of a health studio, gymnasium or other facility used for any of the purposes referred to in paragraph (a);
"contract for travel club services" means an executory contract by which the buyer acquires the right, by membership in a travel club, vacation club, or by other means, to discounts or other benefits on the purchase of transportation, accommodation or other services related to travel;
"cost of borrowing" means
(a) in relation to variable credit, the charges that a borrower or buyer is required to pay on the unpaid balance from time to time, or
(b) in relation to a form of credit other than variable credit, the amount by which the total sum that a borrower is required to pay, if the payments required are made as they become due, exceeds the principal sum;
"credit" means credit
(a) for which a borrower incurs a cost of borrowing, and
(b) given under an executory contract or by the advancement of money;
"credit card" means a card, document or similar instrument, or a replacement or renewal of any of them, by which on a continuing basis and from time to time goods or services or credit may be obtained on deferred payment, or by means of which cash may be obtained, whether or not there is any cost of borrowing or default charge for the credit or cash;
"creditor" includes a lender and an assignee of a claim or security given in respect of a credit transaction and includes his or her agent, personal representative, successors or assignees;
"debtor" includes a borrower, buyer or guarantor;
"direct sale" means a contract for the sale of goods or services, or both, made by a seller
(a) in the ordinary course of business, and
(b) at a place other than the seller's permanent place of business,
but does not include a contract where the sale, offering for sale or soliciting of orders is made by telephone, mail, fax or any other method that does not involve face to face contact with the intended purchaser;
"direct seller" means a seller whose business includes making direct sales, soliciting orders for direct sales, or both, whether personally or through a salesperson;
"director" means the member of the public service appointed by the minister to perform all the duties and to exercise all or any of the powers assigned to the director under this Act, and includes a person authorized to act on the director's behalf;
"executory contract" means a contract between a buyer and a seller for the purchase and sale or the lease of goods or services, or of goods and services, for which delivery of the goods or performance of the services or payment in full of the consideration is not made at the time the contract is made, including a contract that is partly executed, but does not include an executory contract for the sale or the lease of goods or services, or for goods and services, by and under which the consideration, excluding the cost of borrowing, is less than an amount set by regulation in respect of any particular class of seller;
"goods" means personal property;
"guarantor" includes a guarantor, surety, indemnitor and endorser, or other individual liable for the payment or repayment of the money owing or on an agreement or collateral or other security given in respect of it, but does not include a person who at the time he or she agreed to act in any of those capacities knew or ought to have known that the money or the credit would be used for commercial or business purposes;
"individual" means a natural person and includes his or her agent, personal representative and assigns, but does not include a natural person with respect to buying or borrowing in the course of carrying on a business;
"lease" includes the hourly, daily, weekly, monthly, annual or other periodic rental of goods or services;
"lender" means a person, including a seller, who in the course of business extends credit, and includes his or her personal representative, successors or assignees;
"official fees" means search, filing or registration fees to be paid by or under an Act of British Columbia or of Canada in connection with the search, filing or registration of an instrument relating to a credit transaction;
"principal sum" means the aggregate of
(a) the cash price of the goods or services or both,
(b) any sum received in cash by the borrower,
(c) any sum paid to a third party on behalf of, and at the request of, the borrower,
(d) any sum remaining unpaid from a previous extension of credit that is consolidated by agreement with the proposed extension of credit,
(e) any sum actually paid by the lender on account of official fees, and
(f) any sum actually to be paid on account of the cost of insurance effected at the express request of the borrower,
less any sum credited as a down payment or in respect of a trade-in or any other matter;
"purchase financing transaction" means the extension of credit to a borrower by a creditor where the creditor knows or ought to know that the credit proceeds will be used by the borrower to purchase goods or services from a seller;
"salesperson", in relation to a contract, means a person other than a seller who, for or in expectation of a fee, gain or reward,
(a) solicits, negotiates or arranges for the signing of the contract by the buyer, or
(b) in any way participates in soliciting, negotiating or arranging for the signing of the contract by the buyer;
"seller" means a person
(a) who is in the business of leasing or selling goods or services, or both, or
(b) who, in relation to a contract entered into in the course of business,
(i) is the seller or lessor of goods or services, or both, under the contract, or
(ii) is obligated to perform services or cause services to be performed,
and includes his or her agent, personal representative, successors or assignees;
"time share contract" means a contract, that is not covered by the provisions regarding time share plans in the Real Estate Development Marketing Act, by which an individual acquires the right to use property, whether or not the property is located in British Columbia,
(a) for a period of time each year, or other interval, and
(b) as part of a plan that provides for the use of the property to circulate, in any year, among persons participating in the plan;
"trade-in" means consideration given by a buyer in a form other than money or an obligation to pay money;
"trade-in allowance" means the greater of the following:
(a) the sum that, under a trade-in arrangement, is agreed to be allowed in payment or in part payment for goods or services, or both, sold or to be sold under an executory contract;
(b) the fair market value of the trade-in at the time the trade-in arrangement is made;
"trade-in arrangement" means an agreement or arrangement, whether contained in an executory contract or not, whereby the buyer sells or agrees to sell goods to the seller or any other person and the goods are or will be accepted as all or part of the consideration under an executory contract;
"variable credit" means credit made available in advance by a lender to a borrower who may draw on it, from time to time, up to the specified limit, in accordance with the terms and conditions of the credit transaction, and includes credit cards, credit accounts, budget accounts, cyclical accounts and any other similar arrangements, but does not include an arrangement for overdrawing an account with a savings institution or an arrangement where the amount owing must be repaid immediately on demand of the creditor.
2 The provisions of this Act and the regulations apply despite any waiver or agreement to the contrary, and do not restrict, limit or derogate from any other rights of a debtor under any other law.
3 (1) Subject to subsection (2), an assignee of a right of a lender or seller in a transaction to which this Act applies has no greater right than, and is subject to the same obligations, liabilities and duties as, the assignor respecting the credit given to the debtor.
(2) A debtor must not receive from, and is not entitled to set off against, an assignee of the lender or seller an amount greater than the balance owing on the contract at the time of the assignment.
4 A guarantor may rely on a defence that is available to a buyer or borrower in an action commenced by a seller or lender against the guarantor, whether or not the buyer or borrower is a party to the action, but a guarantor must not use the infancy or bankruptcy of the buyer or borrower as a defence.
5 This Act does not apply to a transaction in which a person purchases or leases goods for the purpose of reselling, leasing or subleasing them or for the purpose of using them in a business.
6 Except for Part 5, this Act does not apply to a sale, lease, sublease, mortgage or charge of land or a chattel real.
41 (1) Except as provided in section 42, every lender must furnish to the debtor before extending credit a statement, in the prescribed manner and form, disclosing information pertaining to the following:
(a) the principal sum;
(b) the charges;
(c) the cost of borrowing;
(d) the calculation;
(e) any other particulars required by the regulations with respect to the credit transaction.
(2) This section does not apply to an arrangement between a savings institution and a borrower respecting the overdrawing of the borrower's account.
(3) If a lender extends credit, other than variable credit, at a rate of interest that is subject to variation during the extension of credit, the lender must, in the prescribed manner and form and at prescribed times, furnish to the debtor particulars required by the regulations of any variation in the rate of interest or of another matter related to the credit transaction.
42 A lender who makes variable credit available must,
(a) before making it available, disclose to the debtor, in the prescribed manner and form,
(i) the cost of borrowing, and
(ii) any other information required by the regulations, and
(b) during the extension of credit, disclose to the borrower with respect to the borrower's account, in the prescribed manner and form and at prescribed times,
(i) the cost of borrowing,
(ii) the total amount credited,
(iii) the outstanding balance,
(iv) the amount of credit extended, and
(v) any other information as required by the regulations.
43 A lender who makes variable credit available may increase the cost of borrowing, but the increase must not take effect before the expiration of at least 30 days after the lender has given the debtor notice in writing of the lender's intention to increase the cost of borrowing and has set out the new cost of borrowing in accordance with section 42.
44 (1) Under an agreement extending credit, where
(a) the cost of borrowing is calculated in advance and is added to the principal sum, a debtor may, at any time, without notice or penalty
(i) extinguish the entire credit obligation by prepaying the outstanding principal sum and by paying the earned cost of borrowing and any accrued default charges, or
(ii) reduce the outstanding principal sum and the cost of borrowing calculated in advance on it, by prepaying at least the amount or percentage of the outstanding principal sum that is prescribed, or
(b) the cost of borrowing is calculated periodically and not in advance, a debtor may, at any time, without notice or penalty prepay any or all of the outstanding balance of a credit obligation.
(2) For the purposes of subsection (1), the earned cost of borrowing is the amount that has been incurred to the date of prepayment as determined by regulation.
(3) If a lender does not accept a prepayment tendered in accordance with this section and the regulations, the lender is not entitled to the future cost of borrowing with respect to the amount tendered.
45 A person must not publish an advertisement relating to
(a) the cost of borrowing in a credit transaction, or
(b) the terms of a lease or lease to purchase transaction,
that is contrary to the regulations.
46 (1) In this section:
"holder" means the person to whom a credit card is issued;
"issuer" means the person who issues the credit card.
(2) Despite anything contained in an agreement entered into before or after October 15, 1981, if
(a) a holder has lost a credit card, or
(b) a credit card has been stolen,
the holder is not liable for any debt incurred through its use after the holder has, in person or by registered mail, notified the issuer that the card is lost or stolen and is no longer in the holder's possession or control.
(3) For the purposes of subsection (2), notification by registered mail is deemed to be given at the time the notice is mailed.
(4) A holder is not liable for any debt in excess of the lesser of
(a) $50, or
(b) the maximum amount of credit that is available to the holder under a written agreement with the issuer,
if the debt is incurred by the use of the credit card by an unauthorized person before the date on which the holder gave notice to the issuer under subsection (2).
(5) If a dispute arises between a holder and an issuer under this section, the burden of proof rests with the issuer to show that the debt was incurred by the holder or a person authorized by the holder to use the card.
47 (1) In this section:
"unsolicited credit card" means a credit card, except a credit card in the hands of the recipient before April 6, 1970, that has not been requested in writing by the person named on it;
"unsolicited goods" means personal property, except personal property in the hands of the recipient before April 6, 1970, that has not been requested by the recipient, but does not include personal property delivered to the recipient that the recipient knew or ought to have known was intended for delivery to another person.
(2) If an unsolicited credit card or unsolicited goods are received,
(a) in the case of a credit card, the person named on it, or
(b) in the case of goods, the recipient
has no legal obligation
(c) in respect of it, and
(d) in the case of an unsolicited credit card, in respect of any transaction made under it,
unless and until the person referred to in paragraph (a) or (b) expressly acknowledges to the sender in writing his or her intention to accept the unsolicited credit card or the unsolicited goods.
(3) Unless the acknowledgment referred to in subsection (2) has been given, the sender does not have a cause of action for any loss, use, misuse, possession, damage or misappropriation in respect of the unsolicited credit card, the unsolicited goods or the value obtained by the use of either.
(4) A credit card that renews or replaces another credit card, except an unsolicited credit card, is not an unsolicited credit card within the meaning of this section.
48 (1) In this section:
"last statement of account" means the latest statement of account received, or deemed to have been received, by the debtor at least 10 days before the date on which payment must be made in order to reduce or avoid the cost of borrowing on an account;
"new balance" means credit extended and cost of borrowing accrued, after the date of the last statement of account;
"previous balance" means the amount owed by the debtor to the creditor as at the date of the last statement of account;
"statement of account" means a written statement of the amount owing by the debtor to the creditor that includes the following:
(a) the amount stated on the previous statement of account to be owing;
(b) a record of each extension of credit since the previous statement of account;
(c) the amount credited to the account since the previous statement of account;
(d) the cost of borrowing accrued since the previous statement of account.
(2) A creditor must not impose a cost of borrowing in respect of a previous balance if the debtor is unable to make payment by reason of such circumstances as may be prescribed.
(3) A creditor extending variable credit must not impose a cost of borrowing in respect of a new balance in any account
(a) for which the relevant statement of account was not received or not deemed to have been received by the borrower a least 10 days before the date on which payment must be made on the account in order to reduce or avoid the cost of borrowing, or
(b) if the debtor is unable to make payment by reason of such circumstances as may be prescribed.
(4) Subject to subsection (5), for the purposes of subsection (3), a statement of account is deemed to have been received by the borrower
(a) on the date of delivery, if delivered personally to the borrower's last known address, or
(b) on the fifth day after it was posted, if posted in Canada by first class mail to the borrower's last known postal address.
(5) For the purposes of subsection (4), if the mail service is disrupted by an act of God, war, civil disorder, natural disaster or labour dispute during the period referred to in subsection (4) (a) or (b), a statement that is mailed to the buyer's last known postal address is deemed to have been received by the buyer on the day that follows the period of disruption of the mail service plus the number of days remaining in the period referred to in subsection (4) (a) or (b), as the case may be.
(6) A debtor may recover as a simple contract debt, set off or counterclaim any cost of borrowing imposed contrary to subsection (2) or (3) and paid by the debtor.
49 (1) A payment made by a debtor is deemed to have been made on the earlier of
(a) the date the payment is received by the creditor, and
(b) the date the payment is received by a person who is authorized to receive the payment on behalf of the creditor.
(2) Unless otherwise agreed by a creditor and debtor, the creditor must apply every payment made by the debtor
(a) first, to the payment of the accrued cost of borrowing,
(b) second, to the payments of penalties or charges, and
(c) third, to the reduction of the principal sum.
(3) If, in a variable credit transaction, the principal sum is comprised of 2 or more extensions of credit secured by charge or encumbrance against goods or chattels of the debtor, the reduction of the principal sum accrues in the same chronological order that the extensions of credit represented by that principal sum were made, unless otherwise directed by the debtor.
(4) If a creditor contravenes subsection (2) and, as a result of that contravention a debtor pays a greater cost of borrowing than the debtor otherwise would have, the debtor may recover the excess as a simple contract debt.
50 (1) A lender who
(a) fails to provide the debtor with a disclosure statement in accordance with sections 41 and 42 and the regulations, or
(b) fails to give the debtor a completed copy of the prescribed lending transaction documents on or before the date on which a cost of borrowing starts to accrue
is not entitled to collect any cost of borrowing.
(2) A lender is deemed to have complied with the regulations on disclosure described in subsection (1), despite any error, omission, or incorrect or insufficient description in the disclosure, if a court is satisfied that the error, omission, or incorrect or insufficient description is not of a nature to mislead or deceive the debtor to the debtor's prejudice or disadvantage.
(3) The burden of proof that the error, omission, or incorrect or insufficient description is not of a nature to mislead or deceive the debtor to the debtor's prejudice or disadvantage is on the lender.
51 (1) In this section, "cash discount" means a reduction in the price of goods or services, or both, allowed by a seller if the buyer pays in cash.
(2) Except as may be permitted by regulation, a person who is engaged in the business of producing or supplying goods or services, or who extends credit by way of credit cards or otherwise, or who is engaged in a business that relates to credit cards must not, directly or indirectly,
(a) by agreement, threat, promise or any other means, attempt to influence, prohibit or discourage the granting of cash discounts by any person who supplies, offers to supply or advertises goods or services, or
(b) refuse to supply goods or services or otherwise discriminate against any person because of the cash discount policy of that other person.
63 (1) If, by the director's own inquiries, or as a result of complaints, the director has reason to believe that a person has contravened, is contravening or is about to contravene a provision of this Act or the regulations or an order made under this Act, the director may investigate the matter and may request that the person furnish to the director information respecting the matter.
(2) A request under subsection (1) must indicate the nature of the inquiry or complaint.
64 (1) If the director believes on reasonable and probable grounds that a person has contravened, is contravening or is about to contravene this Act or the regulations or an order made under this Act, the director may order a full investigation of the matter by the director or by a person or persons appointed by the director as investigators to investigate the matter.
(2) Reasonable particulars of the matter to be investigated under subsection (1) must be set out in the order referred to in that subsection.
(3) If an investigator is appointed by the director, the investigator must make a full investigation of the matter and report the results of his or her investigation to the director.
(4) For purposes of an investigation under this section, the director or an investigator may inquire into and examine the business and affairs of the person in respect of whom the investigation is being carried out, and may,
(a) on production of his or her appointment, enter at any reasonable time the business premises of that person and examine any record and thing that the director or investigator believes is relevant to a contravention of this Act and, subject to section 66 (2), retain anything that may be required for evidence, and
(b) inquire into negotiations, transactions, loans, borrowings made by, or on behalf of, or in relation to, that person, and into property, assets or things owned, acquired or alienated in whole or in part by that person, or any other person acting on that person's behalf, that are relevant to the subject matter of the investigation.
(5) For the purpose of the inquiry under subsection (4), the person making the investigation has the power, privileges and protection of a commissioner under sections 12, 15 and 16 of the Inquiry Act.
(6) A person must not obstruct or impede the director or an investigator or withhold from the director or an investigator, or conceal or destroy, any record or thing relevant to the subject matter of the investigation.
(7) If, for the purposes of this Act, a trust account is required to be maintained by a seller, the director may, at any reasonable time, inspect the business records of the seller and audit the seller's accounts to ensure there has been compliance with this Act and the regulations with respect to trust accounts.
65 (1) If a justice is satisfied, on an application by the director or an investigator made without notice to any other person, that
(a) the investigation has been authorized under section 64 and that the director or the investigator is authorized or appointed to make it, and
(b) there is reasonable ground for believing there is, in a building, dwelling house, receptacle or place, a record or thing relating to the person whose affairs are being investigated and to the subject matter of the investigation,
the justice may, whether or not an inspection has been made or attempted under section 64 (4) (a), make an order authorizing an investigator, together with those peace officers that the investigator calls upon to assist the investigator, to enter, if necessary by force, and search the building, dwelling house, receptacle or place described in the order for the record or thing, and to examine them.
(2) Every entry and search under subsection (1) must be made between 8 a.m. and 8 p.m., unless a justice otherwise orders.
66 (1) An investigator may, on giving or leaving a receipt for it, remove a record or thing examined under section 64 (4) (a) or 65 (1) to examine or make copies or tests of it.
(2) A record or thing removed under subsection (1) must be promptly returned to the person whose affairs are being investigated, unless required for evidence in a proceeding under this Act.
(3) If a record or thing removed under subsection (1) is required for evidence in a proceeding under this Act, the director must, on request and without charge, furnish to the person whose affairs are being investigated copies of the record retained for that purpose.
(4) A copy made under subsection (1) and certified to be a true copy by an investigator is admissible in evidence in a proceeding as proof of the original record and of its contents, without proof of the signature or appointment of the person certifying it.
(5) The minister or director may appoint an expert to examine or test a record or thing removed under subsection (1).
67 If, on the report of an investigation made under section 64 (1), it appears to the director that a person may have contravened this Act or the regulations, the director must
(a) send a full and complete report of the investigation, including the report made to the director, to the minister, and
(b) take whatever steps or proceedings are required or permitted by this Act or the regulations.
68 (1) The minister may, by order, appoint one or more persons to make an inquiry into any matter to which this Act applies as may be specified in the order.
(2) A person appointed under subsection (1) must report the results of his or her inquiry to the minister.
(3) For the purposes of the inquiry, the person making it has the power, privileges and protection of a commissioner under sections 12, 15 and 16 of the Inquiry Act.
69 If a person who is registered or licensed under an Act to carry on a profession, occupation, business, trade or any other activity contravenes this Act or the regulations in the course of carrying on that profession, occupation, business, trade or other activity, the contravention may be a ground for suspension, revocation or cancellation of the registration or licence.
70 (1) If a person has not complied or is not complying with this Act, the regulations or an order under this Act, then despite
(a) any other right or remedy available to the director in respect of the noncompliance, or
(b) the imposition of a penalty on that person in respect of the noncompliance,
the Supreme Court, on the application of the director, may make an order directing that person to comply with this Act, the regulations or an order under this Act, or may make any other order as it thinks fit.
(2) An appeal lies to the Court of Appeal, with leave of a justice of that court, from an order made under subsection (1).
71 (1) If the director has ordered an investigation of a person under this Act and the director believes that it is necessary to protect individuals dealing with that person, the director may, in writing or by telegram,
(a) order
(i) a person having on deposit, or under his or her control or for safekeeping, assets, trust funds or other property of the person being investigated, or
(ii) a debtor of the person being investigated,
to hold the assets, trust funds or other property of, or money owing to, that person, in trust for a receiver, liquidator or trustee to be appointed under this Act or any other Act or law, or
(b) order the person being investigated to refrain from withdrawing assets, trust funds or other property that are on deposit with, or under the control of, or in the safekeeping of another person, unless the director consents in writing to the release of all or part of them.
(2) The director may revoke in writing an order made under this section.
(3) Instead of making an order under this section, the director may accept from the person being investigated
(a) a personal bond, together with collateral security,
(b) a bond of a guarantee company approved by the director, or
(c) a bond of a guarantor, other than a guarantee company, together with collateral security,
in the form and with the terms that the director determines under the Bonding Act.
(4) A person who receives an order from the director under this section may,
(a) if in doubt as to the application of the order to assets, trust funds or other property on deposit with the person or under his or her control or in his or her safekeeping, or
(b) if a person not named in the order claims a right, title or interest in the assets, trust funds or other property,
pay or deliver those assets, trust funds or other property into a court and, on doing that, is discharged from liability to the extent of that payment or delivery.
72 The director must not publicly disclose the name of a person investigated under this Act unless the person's name is a matter of public record in respect of the matter investigated, or unless that person consents to the disclosure.
73 (1) Every person employed in the administration of this Act, including a person making an inquiry, inspection, examination, test or investigation under sections 64 to 66, must preserve secrecy in respect of all matters that come to the person's knowledge in the course of his or her duties, employment, inquiry, inspection, examination, test or investigation, and must not communicate those matters to any other person except
(a) as may be required or permitted in connection with the administration of this Act or the regulations or any proceedings under this Act or the regulations,
(b) to his or her counsel or to the court in any proceeding under this Act or the regulations,
(c) to any department or agency of any government engaged in the administration of statutes, measures or rulings similar to this Act, or an Act for the general protection of consumers,
(d) with the consent of the person to whom the information relates, or
(e) in connection with an investigation under sections 64 to 66.
(2) Except in respect of a proceeding under this Act or the regulations, a person to whom subsection (1) applies must not, in any civil proceeding, be compelled to give evidence respecting information obtained by the person in the course of his or her duties, employment, inquiry, inspection, examination, test or investigation.
74 (1) The minister, the director, their agents, officers, employees, representatives and persons acting on their behalf are not liable in their personal or official capacities for any loss or damage suffered by a person by reason of anything done or omitted to be done in good faith in the exercise or purported exercise of any powers given by or under this Act or the regulations.
(2) Despite any other law, subsection (1) does not relieve the government from any liability it may have at law for loss or damage suffered by any person in respect of an act or omission of a person referred to in that subsection.
75 (1) A person who
(a) contravenes section 10 (1), 13 to 15, 18 (3), 20 (1), 41, 42, 45, 48 (2) or (3), 49 (2), 51 (2), 56 (1) or (2) or 64 (6) or an order of the director or minister under this Act or the regulations,
(b) refuses or fails to furnish information as required under this Act or the regulations,
(c) furnishes false information to a person acting under this Act or the regulations,
(d) fails to comply with an order of a court under this Act or the regulations, or
(e) fails to provide the notice required by regulation,
commits an offence and is liable to a fine not exceeding $10 000 or to imprisonment for a term of not more than one year, or to both.
(2) If a corporation is convicted of an offence under subsection (1), the maximum penalty that may be imposed on the corporation is $100 000.
(3) If a corporation is guilty of an offence under subsection (1),
(a) every director or officer, and
(b) every other person
who authorized, permitted or acquiesced in the offence is guilty of the offence personally and is liable to the penalties set out in subsection (1), but this does not affect the prosecution of the corporation for the same offence.
(4) A proceeding under this section must not be instituted more than 2 years after the date on which the subject matter of the proceeding arose.
76 (1) In proceedings for an offence under section 75 it is, subject to subsection (2), a defence for the person charged to prove that
(a) the commission of the offence was due to a mistake, or to reliance on information supplied to the person charged, or to the act or default of another person, or to an accident or some other cause beyond the control of the person charged, and
(b) the person charged took all reasonable precautions and exercised all due diligence to avoid the commission of the offence by the person charged or any person under his or her control.
(2) If the defence provided by subsection (1) involves the allegation that the commission of the offence was due to
(a) the act or default of another person, or
(b) reliance on information supplied by another person,
the person charged is not entitled, without leave of the court, to rely on that defence unless he or she served on the prosecutor, within a period ending 7 clear days before the trial, a notice in writing, giving information that was then in his or her possession identifying or assisting in the identification of that other person.
77 (1) The Lieutenant Governor in Council may make regulations as follows:
(a) requiring direct sellers and their employees to provide security under the Bonding Act;
(b) prescribing the form of an executory contract, a direct sales contract, notice of a buyer's cancellation rights or statement of the cost of borrowing, and prescribing the size, type and colour of lettering used in any provision of the contract, notice or statement;
(c) requiring and governing the maintenance of trust accounts by sellers or any class of sellers, and prescribing the money that must be held in trust and the terms and conditions of the trust;
(d) prescribing the manner in which the cost of borrowing is to be disclosed and the manner in which the cost of borrowing stated as a percentage must be calculated, expressed and applied;
(e) prescribing the manner of determining the apportionment of the cost of borrowing for the purposes of section 44;
(f) prescribing information to be included in advertisements relating to the cost of borrowing in a credit transaction, and the form and manner of providing that information;
(g) exempting any class of transaction, buyer, seller, direct seller, lender or debtor from the application of this Act or the regulations or any provision of them;
(h) prescribing forms and providing for their use, and requiring the information in any form to be verified by statutory declaration;
(h.1) [Repealed 2001-37-8.]
(i) for the inclusion of credit
(i) extended on the security of a mortgage of real property, or
(ii) in respect of the sale of goods intended for resale,
or both, in the definition of "credit" to the extent prescribed;
(j) respecting the modification of the definitions of this Act and the application of the provisions of Part 3 in respect of the extension of credit on the security of land;
(k) prescribing any additional matter to be contained in an executory contract;
(l) prescribing types or classes of services for the purposes of paragraph (a) of the definition of "contract for future services";
(m) respecting any matter necessary or advisable to carry out effectively the intent and purpose of this Act;
(n) prescribing anything that by this Act is to be prescribed.
(2) The Lieutenant Governor in Council may make regulations as follows:
(a) providing that a person who commits an offence under the regulations is liable to the penalties provided in section 75;
(b) to (e) [Repealed 2001-37-8.]
(e.1) prescribing the amount or method of calculating the amount of a maximum down payment under section 11.2;
(f) setting the amount of the purchase price referred to in section 13;
(g) [Repealed 2001-37-8.]
(h) respecting wording that a direct seller must include, or not include, in a written direct sales contract or class of contracts, and respecting the form of the wording and the manner of its inclusion;
(i) respecting wording that is conclusively deemed to be in a direct seller's written direct sales contract or class of contracts;
(j) and (k) [Repealed 2001-37-8.]
(l) prescribing a service or class of services or a seller or class of sellers to which section 55 does not apply;
(m) prescribing an activity that is a service for the purposes of the definition of "service" in section 55 (1).
(3) A regulation under subsection (1) (l) ceases to have effect after the last day of the next session of the Legislative Assembly after the regulation is made.
(4) A regulation made under subsection (1) (g) may provide that the exemption does not apply to section 55, and the provision that the exemption does not apply to section 55 may be made retroactive to January 26, 1995.
(5) A regulation made under subsection (2) (l) or (m) may be made retroactive to January 26, 1995.
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