Part 12 — .1
124.5 Agreement and advance
and statements contained in payday loan documents are clear and
comprehensible.
(2) A payday lender shall give a borrower a copy of the payday
loan agreement at the time it is entered into by the borrower,
together with a copy of the cancellation notice that may be used by
the borrower for the purposes of section 124.4.
(3) With the borrower's express consent, a payday lender may, for
the purposes of subsection (2), provide a copy of the full payday
loan agreement and any required accompanying documentation by
e-mail sent to the address provided by the borrower for that
purpose, or by other electronic means.
(4) A payday lender shall ensure that the proceeds of the payday
loan are delivered to the borrower no later than at the time of
entering into the payday loan agreement.
(5) In the case of a payday loan obtained by means of the Internet
or by telephone, the payday lender is deemed to have complied
with subsection (4) if the payday lender delivers instructions to the
payday lender's financial services provider to transfer the amount
of the advance to the borrower on the same day as the day on which
the payday loan agreement is entered into by both the borrower and
the payday lender.
(6) For the purposes of subsection (5), "financial services
provider" includes a bank listed in Schedule I, II or III of the Bank
Act (Canada), a treasury branch, a credit union, a trust corporation
or loan corporation registered under the Loan and Trust
Corporations Act or an organization that provides remote funds
transfers, electronic funds transfers or any similar method of
transferring money.
2016 cE-9.5 s8
RSA 2000