Part 12 — .1
124.4 Cancellation period
any reason, cancel the agreement
(a) until the end of the 2nd day after the payday lender gives a
copy of the agreement to the borrower, if the payday lender
is open for business on that day, or
(b) if the payday lender is not open for business on the day
referred to in clause (a), until the end of the first day after
that day that the payday lender is open for business.
(2) A borrower who wishes to cancel a payday loan agreement
must
(a) give written notice to the p ayday lender within the time
period set out in subsection (1), and
(b) return to the payday lende r the full amount received by the
borrower.
(3) In giving notice of cancellation under subsection (2), a
borrower may
(a) use the copy of the cancellation notice provided by the
payday lender under section 124.5(2), or
(b) provide notice in writing, signed by the borrower, of the
borrower's intention to cancel the payday loan agreement.
(4) On receiving notice of cancellation from a borrower and
repayment of the full amount received by the borrower in
accordance with subsections (2) and (3), the payday lender shall
give the borrower an acknowledgment of the receipt of the loan
cancellation.
(5) An acknowledgment of the receipt of a loan cancellation under
subsection (4) must be in the form submitted to the Director under
the regulations.
(6) A payday lender shall not charge
(a) interest on a payday loan that has been cancelled, or
RSA 2000
(b) a fee for the cance llation of a payday loan.
2016 cE-9.5 s8
Standard content of agreements, forms,
other documents
124.41(1) The Director may establish standard content for
agreements, forms and other documents used by payday lenders,
including, but not limited to, payday loan agreements, cancellation
forms, receipts and pre-authorized debit agreements.
(2) If the Director establishes standard content for a document, a
payday lender shall use that standard content.
2016 cE-9.5 s8