Part 9 — Cost of Credit Disclosure Division 1 Interpretation and Application
60 Application
agreement" include a lessee, lessor and lease, respectively.
(2) This Part applies to a loan or lease made by ATB Financial and
to a loan made by the Alberta Social Housing Corporation or its
predecessors.
(3) Subject to subsections (4) and (5) and the regulations, this Part
applies to a credit agreement if
(a) the borrower is an individual who enters into the credit
agreement primarily for personal, family, household or
farming purposes, and
(b) either,
(i) the credit grantor enters i nto the agreement in the course
of carrying on a business, or
(ii) the credit agreement is arranged by a loan broker.
(4) For the purposes of subsection (3)(a), a credit grantor is
entitled to rely on a statement in a credit agreement or other
document regarding the purpose for which a borrower enters into a
credit agreement, if the statement is signed by the borrower and the
credit grantor believes in good faith that the statement is true.
(5) This Part does not apply to a credit sale where all of the
following occur:
(a) the credit sale anticipates payment in full for the produc t in
a single payment within a certain period after a written
invoice or statement of account is delivered to the buyer,
(b) the credit sale is unconditionally interest-free during th e
period for payment referred to in clause (a),
(c) the credit sale is unsecured, apart from any lien on the
product that may arise by operation of law,
(d) the credit sale is not assigned in the ordinary course of the
credit grantor's business otherwise than as security, and
RSA 2000
(e) the credit sale does not provide for any non-interest fina nce
charges.
RSA 2000 cF-2 s60;2017 c22 s18