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O. Reg. 200/05: GENERAL
filed May 6, 2005 under Consumer Protection Act, 2002, S.O. 2002, c. 30, Sched. A
Skip to contentontario regulation 200/05
made under the
consumer protection act, 2002
Made: May 4, 2005
Filed: May 6, 2005
Printed in The Ontario Gazette: May 21, 2005
Amending O. Reg. 17/05
(General)
1. (1) Subsection 63 (1) of Ontario Regulation 17/05 is amended by adding the following paragraph:
0.1 The outstanding principal balance as at the beginning of the term of the credit agreement.
(2) Subparagraph 7 iii of subsection 63 (1) of the Regulation is amended by striking out “the initial outstanding balance” at the end and substituting “the outstanding principal balance as at the beginning of the term of the credit agreement”.
2. Subclause (a) (i) of the definition of “implicit finance charge” in subsection 72 (1) of the Regulation is revoked and the following substituted:
(i) the sum of all non-refundable payments to be made by the lessee in connection with the lease,
(A) excluding charges for an optional service accepted by the lessee, unless,
(1) the optional service is to be made available before or at the beginning of the lease term and the value of the optional service is an advance that is added under subclause (a) (ii) of the definition of “capitalized amount” in this subsection, and
(2) the payments to be made by the lessee for the optional service are not payments that are required to be subtracted under clause (b) of the definition of “capitalized amount” in this subsection,
(B) excluding termination charges and penalties,
(C) excluding taxes in connection with the lease, and
(D) excluding payments that are required to be subtracted under clause (b) of the definition of “capitalized amount” in this subsection, and
3. This Regulation comes into force on July 30, 2005.