Written contracts
All credit contracts governed by the Consumer Protection Act
must be in writing. The only exception is the loan contract payable on request.
Among other things, the contract must indicate:
- the amount lent or the cash value of the item bought on credit;
- the credit charges expressed in dollars and cents;
- the credit rate;
- the total amount payable;
- the terms of payment, i.e. the date, number and amount of payments;
- the date you will receive the item purchased or money borrowed.
Except in the case of a contract for the use of a credit card where the fact that the card is issued is considered the merchant's signature and its use, the consumer's, the merchant must sign the contract first and give it to you so that you can read and sign it.