Manitoba Finance Minister Greg Selinger held a press conference to announce a series of proposed amendments (Bill 24) to the Consumer Protection Act (The Act) that would, according to Selinger, "include requirements for rent to own contracts" in the province. Note: RTO Online was unable to find any specific reference to rent to own in Bill 24, so the impact is unclear.

This would be the first time rent to own contracts would be included along with mortgages and vehicle leases in The Act. "This proposed legislation sets more comprehensive requirements for companies that provide loans to consumers," said Selinger. "For the first time, requirements are included for mortgages, rent-to-own contracts, and vehicle and other leases."

Last spring, Manitobans were asked for comments on possible changes to cost of credit disclosure legislation under the Consumer Protection Act. The discussion paper examined disclosure requirements related to a wide range of services including credit cards, personal loans, payday loans, mortgages, lines of credit, vehicle leasing and credit sales.

Current provisions providing for a rollback to five per cent when the lender does not comply with disclosure requirements would be maintained and applied to leases and consumer mortgages. The changes would also increase maximum fines under the act and introduce administrative penalties, to a maximum of $5,000, for specific breaches of the act and prohibit advance fee payments to loan brokers.

According to Selinger, the proposed changes would harmonize cost of disclosure requirements with consumer protection measures that will be adopted across the country in accordance with the Agreement on Internal Trade.

See Bill 24
THE CONSUMER PROTECTION AMENDMENT ACT (COST OF CREDIT DISCLOSURE AND MISCELLANEOUS AMENDMENTS)

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