24(1)A credit grantor or lessor shall not impose by a credit agreement or lease any default charges other than the following:
(a)
reasonable charges in respect of legal costs incurred in collecting or attempting to collect a payment;
(b)
reasonable charges in respect of costs, including legal costs, incurred in realizing a security interest or protecting the subject matter of a security interest after the borrower has defaulted under a credit agreement; and
(c)
reasonable charges that reflect the costs incurred by the credit grantor or lessor because a cheque or other payment instrument given by the borrower or lessee to the credit grantor or lessor was dishonoured.
24(2)For the purposes of paragraphs (1)(a) and (b), reasonable charges include solicitor and client costs.
24(3)A borrower or lessee is not liable for any default charge other than a default charge imposed under paragraphs (1)(a) to (c).
24(1)A credit grantor or lessor shall not impose by a credit agreement or lease any default charges other than the following:
(a)
reasonable charges in respect of legal costs incurred in collecting or attempting to collect a payment;
(b)
reasonable charges in respect of costs, including legal costs, incurred in realizing a security interest or protecting the subject matter of a security interest after the borrower has defaulted under a credit agreement; and
(c)
reasonable charges that reflect the costs incurred by the credit grantor or lessor because a cheque or other payment instrument given by the borrower or lessee to the credit grantor or lessor was dishonoured.
24(2)For the purposes of paragraphs (1)(a) and (b), reasonable charges include solicitor and client costs.
24(3)A borrower or lessee is not liable for any default charge other than a default charge imposed under paragraphs (1)(a) to (c).