Payout of balances on cash cards
2008, c.3, s.1
37.44(1)In subsection (6), “delinquent borrower” means a borrower who fails to repay a payday loan by the end of the term of the payday loan.
37.44(2)If in respect of a payday loan the payday lender issues a cash card to the borrower, the borrower is entitled to be paid in cash the amount of the balance of credit remaining on the card in either of the following circumstances:
(a)
the balance of credit remaining on the cash card is less than the amount prescribed by regulation; or
(b)
the payday loan has been repaid by the borrower and the cash card has expired.
37.44(3)If a borrower is entitled under subsection (2) to be paid a balance of credit remaining on a cash card and returns the cash card to the payday lender, the payday lender shall pay the balance to the borrower, in cash, immediately on demand by the borrower or the Director.
37.44(4)On the return of a cash card by a borrower to a payday lender under this section, the payday lender shall immediately give the borrower a receipt for the cash card.
37.44(5)On the payment of an amount to a borrower under subsection (3), a payday lender shall
(a)
include in the receipt given to the borrower under subsection (4) a statement of the amount paid, or
(b)
immediately give the borrower a separate receipt indicating the amount paid.
37.44(6)The balance of credit remaining on an expired cash card issued to a delinquent borrower may, in accordance with the regulations, be applied by the payday lender as payment towards the payday loan.
2008, c.3, s.1; 2014, c.31, s.1