66Section 20 of the Consumer Product Warranty and Liability Act, chapter C-18.1 of the Acts of New Brunswick, 1978, is repealed and the following is substituted:
20(1)The buyer may reject the product under section 16 notwithstanding that the buyer has granted a security interest in the product to a third person, unless the amount outstanding on the security agreement exceeds any amount that the buyer is entitled to recover from the seller under section 17.
20(2)Where the buyer has granted a security interest in the product to a third person, the seller may exercise the buyer’s rights under section 23 of the Cost of Credit Disclosure Act on behalf of the buyer.
20(3)The buyer is liable to the seller for any payments, except finance charges, that the seller makes under subsection (2) and the seller may treat such payments as a refund of payments to the buyer for the purposes of sections 17 and 18.
66Section 20 of the Consumer Product Warranty and Liability Act, chapter C-18.1 of the Acts of New Brunswick, 1978, is repealed and the following is substituted:
20(1)The buyer may reject the product under section 16 notwithstanding that the buyer has granted a security interest in the product to a third person, unless the amount outstanding on the security agreement exceeds any amount that the buyer is entitled to recover from the seller under section 17.
20(2)Where the buyer has granted a security interest in the product to a third person, the seller may exercise the buyer’s rights under section 23 of the Cost of Credit Disclosure Act on behalf of the buyer.
20(3)The buyer is liable to the seller for any payments, except finance charges, that the seller makes under subsection (2) and the seller may treat such payments as a refund of payments to the buyer for the purposes of sections 17 and 18.