“BUY NOW, PAY LATER”: ASSESSMENT OF RISKS AND REMEDIES R

This procedure revealed important discrepancies between, on the one hand, the relevant legislation in force and the content of the contracts/agreements, and, on the other, between consumers’ perceptions and the actual content of the agreements and regulations. [...] As for the requirement of the charges and the period, one realizes, on reading the chapter on credit in this law, that it includes the concept of the cost of borrowing, which is defined as the total of the sums that a borrower is required to pay under a credit 33 Nicole L'Heureux, Marc Lacoursière, Droit de la consommation, 6th edition, Éditions Yvon Blais, p. [...] Accordingly, the merchant is obliged to disclose to the latter both the nature of the transaction as well as the specifics and its modes of execution.47 The merchant has an obligation to clearly and precisely disclose the costs that the consumer must assume; for example, credit charges must be disclosed in the contract.48 In the absence of such stipulation, the consumer may demand the nullity of t. [...] The consumer will not be liable for the cost of borrowing, "nor in respect of the cost of borrowing, the excess over the amounts specified in the declarations and statements relating to the agreement which this part requires to be returned to the borrower.” It should be noted that at the federal level, Canadian law imposes on the banker (the credit provider), an obligation of diligence towards its. [...] Analyzing the gap between, on the one hand, the knowledge and perceptions of consumers and, on the other, the actual terms in the contract and the provisions of the law, will permit us to determine whether this gap truly exists.