Commonwealth Numbered Regulations Commonwealth Numbered RegulationsFor subsection 149 (2) of the Code, the information given to the debtor by the credit provider must be a written statement in accordance with Form 16.
Note Section 149 of the Code provides that if a credit contract is terminated before the end of the term of a credit-related insurance contract over mortgaged property financed under the credit contract, the debtor may terminate the insurance contract and recover from the insurer a proportionate rebate of premium. Subsection 149 (2) provides that a credit provider must inform the debtor, in accordance with the regulations, of the debtor's rights under section 149. The information is to be given on the termination of the credit contract.