When the bank receives
notice of your consumer proposal, or bankruptcy, they have the right to offset the money that was in your bank account as of the day you filed against any debt you owe them.
The payday loan company claimed that since it took time to get
notice of the consumer proposal, they can do this.
Not exact matches
The purpose
of the
notice is to make all
of your creditors aware
of your
consumer proposal.
If you have been bankrupt or filed a
consumer proposal, the
notice of your filing will be removed from your credit report after a certain period
of time.
(2) A
consumer debtor who has filed a
notice of intention or lodged a
proposal under Division I may not make a
consumer proposal until the trustee appointed in respect
of the
notice of intention or
proposal under Division I has been discharged.
Under the Dodd - Frank Wall Street Reform and
Consumer Protection Act, the CPFB is required to propose a regulation by July 21, 2012 and it is expected to do so, the industry groups would like it to be an advanced
notice of proposed rule - making that will give industry two chances to comment on the
proposal and seek needed changes.
The Bureau stated in the
proposal that it believed that, by providing the
consumer with basic information about the property that is the subject
of the loan transaction, this disclosure will promote the informed use
of credit and more effective advance
notice of settlement costs and will enable
consumers to better understand the costs, benefits, and risks associated with mortgage transactions.
The Bureau noted in the
proposal that
consumer testing conducted by the Bureau indicated that use
of the prominent question mark icon in the questions
notice drew
consumers» attention to the
notice.