39
In forceAcceptable rate of interest
Part IIIRegulated contracts
Division 1Credit sale contracts and loan contracts
39 Acceptable rate of interest
(1)
Where the payment of a debt or other pecuniary obligation or the performance of any other obligation under a loan contract is secured by a mortgage of land, the loan contract may, notwithstanding section 40, include an acceptable rate of interest and a higher annual percentage rate that does not exceed the acceptable rate by more than 2 per centum.
(2)
Where, in accordance with subsection (1), a loan contract includes two annual percentage rates, the statement in accordance with section 38 of the annual percentage rate required under section 36 shall be made in respect of each rate.
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