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New Brunswick's New Cost of Credit Disclosure Act
Canada's consumer finance laws have always been disjointed, with different provinces having different rules as to what information must be disclosed to a consumer, as well as how to calculate the applicable interest rate for certain agreements. This inconsistency among the provinces has raised the cost of lending to consumers and acts as a barrier of entry to foreign and small finance companies. In 1998, the federal, provincial, and territorial governments agreed upon certain principles geared toward harmonizing cost-of-credit disclosure under a harmonization template.
On Sept. 15, 2010, the Province of New Brunswick brought into force a new Cost of Credit Disclosure Act, c.28.3 (the “Act”) and New Brunswick Regulation 2010-104 under the Cost of Credit Disclosure Act (the “Regulation”). The Act substantially addresses New Brunswick's commitment to harmonize its cost-of-credit disclosure requirements with the laws of other Canadian jurisdictions in accordance with the harmonization template. The provisions of the Act and the Regulation change significantly the disclosure requirements applicable in New Brunswick. The Act was originally passed in 2002, but was not brought into force until new regulations were passed.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.