September 11, 1950 (21st Parliament, 3rd Session)

LIB

Douglas Charles Abbott (Minister of Finance and Receiver General)

Liberal

Mr. Abbott:

My hon. friend may recall that during the war, in the corresponding provision of the consumer credit order under section 2, fuel of all kinds was exempt from the operation of the order. Essentially what this type of control does is to stipulate a minimum down payment and a maximum period of time over which the instalments may be spread.
Just as a matter of illustration, during the war the minimum down payment in the case of automobiles and most other goods was one-third, with the payments spread over eighteen months. For most other goods the down payment was a third and the maximum period of credit was six months, for wearing apparel except furs. Ten months for all other goods where the amount financed was less than $500 and fifteen months for all other goods where the amount financed was greater than $500. I do not want to say this would necessarily be the rule that would be put into effect in this case, but something of that sort would be the course followed.

Topic:   S82 HOUSE OF COMMONS
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