Page 25, April 11, 1979 - North Shore News

_—N

.One-of the five banks has —
announced the introduction |

of a series of consumer joan
forms ‘that” have been
designed to be clearer and

‘more easily understood by
. customers.

Scotiabank, which is the
‘first Canadian bank to in-
troduce such simplified
forms,
with law firms, consultants

- and government-officials to
take the “legalese” out of

other agreements.

The new forms feature
non-technical language and
words with cdmmon,

everyday meanings, while .

still meeting the necessary
legal requirements to protect
both the bank and its
‘customers. ~

has worked closely

loans in the late 1950's,” said
R.J. Kavanagh, vice-
president and _ general
manager. of the bank’s

British Columbia and Yukon

Region. “These. simplified -

forms are another major step.
forward in making banking
more. understandable — to

’ consumers.”

Kanavagh said preparing

the new forms took months —

of work by. the-bank’s legal
staff and advisers in both.
nd—Foronto.

Consumer
Mortgage. -
As redesigned, the new
forms use common language
instead ‘of the legal jargon
that has become a tradition
in many such. documents.
For instance, the words ‘you’
and ‘your’ mean the

Collateral

borrower: and co-borrower,

if any. ‘We’, ‘our’ and ‘us’
mean The Bank ‘of Nova
Scotia.

The various _ provisions
and conditions contained in

“We also received ¢on-
siderable assistance from
various officers of the B.C.
Ministry of Consumer and

' Corporate Affairs,” he said.

For the. first phase- of the
simplified forms program,
five forms that are related to

he Scotia Plan I :

~the — Chattet

Conditional Sale Agreement
and Consumer Collateral
Mortgage particularly
illustrate the simplistic use of
language.

all .
‘regulations from time to
*o~ = .) Sn _ . -

For example, one
provision on the new Chattel
Mortgage states, in part,
“You will keep the property |
clear of all legal claims -
against it except ours.” The
same clause was expressed
on the old Mortgage as “The
Mortgage shall continue to
keep the Property free and
clear of all liens and en-
cumbrances and shall at all
times use the Property
strictly in accordance with
‘statues, by-laws and

Another feature of the
simplified forms is their new
design, which -imcludées

_ ‘The forms also have been
reorganized to be more
meaningful and un-

. derstandable to consumers.
At the same time, the forms
were redesigned with:larger-

—size—type;
help explain various sec-

tions, and the use of colour |

which make the forms more
readable.

sé 1
BLE GU gss .

7 tas Scen a
leader in consumer credit
ever since we became the
first. Canadian bank to ac-

tively promote personal

are being introduced for use

in the bank’s B.C. branches.

These forms (modified as
necessary in line with
provincial legislation) then
will be introduced in the
bank’s branches across
Canada as soon as they are

~ How to meet the special needs

clearly marked sections that
highlight key information to
consumers... On- the
Promissary Note form, for

~4instance, there is a section
screened in colour -— for ease
of recognition — which says
“Here is what it will cost you
to borrow the money:”

- Another example is the
new Chattel Mortgage form -
- in which a _ borrower
pledges certain property,
such as a car, as security
until a loan is repaid. The

Additional Provisions and
(4) Signing this mortgage.

“Preparing these sim- =
plified forms wasn’t just a_
matter of rewriting or
redesigning,” says. R.J. Pue,
the bank’s assistant general
manager for: consumer
‘credit. “A lot of thought and

effort has gone into these, so

that everyone’s interest was
protected.

“We think that one real .
benefit that may not be

new form has four clearly
marked and numbered
sections: (1) Cost of
borrowing; (2) What this
mortgage does and the
property it covers; (3)

apparent immediately is that

now customers will be more. —

apt to fully read the forms
they receive and are asked to
sign. We see these five new
forms as just a beginning.”

of small business?

The five forms are the

Conditional Sale Agreement——

(formerly Conditional Sale
Statement (formerly part of
the Conditional Sale Con-
tract); Chattel Mortgage:

Promissory Note; and the

7 North Shore

Seven of nine persons
elected to the Executive of
the Downtown Vancouver
Association -- the new name
for the former Downtown
Business Association -- are
North Shore residents,
including the President, V.

Phillip Boname and the
President-elect, Michael
Evison.

The Association has
changed its name and
reorganized its structure

because it plans to greatly
expand its membership and

its public visibility.
The changes were ap-
proved at the Annual

General Meeting held April
4th, almost 33 years to the
day since the original
Downtown Business
Association was formed.

MICHAEL EVISON

Boname and Evison are

both West Vancouver
residents. Boname is
President of Urbanics

Consultants Ltd. and Evison
is Controller for Canadian
Freehold Properties Ltd.

Also named to the
Executive were Donald A.
Murray, Director of
Development, Marathon
Realty {a North Vancouver
resident); Ronald H.
Granholm, President of
Johnston Terminals Limited;
Peter Morley, Operating
Manager, Eatons; Rodney
Senft, solicitor, Davis &
Company; and _ Barry
Agnew, Sales -Promotion
Manager, The Bay (all
residents of West Van-
couver).

PHILLIP BONAME

You own a bicycle repair shop and need management counselling. You
manage a florist shop and need a better bookkeeping system. You're starting .
your own restaurant and need financing. ,
Where do you go for help? Come to the Federal Business Development
Bank —- the bank for small business. Last year over 60,000 business

enterprises benefitted from the unique services offered by the bank:

management counselling, management training seminars, information
programs, and over $500 million in loans. Services that translate into more

jobs for Canadians. That’s why we're helping in every way we can.

The Federal Business Development Bank, a Crown corporation, now has
99 offices throughout Canada to serve you. For more information, get in
touch with us. We’re here to help.

Helping small business ina big way.

FEDERAL BUSINESS
DEVELOPMENT BANK

Can we help? Call or write the Manager
of the branch serving your community:

Vancouver

a
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VéC 1N7
(604) 681-7484
North Vancouver

145 West 16th Street

V7M IR
(604) 980-6571

Richmond

379) Shell Road
VON 2W2

(60-4) 273-861

vo

Vancouver East
ape 4 ” rer +

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(604) 873-6391
Burnaby

4240 Manor Street
VAG 3X

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20316-560h Av enue
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(60-0) 525-1001