The Unconscionable Transactions Relief Act

Under The Unconscionable Transactions Relief Act, the court may find the cost of a loan was excessive or the transaction was harsh and unconscionable, having regard to the circumstances at the time the loan was made.

In an action or proceeding by a creditor or debtor, or in an action or proceeding for foreclosure of a mortgage or cancellation of an agreement for sale, the court may:

• relieve the debtor from paying an amount exceeding an amount judged to be fair by the court;
• order the creditor to repay any excess paid by the debtor; or
• set aside, in whole or in part, or revise or alter any security given or agreement made in respect of the money lent and order the creditor to make restitution or compensate the debtor for any security given.

The Unconscionable Transactions Relief Act applies notwithstanding any remedies that may be available under any other Act.