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Cost of Borrowing (Retail Associations) Regulations

Version of section 7 from 2006-03-22 to 2009-12-31:

  •  (1) A retail association that proposes to enter into a credit agreement with a borrower must provide the borrower with the initial disclosure statement required by these Regulations on or before the earlier of the making of a payment, other than a disbursement charge, in relation to the credit agreement by the borrower and

    • (a) two clear business days before the entering into the credit agreement by the borrower and the retail association, in the case of a credit agreement for a mortgage or hypothec; or

    • (b) the entering into the credit agreement by the borrower and the retail association, in any other case.

  • (2) Paragraph (1)(a) does not apply if the borrower consents to being provided with the initial disclosure for the credit agreement in accordance with paragraph (1)(b).


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