64Disclosure of cost of credit

64 Disclosure of cost of credit (1) For the code, section 17 (4) (Annual percentage rate or rates), the contract document must state an annual percentage rate worked out on the basis of charges under the credit contract that are interest charges (whether or not they are described in the credit contract as interest charges). (2) For the code, section 17 (6) (Total amount of interest charges payable), the total amount of interest charges payable under the contract includes an amount that is an interest charge (whether or not it is described in the contract as an interest charge). (3) For the code, section 16 (Precontractual disclosure), the precontractual statement must also set out the matters mentioned in subsections (1) and (2). (4) The requirements under this section are additional to any other requirements under the code, section 16 or section 17.

Miscellaneous Part 7