28DQuote for providing credit assistance—licensee to give information about fees and charges

#### 28D Quote for providing credit assistance—licensee to give information about fees and charges (1) This regulation is made for the following provisions of the Act: (a) paragraph 114(2)(f) (quote by credit assistance providers for credit contracts); (b) paragraph 137(2)(f) (quote by credit assistance providers for consumer leases). (2) The information given by a licensee under paragraph 114(2)(d) or 137(2)(d) of the Act must be described as follows: (a) for each fee and each charge payable to the licensee that the licensee does not describe under paragraph (b): (i) identify the fee or charge as a fee or charge payable to the licensee; and (ii) include a clear explanation of the type of fee or charge; and (iii) if the fee or charge is not a fixed amount—explain the method used for working out the amount of the fee or charge; and (iv) if the method mentioned under subparagraph (iii) is expressed as a mathematical formula—include a clear explanation of the formula with the formula; and (v) include a reasonable estimate of the maximum amount of the fee or charge, expressed as required by paragraph (c); and (vi) state how frequently the fee or charge is to be paid; and (vii) describe the circumstances when the fee or charge will or will not be payable; and Note: A fee payable to a credit representative of a licensee is a fee payable to the licensee. (b) if the fee or charge is payable to the licensee for payment to another person on the consumer’s behalf—for each fee and each charge that the licensee does not describe under paragraph (a): (i) identify the fee or charge as a fee or charge; and (ii) include a clear explanation of the type of fee or charge; and (iii) include a reasonable estimate of the maximum amount of the fee or charge, expressed as required by paragraph (c); and (c) the maximum amount of each fee or each charge, if known, must be expressed in dollars or, if unknown, in one of the following ways: (i) as a proportion of the amount borrowed or total rental payments and a dollar amount; (ii) as a percentage of the amount borrowed or total rental payments and a dollar amount; (iii) if payable periodically—as a maximum amount for each period and as a maximum amount for the life of the credit contract or consumer lease, both as dollar amounts; and (d) include a statement that clearly identifies the amounts as a quote. (3) The quote must include the maximum amount of fees or charges that will be payable by the consumer to another person, whether or not a credit contract or consumer lease is entered into. (4) The information mentioned in subregulations (2) and (3) must be set out in a way that is easy for the consumer to understand without being required to do any working out or to look elsewhere for additional information.