28MModifications

28M Modifications

Disclosure requirements (1) For paragraph 164(d) of the Act, the provisions to which Part 3‑7 of Chapter 3 of the Act applies, apply as if the provisions were modified as set out in Schedule 4. Extended time period for consumer assessment (2) Subregulation (3) applies to a licensee to whom the rights of a credit provider under a credit contract have been assigned. (3) For paragraph 164(d) of the Act: (a) paragraph 132(2)(c) of the Act is modified by omitting ‘7 business days’ and inserting ‘15 business days’; and (b) paragraph 132(2)(d) is modified by omitting ’21 business days’ and inserting ‘25 business days’. (4) Subregulation (5) applies to a licensee to whom the rights of a lessor under a consumer lease have been assigned. (5) For paragraph 164(d) of the Act: (a) paragraph 155(2)(c) of the Act is modified by omitting ‘7 business days’ and inserting ‘15 business days’; and (b) paragraph 155(2)(d) is modified by omitting ’21 business days’ and inserting ‘25 business days’.

Note: Paragraph 164(d) of the Act provides that the regulations may provide that Chapter 3 of the Act applies as if specified provisions were omitted, modified or varied as specified in the regulations.