70Statement about debtor’s statutory rights and obligations

70 Statement about debtor’s statutory rights and obligations

(1) For paragraphs 16(1)(b) and 16(1A)(b) of the Code, an information statement must: (a) be in writing; and (b) be in accordance with Form 5. (2) The information statement may be in the form of a separate document or a part of the credit contract document.

Note: Paragraphs 16(1)(b) and 16(1A)(b) of the Code require a credit provider to give a prospective debtor an information statement in the form required by the regulations of the debtor’s statutory rights and statutory obligations.

Note: The statement must be given before the contract is entered into or before the debtor makes an offer to enter into the contract, whichever first occurs.

Note: In accordance with subregulation 6(5), the information need not contain any matter set out in Form 5 if it is not relevant to the credit contract concerned. For example, information about mortgages is not required for an unsecured loan.