Required disclosures to be made to a consumer

The NCC and the Regulations contain requirements for a number of disclosures which must be made to a consumer before or at the time of entering into a credit contract or consumer lease, as well as matters that must be included in the contract document. This guidance note provides details of these requirements, which include:

• • the precontractual statement (s 16, NCC), which applies to credit contracts but not consumer leases;
• • a financial table which must be included in the precontractual statement for certain financial information (s 16(4), NCC and reg 72, Regulations);
• • matters to be included in the contract document (s 17, NCC for credit contracts and s 174, NCC for consumer leases);
• • a warning statement which must be included where the credit contract is signed (subs 17(16), NCC, reg 74, Regulations, and Form 6 or Form 7 of the Regulations). This only applies to credit contracts and not to consumer leases; and
• • an information statement in the form required by the Regulations (subs 16(1)(b), reg 70 and Form 5 Regulations for credit contracts, and s 175(1), NCC, reg 105 and Form 17 Regulations for consumer leases).

The NCC also prescribes the form of the credit contract or consumer lease, such as how it must be signed.

See Credit contract.