Opinion ID: 392068
Heading Depth: 2
Heading Rank: 1

Heading: The disclosure document

Text: 5 Although the Hennings contend that the Customer's Order rather than the Security Agreement was the document on which the required disclosures should have been made, we disagree. The Customer's Order was used as Colonial's financing document prior to passage of the Act, and Daniels testified that at the time of this transaction it was used only as a worksheet: figures and information were first entered on the Customer's Order and then transferred to the Security Agreement. Daniels testified that the two documents were executed simultaneously, that the Security Agreement was the operative financing document, and that had the Hennings failed to execute the Security Agreement, he would have considered the entire transaction cancelled. He further testified that he explained to the Hennings that the Security Agreement was the contract for the extension of credit and that he went over it with them, explaining the data it contained. 2 6 The Act requires that all disclosures be made prior to the extension of credit and we find that the extension of credit in this case took place upon the execution of the Security Agreement; hence, we look at the errors alleged in that document, rather than those in the Customer's Order, to determine whether Colonial violated the Act.