Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:68
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 68
Character Range: 309605–311584

68  Declaration of purposes for which credit provided
 (1) For subsection 13(5) of the Code, the form of the declaration is:
  'I/We declare that the credit to be provided to me/us by the credit provider is to be applied wholly or predominantly for:
          * business purposes; or
          * investment purposes other than investment in residential property.'
 (2) The declaration must contain the following warning immediately below the words of the declaration mentioned in subregulation (1) or, if the declaration is to be made by electronic communication, prominently displayed when (but not after) the person signs:

IMPORTANT
You should only sign this declaration if this loan is wholly or predominantly for:
       * business purposes; or
       * investment purposes other than investment in residential property.
By signing this declaration you may lose your protection under the National Credit Code.

 (3) The declaration must contain:
 (a) the signature of each person making the declaration; and
 (b) either:
 (i) the date on which the declaration is signed; or
 (ii) the date on which it is received by the credit provider.
Note: The Code applies only to credit provided or intended to be provided for:
(a) personal, domestic or household purposes; or
(b) the purchase, renovation or improvement of residential property used for investment purposes; or
(c) the refinancing of credit that has been provided wholly or predominantly for the purchase, renovation or improvement of residential property used for investment purposes.
 Subsection 13(2) of the Code provides that credit is presumed not to be provided for Code purposes if the debtor declares, before entering into the credit contract, that the credit is to be applied wholly or predominantly for business or investment purposes (or for both purposes), other than investment in residential property.
 The declaration is not effective unless it is substantially in the form required by the regulations.