Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:70
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 70
Character Range: 313820–314739

70  Statement about debtor's statutory rights and obligations
 (1) For paragraph 16(1)(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: Paragraph 16(1)(b) of the Code requires 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.
 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.
 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.