Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 72

  (1)   For subsection   16(4) of the Code, the following financial information ( relevant financial information ) mentioned in section   17 of the Code, which is to be contained in the precontractual statement, is prescribed:

  (a)   for subsection   17(3) (Amount of credit):

  (i)   the amount of credit agreed to be provided (if ascertainable); or

  (ii)   if the amount is not ascertainable--the maximum amount of credit agreed to be provided, or the credit limit under the contract (if any);

  (b)   for subsection   17(4) (Annual percentage rate or rates)--the information mentioned in the subsection, other than the information mentioned in subparagraph   17(4)(c)(iii);

  (c)   for subsection   17(5) (Calculation of interest charges)--the maximum duration of any interest free period under the credit contract;

  (d)   for subsection   17(6) (Total amount of interest charges payable)--the information mentioned in the subsection;

  (e)   for subsection   17(7) (Repayments)--the information mentioned in the subsection;

  (f)   for subsection   17(8) (Credit fees and charges)--the information mentioned in paragraphs 17(8)(a) and (b), but only in respect of:

  (i)   retained credit fees and charges (being credit fees and charges retained by the credit provider and not passed on to or retained in reimbursement of an amount paid to a third party); and

  (ii)   lenders mortgage insurance.

  (2)   The relevant financial information is to be set out:

  (a)   separately from the remainder of the information under section   17 of the Code that is to be set out in the precontractual statement; and

  (b)   in tabular form (the financial table ), in either portrait or landscape format.

  (3)   Additional information may be included in the financial table, but only in the following circumstances:

  (a)   any information mentioned in subsection   17(3), (4), (5) or (8) of the Code that is not relevant financial information may be included with the relevant financial information;

  (b)   any other information mentioned in subsection   17(2) or subsections   17(9) to (16) of the Code may be included after the relevant financial information and any information included under paragraph   (a).

  (4)   If the relevant financial information relates to more than one type of credit facility, the information may be set out in a single financial table or in separate financial tables.

  (5)   The financial table is to be set out at the beginning of the precontractual statement, after any formal cover page or pages that have no substantive content.

  (6)   However:

  (a)   if the precontractual statement is not a separate document, the financial table is to be set out at the beginning of the proposed contract document; and

  (b)   the financial table may be preceded by information necessary to identify the loan.

  (7)   If the precontractual statement consists of more than one document, the financial table need not be repeated.

  (8)   If any of the relevant financial information can change under the credit contract because of a unilateral change by the credit provider:

  (a)   a clear statement must be made in the financial table that it is subject to change and that the change can be made without the debtor's consent; and

  (b)   a single statement may be made for 2 or more items of information that are subject to change.

  (9)   An expression may be used for the purposes of the relevant financial information if the expression is defined in the precontractual statement.

  (10)   The relevant date of disclosure of the information in the financial table may be set out in the financial table.

  (11)   This regulation does not prevent a repetition of the relevant financial information in the financial table in any other form in connection with the remainder of the information under section   17 of the Code that is to be set out in the precontractual statement.

Note:   Paragraph   16(1)(a) of the Code requires a credit provider to give a prospective debtor a precontractual statement setting out matters required by section   17 of the Code to be included in the credit contract document. The precontractual statement must be given before the credit contract is entered into or before the debtor makes an offer to enter into the contract, whichever first occurs.

  Under subsection   16(4) of the Code, the regulations may specify the financial information that is to be contained in the precontractual statement, and prescribe the form in which the information must appear.