Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For paragraph 56(1)(b) of the Code, the document explaining the rights and obligations of a guarantor must be in accordance with Form 9.
(2) The document may be a separate document or a part of the guarantee document.
Note: Paragraph 56(1)(b) of the Code requires a credit provider to give a prospective guarantor an explanation in the form required by the regulations of the guarantor's rights and obligations. The explanation must be given before the obligations under the relevant credit contract are secured by the guarantee.