Cost of Borrowing (Foreign Insurance Companies) Regulations

6.1 (1) Subject to subsections (2) and (3), if a foreign company enters into a credit agreement with two or more borrowers, it must provide the disclosure statement referred to in subsection 6(1) to all of the borrowers.

(2) If all of the borrowers have consented, orally or in writing, in paper or electronic form, to the provision of the disclosure statement to one of the borrowers on their behalf, the foreign company must provide the statement to that borrower.

(3) If two or more but not all of the borrowers have consented, orally or in writing, in paper or electronic form, to the provision of the disclosure statement on their behalf to one of the consenting borrowers, the foreign company may provide the statement to that borrower on their behalf, if it also provides the statement to every borrower that has not so consented.

(4) If the consent referred to in subsection (2) or (3) is given orally by a borrower, the foreign company must, without delay, provide confirmation of that consent to the borrower in writing, in paper or electronic form.