Cost of Borrowing (Retail Associations) Regulations

7 (1) A retail association that proposes to enter into a credit agreement with a borrower must provide the borrower with the initial disclosure statement required by these Regulations on or before the earlier of the making of a payment, other than a disbursement charge, in relation to the credit agreement by the borrower and

• (a) two clear business days before the entering into the credit agreement by the borrower and the retail association, in the case of a credit agreement for a mortgage or hypothec; or

• (b) the entering into the credit agreement by the borrower and the retail association, in any other case.

(2) Paragraph (1)(a) does not apply if

• (a) the borrower consents to being provided with the initial disclosure statement for the credit agreement in accordance with paragraph (1)(b);

• (b) the borrower obtains independent legal advice;

• (c) a rescission period of at least two clear business days is provided in the credit agreement; or

• (d) favourable terms, such as imposing no penalty or fee for early payment, are provided in the credit agreement.