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 the borrower consents to being provided with the initial disclosure for the credit agreement in accordance with paragraph (1)(b).