(1) Every creditor under a consumer credit contract must ensure that disclosure of the following information is made to every debtor under the contract if the parties to the contract agree to change the contract:
(a) full particulars of the change:
(b) any other information prescribed by regulations to be information that must be disclosed under this section.
(2) Disclosure under this section must be made before the change takes effect.
(3) Disclosure is not required under this section in relation to a change that—
(a) reduces the obligations that the debtor would otherwise have, unless the obligations are reduced following an application under section 55; or
(b) extends the time for payment of any payment to be made under the contract, unless the time for payment is extended following an application under section 55; or
(c) releases the whole or any part of a security interest relating to the contract; or
(d) changes the place where payments are to be made.
Compare: 1981 No 27 s 17