New Zealand Legislation: Acts

25 Disclosure of guarantee

• (1) Every creditor who takes a guarantee of a consumer credit contract must ensure—

  • (a) that every guarantor under the guarantee is given or sent a copy of all of the terms of the guarantee (other than terms implied by law); and

  • (b) that disclosure of as much of the key information (set out in Schedule 1) as is applicable to each consumer credit contract that the creditor and the debtor enter into and to which the guarantee applies is made to every guarantor under the guarantee.

  (2) The copy of the terms of the guarantee must be given or sent, and disclosure of the key information concerning each consumer credit contract that the creditor and the debtor enter into and to which the guarantee applies at the time the guarantee is given must be made,—

  • (a) before the guarantee is given; or

  • (b) within 15 working days of the day on which the guarantee is given.

  (3) Disclosure of the key information concerning any subsequent consumer credit contract that the creditor enters into with the debtor and to which the guarantee applies must be made within 15 working days of the day on which the contract is made.

  (4) For the purposes of subsection (1), the copy of the terms of the guarantee must be given or sent in the same manner that disclosure is made under section 35.

  Compare: 1981 No 27 s 16A