Credit Contracts and Consumer Finance Act 2003

70 Disclosure of credit-related insurance, repayment waiver, or extended warranty

• (1) If a consumer credit contract or consumer lease involves credit-related insurance and that insurance was arranged by the creditor under the contract or by the lessor under the lease, the creditor or the lessor must ensure that every insured person is supplied with a copy of the terms of the credit-related insurance (other than terms implied by law) within 15 working days of the day on which the credit-related insurance is arranged.

  (2) If a consumer credit contract or consumer lease involves a repayment waiver or an extended warranty, every creditor under the contract or lessor under the lease must ensure that every debtor under the contract or lessee under the lease is supplied with a copy of the terms of the repayment waiver or extended warranty (other than terms implied by law) within 15 working days of the day on which the repayment waiver or extended warranty is arranged.

  (3) For the purposes of this section, insurance is arranged by the creditor or lessor if 1 or more of the following applies:

  • (a) the creditor or lessor or a related company of the creditor or lessor is the insurer:

  • (b) the creditor or lessor or a related company of the creditor or lessor acts as the agent of the insurer in relation to the insurance:

  • (c) the creditor or lessor or a related company of the creditor or lessor receives a commission in relation to the insurance:

  • (d) the creditor or lessor requires the debtor or lessee to obtain the insurance from a particular insurer.