Descriptive terms to be used in certain documents
19 Descriptive terms to be used in certain documents
In a regulated credit sale contract a matter specified in Column 1 of Schedule 3 shall be described or referred to by the term specified opposite that matter in Column 2 of Schedule 3.
In a regulated loan contract a matter specified in Column 1 of Schedule 4 shall be described or referred to by the terms specified opposite that matter in Column 2 of Schedule 4.
In a notice under section 59 of the Act a matter specified in Column 1 of Schedule 5 shall be described or referred to by the term specified opposite that matter in Column 2 of Schedule 5.
In a statement of account referred to in section 61 of the Act a matter specified in Column 1 of Schedule 6 shall be described or referred to by the term specified opposite that matter in Column 2 of Schedule 6.
A credit provider who —
enters into a regulated credit sale contract;
enters into a regulated loan contract;
gives a notice under section 59 of the Act to a debtor; or
gives a statement of account referred to in section 61 of the Act to a debtor,
that does not comply with the requirements of —
in the case of a regulated credit sale contract, subregulation (1);
in the case of a regulated loan contract, subregulation (2);
in the case of a notice under section 59 of the Act, subregulation (3); or
in the case of a statement of account referred to in section 61 of the Act, subregulation (4),
is guilty of an offence.
Penalty: $500.
[Regulation 19, formerly regulation 20, renumbered as regulation 19: Gazette 10 Jan 1986 p. 138.]
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