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For the purpose of these Regulations, a Creditor must provide the Borrower with a written disclosure statement that provides the information required by these Regulations to be disclosed.
A disclosure statement may be part of a Financing Contract or an application for a Consumer Financing or may be an annex to the foregoing documents.
The Creditor is required to obtain written acknowledgement from the Borrower confirming he/she has received and read the Initial Disclosure statement.
Information disclosed in a disclosure statement may be based on a reasonable assumption or estimate and such information must be clearly identified to the Borrower as an assumption or estimate.
A disclosure statement, or consent in relation to a disclosure statement, must be in plain, clear and concise language. It must be presented in a manner that is logical and likely to bring to the Borrower's attention the information required by these Regulations to be disclosed.
If the Borrower consents by Authenticated Communication, the disclosure statement may be provided by electronic means in an electronic form that the Borrower can retrieve and retain.
A disclosure statement is deemed to be provided to the Borrower:
(a)
on the day recorded as the time of sending by the Creditor's server, if provided by electronic means, and the Borrower has consented to receive it by electronic means.
(b)
on the day recorded as the time of sending by a fax machine, if provided by fax and the Borrower has consented to receive it by fax;
(c)
ten Calendar Days after the postmark date, if provided by registered mail; or
