New Zealand Credit Contracts and Consumer Finance Act 2003 25-26AB: Guarantee disclosure: give guarantors the terms and the key information before the guarantee, and disclose later changes

What does 25-26AB require?

A creditor that takes a guarantee for a consumer credit contract must give or send every guarantor a copy of all the terms of the guarantee and disclose the Schedule 1 key information for each contract the guarantee covers, before the guarantee is given, and must disclose to guarantors the agreed and unilateral changes to the contract as sections 26 and 26AB require, with the exception for a guarantor who is a trustee or director in the circumstances stated.