Cost of Borrowing (Retail Associations) Regulations

Here is the summary of the document in 150-200 words:

The Cost of Borrowing (Retail Associations) Regulations, made under the Cooperative Credit Associations Act, sets out the requirements for retail associations to disclose certain information to borrowers when entering into a credit agreement. The regulations apply to most credit agreements, except those entered into for business purposes or with borrowers who are not natural persons. The regulations require that retailers provide a disclosure statement to borrowers before or at the time of signing a credit agreement, which includes information such as the interest rate, cost of borrowing, and terms of the loan.

The regulations also specify how the cost of borrowing is calculated and what charges can be included in the cost of borrowing. Borrowers have certain rights under the regulations, including the right to receive clear and concise information about their credit agreement. Retail associations must provide this information in a manner that is easy for borrowers to understand, using fonts and spacing that make the text readable. The regulations also require retail associations to disclose any assumptions or estimates used in providing the disclosure statement.