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(1) A lender shall not conclude a credit agreement with a prospective borrower unless the lender provides the prospective borrower with a pre-agreement statement and quotation in the form specified in the Schedule.

(2) A pre-agreement statement shall specify

(a) the principal amount;

(b) the proposed disbursement schedule of the principal debt;

(c) the interest rate;

(d) other credit costs;

(e) the total amount involved in the proposed agreement,

(f) the proposed repayment schedule; and

(g) the basis of any cost that may be assessed if the borrower breaches the contract.

(3) A lender who contravenes this section is liable to an administrative sanction imposed by the Bank.

(4) In furtherance of subsection (3), a borrower may sue a lender for damages for loss suffered as a result of the contravention.