(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.