Form and function at heart of changes to credit laws

A "Summary Box", currently being proposed as a voluntary response from industry, would be put on a statutory footing if the government gets is way. Such a box describing the key elements of the credit agreement would be a good basis on which to develop proposals for pre-contract information, the TSC says. It intends to test sample pre-contract information and illustrative agreements on consumers before coming to a conclusion on the best way to present such information. Other changes that will affect the form and function of agreements include forcing lenders to explain the implica...