National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 3 - RELATED MORTGAGES AND GUARANTEES  

Division 2 - Guarantees  

58   Guarantor may withdraw before credit is provided  

58(1)    
Although a guarantee has been made, the guarantor may nevertheless, by written notice to the credit provider:


(a) withdraw from the guarantee at any time before credit is first provided under the credit contact; or


(b) withdraw from the guarantee after credit is first provided under the contract if the credit contract made differs in some material respect from the proposed credit contract given to the guarantor before the guarantee is signed.

58(2)    
The guarantor may withdraw from a guarantee under this section to the extent only that it guarantees obligations under the credit contract.

58(3)    
This section is subject to section 61.

 

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