Section 23 — Credit Contracts and Consumer Finance Act 2003: Disclosure of changes following exercise of power

23 Disclosure of changes following exercise of power (1) Every creditor under a consumer credit contract must ensure that disclosure of the information set out in subsection (2) is made to every debtor under the contract if the creditor exercises a power under the contract to change any of the following matters: (a) the amount of an interest rate under the contract or any other particular in relation to how any interest charge under the contract is calculated or applied: (b) the amount, frequency, time for payment, or method of calculation of any payment to be made under the contract: (c) the amount, frequency, time for payment, or method of calculation of any fee or charge payable under the contract. (2) The information that must be disclosed is as follows: (a) full particulars of the change: (b) any other information prescribed by regulations to be information that must be disclosed under this section. (3) Disclosure under this section must be made within 5 working days of the day on which the change takes effect. (4) In the case of a change to the amount of an interest rate or in the case of a change to the amount of any fee or charge payable, a creditor may, instead of complying with section 35 , make disclosure in accordance with any publication requirements prescribed by regulations for the purposes of this section. (5) Disclosure is not required under this section in relation to— (a) a change that— (i) reduces the obligations that the debtor would otherwise have; or (ii) extends the time for payment of any payment to be made under the consumer credit contract; or (iii) increases any credit limit under the consumer credit contract; or (b) a change of any class prescribed by regulations to be a class of change to which this section does not apply.