Review a consumer credit contract document against the disclosure requirements
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Compare the lender's contract document, schedule and precontractual statement against a checklist of the matters the National Credit Code requires to be in the contract document and the precontractual disclosure, and list each required matter as present, missing or inconsistent, quoting the clause.
- What the lawyer must review
- Decide whether each gap or inconsistency is a breach, how serious it is, whether it affects the lender's ability to enforce or exposes it to penalty or compensation, and settle the corrections or advice.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Compare the lender's contract document, schedule and precontractual statement against a checklist of the matters the National Credit Code requires to be in the contract document and the precontractual disclosure, and list each required matter as present, missing or inconsistent, quoting the clause. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Confirm the instructions, the jurisdiction and the complete relevant material before starting.
- Confirm the contract is regulated by the National Credit Code before applying the checklist.
- Check each quoted clause against the current contract form and schedule.
- Confirm interest rate, fee and repayment disclosures against the lender's product terms.
- Check the output against the source documents named in it before it is relied on.
Sources
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.