Section 10: Obligations of borrowers

10. Obligations of borrowers (1) Any person applying for a credit facility shall, for the purposes of enabling a lender to assess his capacity to repay, disclose in writing— (a) all other outstanding credit facilities already granted to him and details of any other liabilities, terms of repayment, amount still outstanding, or any instalments in arrear; (b) his average monthly expenses; (c) particulars of his monthly income; and B11 – 5 [Issue 7] Borrower Protection Act (d) such other relevant information as the lender reasonably requires of that person. (2) Every borrower shall immediately notify his lender in writing of the particulars of any subsequent credit facility which he obtains from any other lending institution. (3) Where a borrower is unable to pay any instalment in due time, he shall immediately send a written notification to the lender and the guarantor, if any, informing him of his inability to pay, give reasons therefor and seek the concurrence of the lender regarding arrangements for the payment of the instalment in default.