ABSTRACT
Security is a phrase widely used in the Consumer Credit Act, and it is as well to know what it means. The security must be provided by the borrower or hirer personally or at his or her request. The borrower or hirer him or herself may be the surety or it may be a third party providing security at the request of the borrower or hirer. Unlike many other provisions in the Consumer Credit Act, the Act, in giving rights and protections to sureties, does not distinguish between individual and corporate sureties. A security instrument is a reference to a deed or written agreement conferring security in favour of the lender or owner entered into by a third party at the request of the borrower or hirer. Furthermore, the surety must be given a copy of the credit or hire agreement to be secured, together with copies of any documents referred to therein.
