Which party’s liability must be disclosed in the special notice under the Consumer Credit and Protection Act?

The requirement to disclose the co-signor's liability in the special notice under the Consumer Credit and Protection Act is significant because it ensures transparency regarding all parties involved in a loan agreement. A co-signor is equally responsible for the debt, just like the borrower. By disclosing the co-signor's liability, the law aims to make sure that all parties are aware of their obligations, which helps to protect consumers and ensures that they understand the financial risks associated with the loan. This kind of disclosure fosters informed decision-making and reduces the chances of disputes arising from misunderstandings about who is accountable for repayment.

In contrast, while the lender's, borrower's, and mortgage broker's roles are important, the specific focus here is on informing the consumer about the additional responsibility that a co-signor brings to the loan agreement, ultimately enhancing consumer protection under the Act.