S.L. 376.10 Art. 21Information to be included in the credit agreement.

(1) The credit agreement shall specify in a clear and concise manner all of the following elements:

(a) the type of credit and a statement confirming that the credit agreement is subject to the provisions of these regulations and the Consumer Credit Directive;

(b) the identities, geographical address, telephone numbers and email addresses of the contracting parties as well as, where applicable, the identity and geographical address of the credit intermediary involved;

(c) the total amount of credit and the conditions governing the drawdown;

(d) the duration of the credit agreement;

(e) in case of a credit in the form of deferred payment for specific goods or services and in the case of linked credit agreements, the specific goods or services and their cash price;

(f) the borrowing rate, or all borrowing rates where different borrowing rates apply in different circumstances, the conditions governing the application of each borrowing rate and, where available, any index or reference rate applicable to each initial borrowing rate, as well as the periods, conditions and procedures for changing each borrowing rate;

(g) the annual percentage rate of charge and the total amount payable by the consumer, calculated at the time that the credit agreement is concluded and an indication of all assumptions used in such calculation;

(h) the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments shall be allocated to different outstanding balances charged at different borrowing rates for the purposes of reimbursement;

(i) where capital amortisation of a credit agreement with a fixed duration is involved, a reference to the right of the consumer to receive, on request and free of charge, at any time throughout the duration of the credit agreement, a statement of account in the form of an amortisation table;

(j) where charges and interest are to be paid without capital amortisation, a statement showing the periods and conditions for the payment of the interest and of any associated recurrent and non-recurrent charges;

(k) the charges for maintaining one (1) or more compulsory accounts recording both payment transactions and drawdowns, the charges for using a means of payment for both payment transactions and drawdowns, any other charges deriving from the credit agreement, and the conditions under which those charges may be changed, where applicable;

(l) the interest rate applicable in the case of late payments as applicable at the time of the conclusion of the credit agreement and the arrangements for its adjustment and, where applicable, any charges payable for default;

(m) a warning regarding the consequences of missing or late payments;

(n) a statement that notarial fees shall be payable, where applicable;

(o) the sureties and insurance required, where applicable;

(p) the existence or absence of a right of withdrawal, the withdrawal period, where applicable, and other conditions governing the exercise thereof, including the durable medium to be used for the notification, information concerning the obligation of the consumer, to pay the capital drawn down and the interest, and the amount of interest payable per day;

(q) the type of durable medium on which the consumer chooses to receive the following:

(i) the reminder referred to in regulation 9(2), where applicable;

(ii) the information referred to in regulation 22;

(iii) the information on the change in the borrowing rate referred to in regulation 23(1);

(iv) the information referred to in regulations 24(1) and (2), where applicable; and

(v) the information on the termination of an open-end credit agreement referred to in the proviso to regulation 28(1) and regulation 28(2), where applicable;

(r) information concerning the rights provided in regulation 27 as well as the conditions for the exercise of those rights, where applicable;

(s) a reference to the right of early repayment provided in regulation 29, the procedure for early repayment, as well as where applicable, information concerning the right of the creditor to compensation and a transparent and comprehensible explanation of how the compensation due to the creditor by the consumer shall be calculated;

(t) the procedure that shall be followed in exercising the right of termination of the credit agreement;

(u) the possibility of having recourse to an out-of-court complaint and redress mechanism for the consumer and the methods for having access to it;

(v) other contractual terms and conditions, where applicable;

(w) the name and address of the competent authority; and

(x) the relevant contact details of providers of debt advisory services and a recommendation for the consumer to contact such providers in the event of repayment difficulties:

Provided that the information referred to in this sub-regulation shall be clearly legible and adapted to take into account the technical constraints of the medium on which it is displayed.

(2) Where sub-regulation (1)(i) is applicable, the creditor shall make available to the consumer, free of charge and at any time throughout the duration of the credit agreement, a statement of account in the form of an amortisation table:

Provided that such amortisation table shall indicate the payments owing and the periods and conditions relating to the payment of such amounts and shall also contain a breakdown of each repayment specifying the capital amortisation, the interest calculated on the basis of the borrowing rate and, where applicable, any additional costs:

Provided further that where the borrowing rate is not fixed or the additional costs may be changed under the credit agreement, the amortisation table shall indicate, clearly and concisely, that the data contained in the table shall remain valid only until such time as that borrowing rate or those costs are changed in accordance with the credit agreement.

(3) In the case of a credit agreement under which payments made by the consumer do not give rise to an immediate corresponding amortisation of the total amount of credit, but are used to constitute capital during periods and under conditions stipulated in the credit agreement, or in an ancillary agreement, the credit agreement shall, in addition to the information referred to in sub-regulation (1), include a clear and concise statement that such credit agreements do not provide for a guarantee of repayment of the total amount of credit drawn down under the credit agreement, unless such a guarantee is given expressly.