S.L. 376.10 Art. 23Changes in the borrowing rate.

(1) Where creditors change borrowing rates of existing credit agreements, the creditor shall inform the consumer of any change in the borrowing rate on paper or another durable medium specified in the credit agreement, in good time before the change enters into force:

Provided that the information shall include the amount of the payments to be made after the entry into force of the new borrowing rate and, where the number or frequency of the payments changes, the particulars thereof.

(2) Notwithstanding sub-regulation (1), the information to be provided to the consumer may be given periodically where all of the following conditions are fulfilled:

(a) the parties have agreed on such periodical information in the credit agreement;

(b) the change in the borrowing rate is caused by a change in reference rate;

(c) the new reference rate is publicly available in a timely manner by appropriate means; and

(d) the information concerning the new reference rate is also available:

(i) at the premises of the creditor;

(ii) on the website of the creditor, if such a website is available; and

(iii) on the mobile application of the creditor, if such an application is available;