S.L. 376.10 Art. 24Overdraft facilities.

(1) Where a credit agreement has been granted in the form of an overdraft facility, the creditor shall, throughout the duration of the credit agreement, keep the consumer regularly, at least once per month, informed by means of statements of account, on paper or another durable medium specified in the credit agreement, containing the following elements:

(a) the precise period to which the statement of account relates;

(b) the amounts and dates of drawdowns;

(c) the balance from the previous statement and the date thereof;

(d) the new balance;

(e) the dates and amounts of payments made by the consumer;

(f) the borrowing rate applied;

(g) any charges that have been applied; and

(h) the minimum amount to be paid by the consumer, where applicable:

Provided that the creditor shall also inform the consumer, on paper or another durable medium specified in the credit agreement, of increases in the borrowing rate or in any charges payable, in good time before the change in question enters into force.

(2) Notwithstanding sub-regulation (1), the information that shall 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;

(3) The creditor shall notify the consumer in an agreed manner of each reduction or cancellation of the overdraft facility at least thirty (30) days prior to the day when the actual reduction or cancellation of the overdraft facility takes effect.

(4) Where the overdraft facility is reduced or cancelled, the creditor shall offer the consumer before the enforcement proceedings have been initiated and at no additional cost, the possibility to repay the amount actually drawn down to the extent of such reduction or cancellation which repayment shall be made in twelve (12) equal monthly instalments unless the consumer chooses to repay earlier, at the borrowing rate applicable to the overdraft facility.