S.L. 376.9 Art. 15Content of consumer credit agreement.

(1) The consumer credit agreement referred to in regulation 14(3) shall be drawn up in writing or on a durable medium and shall specify, in a clear and concise manner, the following:

(a) the information listed under regulation 9(1)(a), (c) to (f), (h), (i), (j), (n) and (o);

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

(c) the annual percentage rate of charge and the total amount payable by the consumer calculated at the time that the credit agreement is concluded:

Provided that, all the assumptions used in calculating that rate shall be mentioned;

(d) where capital amortisation of a credit agreement with a fixed duration is involved, 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, which shall:

(i) indicate the payments owing and the periods and conditions relating to the payment of such amounts;

(ii) contain a breakdown of each repayment showing capital amortisation, the interest calculated on the basis of the borrowing rate and where applicable any additional costs;

(iii) where the interest is not fixed or the additional costs may be changed under the credit agreement, it shall indicate clearly and concisely that the data contained in the table shall remain valid only until such time as the borrowing rate or the additional costs are changed in accordance with the credit agreement;

(e) an indication, where applicable, that the consumer may, at any time, upon demand, be requested to repay the amount of credit in full;

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

(g) the existence or absence of a right of withdrawal together with conditions attached to such right, which conditions shall include:

(i) the period during which the right may be exercised;

(ii) the information concerning the obligation of the consumer to pay the capital drawn down and the interest in accordance with regulation 20(3)(b); and

(iii) the amount of interest payable per day;

(h) information concerning the rights resulting in accordance with regulations 21 and 22 and the conditions attached to those rights;

(i) the procedure to be followed in exercising the right of termination of the credit agreement;

(j) whether or not there is an out-of-court procedure for the consumer to make a complaint, the redress mechanism available and the methods for having access to it;

(k) where applicable, the name and address of the competent supervisory authority;

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

(m) where applicable, a statement, that notarial fees shall be payable by the consumer.

(2) 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 the conditions stipulated in the credit agreement or in an ancillary agreement annexed thereto, the information listed in sub-regulation (1) shall, unless a guarantee is provided, include a clear and concise statement that such credit agreements do not provide a guarantee of repayment of the total amount of credit drawn down under the credit agreement.

(3) Where sub-regulation (1)(d) applies, 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.

(4) 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 information required in accordance with sub-regulation (1) or sub-regulation (5), as applicable, shall 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.

(5) In the case of a credit agreement which takes the form of an overdraft facility where credit has to be repaid on demand or within three (3) months, the agreement shall specify, in a clear and precise manner, the following information:

(a) the type of credit;

(b) the identities and geographical addresses of the contracting parties, and where applicable, of the credit intermediary involved;

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

(d) the borrowing rate, the conditions governing the application of that rate, and where available any index or reference rate applicable to the initial borrowing rate, as well as the periods, conditions and procedure for changing the borrowing rate:

Provided that if different borrowing rates apply in different circumstances, the information in this paragraph shall be made applicable to all the respective rates;

(e) an indication that the consumer may, at any time, upon demand be requested to repay the amount of credit in full;

(f) conditions relating to the exercise of the right of withdrawal from the credit agreement;

(g) information concerning the charges applicable from the time the agreement is concluded and, where applicable, the conditions under which those charges may be changed; and

(h) the duration of the credit agreement.