S.L. 376.9 Art. 16Information concerning the borrowing rate.

(1) Where applicable, the consumer shall be informed of any change in the borrowing rate, on paper or another durable medium, before the change enters into force. The information shall state the amount of the payments to be made after the entry into force of the new borrowing rate and, if the number or frequency of the payments changes, the details thereof.

(2) Notwithstanding sub-regulation (1), the parties may agree in the credit agreement that the information referred to in sub-regulation (1) is to be given to the consumer periodically where all of the following conditions are fulfilled:

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

(b) the new reference rate is made publicly available by appropriate means which may include a publication on the creditor’s website or a public advert; and

(c) the information concerning the new reference rate is also kept available in the premises of the creditor.