S.L. 376.9 Art. 20Right of withdrawal. S.L. 330.07.

(1) The consumer has a right to withdraw from a credit agreement without providing any reasons.

(2) The right of the consumer to withdraw from a credit agreement shall be exercised within fourteen (14) running days, which period starts to run either:

(a) from the day of the conclusion of the credit agreement; or

(b) from the day when the consumer receives the contractual terms and conditions and information in accordance with regulation 15 if that day is later than the date referred to in paragraph (a).

(3) If the consumer exercises his right of withdrawal, he shall:

(a) in order to give effect to the withdrawal before the expiry of the period specified in sub-regulation (2), notify the creditor in accordance with the information given to the consumer under regulation 15(1)(g) by means which may be proven according to law. The deadline shall be deemed to have been satisfied if that notification, if in writing or on a durable medium that is available and accessible to the creditor, is dispatched before the deadline expires; and

(b) repay to the creditor the credit provided and pay the interest accrued on it, to be calculated on the basis of the borrowing rate specified in the credit agreement, from the date the credit was drawn down until the date it is repaid, without any undue delay and not later than thirty (30) running days after giving a notification in accordance with paragraph (a):

Provided that, the creditor shall not be entitled to any other compensation from the consumer in the event of withdrawal, except compensation for any non-refundable charges paid by the creditor to any public administrative body.

(4) Where an ancillary service relating to a consumer credit agreement is provided by the creditor or by a third party on the basis of an agreement between the third party and the creditor, the consumer shall not be bound by the ancillary service agreement if the consumer exercises his right of withdrawal in accordance with this regulation.

(5) Regulations 7 and 8 of the Distance Selling (Retail

Financial Services) Regulations shall not apply to sub-regulations (1) to (4).

(6) Sub-regulations (1) to (4) shall not apply to credit agreements which by law are required to be concluded before a Notary Public:

Provided that the non-application of sub-regulations (1) to (4) is subject to confirmation by the Notary Public that the consumer is guaranteed the rights provided for under regulations 9 and 15.