S.L. 376.9 Art. 8Obligation to provide pre- contractual information.

(1) In good time before a credit agreement is concluded, a creditor, and where applicable a credit intermediary, on the basis of the credit terms and conditions offered by the creditor, and taking into account the preferences expressed and information supplied by the consumer, shall provide to the consumer the information identified under regulation 9, in order to assist the consumer in comparing different offers and reaching an informed decision on whether to conclude a credit agreement with the creditor or otherwise.

(2) With respect to credit agreements falling under regulation 9, a creditor and, where applicable, a credit intermediary, shall provide adequate explanations to the consumer in order to place the consumer in a position enabling him to assess whether the proposed credit agreement is adapted to his needs and financial situation, where appropriate by explaining the pre-contractual information provided under regulation 9, the essential characteristics of the products proposed and specific effects they may have on the consumer, including the consequences of default in payment by the consumer.