S.L. 378.10 Art. 18Obligation to disclose correct information.

(1) Consumers shall provide creditors and, where applicable, credit intermediaries with complete and correct information on their financial situation and personal circumstances in the context of the application process for credit.

(2) The information referred to in sub-regulation (1) shall be supported, when necessary, by documentary evidence from independently verifiable sources.

(3) In order for the creditor and, where applicable, credit intermediaries to be able to conduct a thorough assessment of the consumer’s creditworthiness and make a decision on whether or not to grant the credit under the credit agreement, the creditors and, where applicable, credit intermediaries shall at the pre-contractual phase, clearly specify the information, including independently verifiable evidence where necessary, that the consumer needs to provide.

(4) Creditors and, where applicable, credit intermediaries shall state the timing by which consumers are required to provide such information.

(5) In cases where the consumer chooses not to provide the information necessary for an assessment of his creditworthiness, the creditor or credit intermediary shall warn the consumer that he is unable to carry out a creditworthiness assessment and therefore that the credit agreement may not be granted. This warning may be provided in a standardised format.

(6) This regulation is without prejudice to the application of the Data Protection Act.".