S.L. 378.10 Art. 7Obligation to provide pre- contractual information.

(1) The creditor and, where applicable, the credit intermediary, shall provide the consumer with the personalised information needed to compare the credits available on the market, assess their implications and make an informed decision on whether to conclude a credit agreement:

(a) without undue delay after the consumer has given the necessary information on his needs, financial situation and preferences in accordance with regulation 12;

(b) in good time before the consumer is bound by any credit agreement or offer; and

(c) on paper or on another durable medium.

(2) The personalised information referred to in sub-regulation

(1) shall be provided by means of the ESIS, as set out in the First Schedule: Provided that for the purposes of sub-regulation (2) the creditor and, where applicable, the credit intermediary, may, up to 21 March 2019, continue to use the ESIS applicable prior to the entry into force of this regulation.

(3) Creditors and, where applicable, credit intermediaries, shall provide the ESIS to the consumer before the provision of an offer binding on the creditor: Provided that when an offer binding on the creditor is provided to the consumer, it shall be provided on paper or on another durable medium and, where characteristics of the offer are different from the information contained in the ESIS previously provided in accordance with this sub-regulation, it shall be accompanied by an updated ESIS.

(4) The consumer shall be entitled to a full seven (7) day period, in order to ensure that sufficient time to compare offers, assess their implications and make an informed decision, is allowed to the consumer: Provided that the time period referred to in this sub-regulation shall be a reflection period before the conclusion of the credit agreement: Provided further that the reflection period specified in this sub-regulation shall:

(a) be binding on the creditor for the duration of the reflection period; and

(b) allow that the consumer may accept the offer at any time during the reflection period.

(5) The creditor and, where applicable, the credit intermediary who has supplied the ESIS to the consumer shall be deemed to have fulfilled the requirements regarding information provision to the consumer prior to the conclusion of a distance contract as laid down in regulation 5 of the Distance Selling (Retail Financial

Services) Regulations and shall be deemed to satisfy the requirements of regulation 6(1) of the Distance Selling (Retail Financial Services) Regulations only where they have at least supplied the ESIS prior to the conclusion of the contract.

(6) The ESIS model set out in the First Schedule shall not be modified: Provided that where the creditor or, where applicable, the credit intermediary, wishes to provide to the consumer any additional information, and, or where the creditor, or where applicable the credit intermediary, is required by national law to provide to the consumer any additional information, such additional information shall be given in a separate document which may be annexed to the ESIS.

(7) In case of voice telephony communications, as referred to in regulation 5(3) of the Distance Selling (Retail Financial Services) Regulations, the description of the main characteristics of the financial service to be provided in accordance with sub-paragraph (ii) of the proviso to sub-regulation (3)(a) of regulation 5 of the Distance Selling (Retail Financial Services) Regulations, shall include at least the items referred to in sections 3 to 6 of Part A of the First Schedule.

(8) The creditor or, where applicable, the credit intermediary shall, at the time of the provision of an offer binding on the creditor, provide the consumer with a copy of the draft conditions to be eventually entered into the credit agreement.