S.L. 378.12 Art. 13Right to terminate an open-end credit agreement.

(1) A consumer is entitled to terminate an open-end credit agreement at any time and free of charge.

(2) A consumer credit agreement may however provide for a period of notice not exceeding one month before termination by the consumer.

(3) If provided for in the agreement, the creditor may terminate an open-end consumer credit agreement by giving the consumer not less than two months notice in writing or on a durable medium.

(4) A creditor may not terminate the consumer’s right to drawdown credit under an open-end consumer credit agreement unless such termination is provided for in the agreement and is for an objectively justified reason.

For the purpose of this sub-regulation "objectively justified reasons" include suspicion by the creditor that the consumer is involved in an unauthorised or fraudulent use of a credit, or that there is a significant risk that the consumer will be unable to fulfil his obligation to pay the credit.

(5) Where the creditor intends to invoke sub-regulation (4), he shall inform in writing or on a durable medium the consumer of the termination and reasons leading to such termination before the date of termination or, if that is not practicable, immediately thereafter.

(6) Sub-regulation (5) shall not apply where provision of the information would be contrary to public policy or public security or is unlawful.