S.L. 378.12 Art. 18Overrunning.

(1) Where a consumer enters into an agreement to open a current account and the consumer is allowed an overrun, the agreement shall contain in addition information relating to:

(a) the borrowing rate;

(b) the conditions governing the application of that rate;

(c) the index or reference rate applicable to the initial borrowing rate;

(d) the charges applicable from the time the credit agreement is concluded; and

(e) the conditions under which those charges may be changed, if applicable.

(2) In the event of a significant overrunning exceeding a period of one month, the creditor shall inform the consumer without delay of the overrunning in writing or on a durable medium of the amount involved, the borrowing rate and, of any penalties, charges or interest on arrears which are applicable.

(3) The agreement under sub-regulation (1) shall be in writing or on a durable medium and provided on a regular basis.