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The Consumer Credit Agreements (Amendment) Law of 2012
07.12.2012
Area(s) of Practice: Банковское дело и обеспеченное финансирование
This amendment replaces the provisions under Heading 3 of Annex II of the basic law of 2010 [Law 106(I)/2010]. Annex II sets out the information that, according to Section 5 of the Law, must be forwarded to a consumer before he/she is bound by any credit agreement. Under the Law, before a consumer is bound by any credit agreement or offer, the creditor or, if applicable, the credit intermediary shall, on the basis of the credit terms and conditions offered by the creditor or the preferences expressed and information supplied by the consumer, provide the consumer the information needed to compare different offers, in order to take an informed decision on whether to conclude a credit agreement or not. Such information, on paper or on another durable medium, shall be provided by means of the Standard European Consumer Credit Information Form set out in Annex II. The table of information falling under Heading 3 of Annex II that includes the details regarding the cost of the credit, was amended in order to be more understandable for the consumer.
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