Once the lender has received notification of the consumer`s intent, it must communicate to the consumer the exact amount of the reduction in the cost of credit. If so, the lender must inform the consumer of the amount of compensation due for the prepayment. Many businesses have to borrow or obtain lines of credit to meet routine liquidity needs. For example, a company may obtain a line of credit to ensure that it can cover its wage costs, even if there is a brief delay in the payments it expects. Consumer credit contracts concern, on the one hand, professional lenders and, in some cases, credit intermediaries and, on the other hand, consumers who enter into a consumer credit contract. Information other than the mandatory information that the lender wishes to make available to the consumer can be grouped into a document that can be attached to the Standard European Consumer Credit Information form. When a loan is offered at a point of sale, the lender must ensure that the consumer receives, appropriately, all the necessary information at that point of sale, under conditions guaranteeing the confidentiality of the exchange of information. However, any compensation to be paid to the lender cannot exceed the amount of interest the consumer would have paid if he had not repaid the loan before the agreed date of termination of the credit contract. The termination also includes the automatic closing of all contracts or ancillary contracts (e.g.
B insurance policy). The consumer must be informed of the transfer unless the original lender continues to manage the credit contract with the consent of the transferee. In the case of a home sale, the lender must respect the consumer`s decision to refuse the home sale (the installation of a sticker or distinctive sign) and respond to the consumer`s desire to leave the premises and/or not to return. If these elements are not complied with, the creditor may expect severe penalties. If the lender asks the consumer, with prior consent, to offer a remote contract for financial services, the lender must at least indicate the main characteristics of the financial service on that date – the total amount of the credit and debit terms, the duration of the contract, the interest rate, the amount, the number and frequency of payments, the description of goods or services and the cash price when the credit is granted in the form of a deferred payment. Certain types of agreements are excluded from the provisions relating to consumer credit contracts, such as. B: The credit contract is written on paper or any other durable medium, and each party receives a signed copy.