Notice Of Information For Consumers About Prices On Loan And Credit Offers And Exchange Rates

Original Language Title: Bekendtgørelse om information til forbrugere om priser på låne- og kredittilbud og valutakurser

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=133339

Overview (table of contents) Annex 1 The full text of the Executive order on information to consumers about prices on loan and credit offers and exchange rates

Pursuant to section 13, paragraph 8, no. 1 and 2, and section 30, paragraph 5, of the law on the placing on the market referred to in article 6. lovbekendtgørelse nr. 839 of 31. August 2009, as amended by Act No. 719 of 25. June 2010, and after negotiation with the concerned minister and the affected consumer and business organisations, shall be adopted: scope



§ 1. Sections 2-4 of the Executive order applies to operators, when the provider's own or other trader's loan or credit offers to consumers.

(2). Paragraph 5 applies to operators who usually buy and sell foreign currency.

(3). The Ordinance does not apply to operators who are covered by the financial business Act.

Information form



§ 2. The sections 3-4 information specified must be provided at the place where the loan is offered with the option of ordering, by signage or other similar transparent manner. Information should be freely available to consumers.

§ 3. An operator shall disclose the following about the loan and credit deals that are most commonly found in the operators concerned: 1) the borrowing rate, see. § 4, no. 10 of the law on credit agreements.

2) Highest and lowest borrowing rate when that loan or credit deals are offered with different interest rates.

3) special conditions linked to the individual loan or credit offer.

4) About the interest rate is fixed or variable.

5) the annual percentage rate of charge (APR).

6) Other costs associated with the creation of the loan/credit, including fees, which are not covered by the annual percentage rate of charge (APR), see. (2).

7) For charge cards (i.e. credit with variable loan amount) entered the annual percentage rate of charge (APR) by take-up rates at 100%, 50% and 25%.

(2). For the purpose of calculating the annual percentage rate of charge (APR), see. (1). 5, the provisions of § § 4, no. 9, and 16 of the law on credit agreements shall apply.

(3). A trader must provide information on the assumptions used in the calculation of the annual percentage rate of charge (APR). Prerequisites must be in accordance with the lending practices of the operators concerned.

(4). If a trader informs you of other than the most common loan and credit offers, see. paragraph 1, paragraphs 1-3 shall apply by analogy.

§ 4. To the extent that a trader provider forms credit card lending (i.e. credit with variable loan amount) car loans, home loans or mortgages, the operator of one of each of the mentioned loan types in addition to the information in section 3, paragraph 1, apply standard conditions in annex 1, of the basic regulation. However, paragraph 3. This is true regardless of whether the loan is offered under a different name than the forms set out in the annex.

(2). Details about the loan forms referred to in paragraph 1 shall comply with the following: 1) loan forms should be marked with (a) to (e), equivalent to litreringen in annex 1 for that loan form. This is true regardless of whether the loan is offered under a different name than the forms set out in the annex.

2) loan forms must contain an indication of the annual percentage rate of charge (APR).

(3). If a trader only provider referred to in paragraph 1 forms under other standard lending conditions than those set out in annex 1 above, should the operators commonly used default assumptions used for calculating the annual percentage rate of charge (APR).

(4). The operator must inform about the assumptions used in the calculation of the annual percentage rate of charge (APR).

Information on exchange rates



§ 5. For foreign currency in banknotes, as Denmark's National bank publishes courses for, and which the trader does business with, the following must be reported: 1) the trader's purchase price.

2) the trader's sales rate.

3) Handling fee.

(2). The information referred to in paragraph 1 shall be given by signage or other similar transparent manner. Information should be freely available to consumers.

Punishment, entry into force, etc.



§ 6. Anyone who fails to provide information or provides false or misleading information in circumstances covered by the Ordinance, punishable by fine.

(2). That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

§ 7. The notice shall enter into force on the 1. November 2010.

(2). At the same time repealed Executive Order No. 193 of 1. March 2007 concerning information to consumers about prices on loan and credit offers and exchange rates.

Economic and business affairs, the 28. September 2010 Brian M/f Wheel cases



Annex 1 Standard conditions type of loan









Total credit amount in us $.









Duration in years









Installment form









The APR









a) charge cards





50,000





5





Credit with variable amount of the loan





The APR







(b)) car loans





200,000





7





Annuity





The APR







c) home loans





250,000





20





Annuity





The APR







d) consumer credit





40,000





5





Annuity





The APR







e) charge cards





5,000





1





Credit with variable amount of the loan





The APR



















Collateral





 





a) charge cards





No







(b)) car loans





There is assumed a things like retention of title for the total amount of credit and a payout ratio of 20 per cent.







c) home loans





There are assumed to be issued a new pledge covering the full amount.







d) consumer credit





No







e) charge cards





No