The Financial Contracts Act
LOV-2020-12-18-146 · 179 §§Loans, bank accounts and payments: your rights as a bank customer. Each section has the legal text (unofficial translation) and a plain-language explanation.
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read in Norwegian.Norsk English العربية Polski Українська
§ 4-30Who pays the loss when a card or account is misused§ 5-4Duty to refuse credit: the bank must say no when you cannot manage the loan§ 5-14When can the bank terminate a credit agreement?§ 4-15Information about fees and time before and after a payment
Chapter 1 — Introductory provisions§§ 1-1 – 1-11
- § 1-1Which agreements the Financial Contracts Act applies to
- § 1-2Which chapters of the Financial Contracts Act apply to your agreement
- § 1-3What is a financial agreement (finansavtale), a financial service (finansiell tjeneste) and financial intermediation (finansoppdrag)
- § 1-4Who is a consumer, a customer and a service provider?
- § 1-5Payment service, payment account and other terms for accounts and payments
- § 1-6Proxy services: payment initiation and account information
- § 1-7Credit agreement, personal guarantee, mortgage and other credit terms
- § 1-8Other definitions: distance selling, payer, business day and strong customer authentication
- § 1-9Can you contract out of the Financial Contracts Act?
- § 1-10Choice of law: when Norwegian law applies to consumer agreements with foreign service providers
- § 1-11EEA rules in the Financial Contracts Act: regulations, accessibility and amount limits
Chapter 2 — Payment settlement§§ 2-1 – 2-16
- § 2-1Paying by account or in cash: the consumer's right to pay in cash
- § 2-2When is a payment considered made? Time and place of payment
- § 2-3Currency for payment and currency conversion
- § 2-4Fees for using a means of payment
- § 2-5Who pays which fees in a payment
- § 2-6Ban on fees for card payments
- § 2-7The consumer's objections against the lender
- § 2-8Guarantors and co-debtors can raise objections
- § 2-9Repayment of credit
- § 2-10Loss and gain on early repayment of fixed-rate loans
- § 2-11Confirmation and promissory note when the claim has been paid
- § 2-12Deletion of collateral when the claim has been settled
- § 2-13Sale of loans and personal guarantees to others: consent and notification
- § 2-14Objections against the person who takes over the monetary claim
- § 2-15Gambling debts and bets: claims that are not binding
- § 2-16Right of recourse: claiming back what you have paid on someone else's behalf
Chapter 3 — Financial services§§ 3-1 – 3-58
- § 3-1The service provider's general duties towards the customer
- § 3-2Electronic messages, notices and written documents
- § 3-3Requirements for terms and marketing of financial agreements (finansavtaler)
- § 3-4Persons with a guardian: who gets the information from the bank?
- § 3-5General burden of proof
- § 3-6Who must prove that an electronically signed agreement is valid
- § 3-7Burden of proof when the customer disputes a payment
- § 3-8When the service provider can block or terminate an agreement
- § 3-9Written agreement, signature and when an agreement binds the customer
- § 3-10Individual services under an initial agreement
- § 3-11Several consumers in the same agreement
- § 3-12What the agreement must contain
- § 3-13Changes to contract terms
- § 3-14Passive consent to changes in contract terms
- § 3-15Reference interest rate and reference exchange rate
- § 3-16Electronic signature: terms and scope
- § 3-17The provider's duties for electronic signatures
- § 3-18Information on reporting misuse of a signature
- § 3-19The signature holder's duties for electronic signatures
- § 3-20Liability for misuse of an electronic signature (elektronisk signatur)
- § 3-21Reduction of the excess when an electronic signature is misused
- § 3-22Duty to provide information before you enter into a financial agreement (finansavtale)
- § 3-23How information must be given before the financial agreement (finansavtale)
- § 3-24Information about the service provider
- § 3-25Information about entering into the agreement and later changes
- § 3-26Information about dispute resolution and complaints board
- § 3-27Information about the service, risk and deposit guarantee
- § 3-28Information about the costs of financial services (finansielle tjenester)
- § 3-29Information about credit assessment
- § 3-30Information on the use of payment services
- § 3-31Information on security and liability for payment services
- § 3-32Lighter disclosure duty for certain payment services
- § 3-33Standardised fee information document for payment accounts
- § 3-34Information about credit agreements
- § 3-35Standardised credit information form
- § 3-36Information for guarantors
- § 3-37Information about lease financing
- § 3-38Information about financial intermediation and advice
- § 3-39Offer of a financial service in a telephone call
- § 3-40Reflection period (betenkningstid) for mortgages (boliglån) and mortgage guarantees (boligkausjon)
- § 3-41Right of withdrawal for financial agreements
- § 3-42How to use the right of withdrawal: deadline and notice
- § 3-43Changing your mind about a loan: repayment after withdrawal
- § 3-44Withdrawing from a distance-selling agreement: what must be paid and refunded
- § 3-45If you withdraw from an agreement made off business premises: repayment and goods
- § 3-46Sanctions for breach of financial agreements (finansavtaler)
- § 3-47Deadline for notice of complaint when the service provider has made an error
- § 3-48The right of the customer (kunde) to cancel the contract in the event of breach
- § 3-49Compensation when the service provider breaches its obligations
- § 3-50When the service provider is not liable for compensation
- § 3-51The service provider's right to cancel the contract
- § 3-52What happens when the service provider has cancelled the contract
- § 3-53Complaint handling: response deadlines and refusals
- § 3-54Complaints board for disputes between customer and service provider
- § 3-55Supervision of the Financial Contracts Act: the Norwegian Consumer Authority and the Market Council
- § 3-56Relationship to other Acts and definitions of financial agent and financial broker (finansmegler)
- § 3-57The financial broker's duty of independence
- § 3-58Duties of financial brokers and others who carry out financial intermediation
Chapter 4 — Account agreements and payment services§§ 4-1 – 4-52
- § 4-1Right to a payment account and payment services
- § 4-2Consent to payment: when is a payment considered authorised?
- § 4-3Authorising a payee to withdraw money from your account (direct debit)
- § 4-4What a standing payment order must contain
- § 4-5When is a payment order considered received by the bank?
- § 4-6Can the bank refuse to carry out a payment?
- § 4-7Stopping a payment: deadlines for cancelling payment orders
- § 4-8A card issuer can ask whether there are funds in the account
- § 4-9Spending limits for payment cards and other payment instruments
- § 4-10Reserving money in your account for card payments
- § 4-11How long a payment can take between banks
- § 4-12Interest calculation and when the money must be available in the account
- § 4-13Can the bank withhold or set off against your money?
- § 4-14What the payment initiation service provider must disclose after a payment
- § 4-15Information about fees and time before and after a payment
- § 4-16Third-party services: what the customer can use and what the providers must follow
- § 4-17Limits for the payment initiation service provider (betalingsfullmektig)
- § 4-18Limits on account information services (kontoinformasjonstjenester)
- § 4-19Account information from the bank
- § 4-20Annual statement of fees on the payment account
- § 4-21What the bank can and cannot charge for
- § 4-22Unauthorised overdraft (overtrekk) on an account: fees, interest and notice
- § 4-23Duties of the customer and the issuer for payment cards and other payment instruments
- § 4-24The customer's duty to give notice of misuse and errors, and the deadline for correction
- § 4-25When the bank has credited or debited the wrong account or amount
- § 4-26Wrong account number: who is responsible and what must the bank do
- § 4-27Right to get back money taken by a payee (direct debit)
- § 4-28The bank's liability when the payer initiated the payment
- § 4-29The bank's liability when the payee initiates the payment
- § 4-30Who pays the loss when a card or account is misused
- § 4-31Reducing the customer's liability for misuse of a payment instrument
- § 4-32The bank must refund the amount quickly when the customer disputes liability
- § 4-33Banks' right of recourse when someone else caused the loss
- § 4-34Switching payment accounts: the bank's duty to provide a simple procedure
- § 4-35Authorisation to the new bank for account switching
- § 4-36The new bank must ask the old bank to start the account switching
- § 4-37The old bank's tasks when switching accounts
- § 4-38The new bank's tasks in account switching (kontobytte)
- § 4-39Account switching (kontobytte) to a bank in another EEA (EØS) state
- § 4-40The consumer's right to information about account switching
- § 4-41Fees for switching bank accounts
- § 4-42Terminating your account agreement: your rights as a customer
- § 4-43When the bank can close your account
- § 4-44Notice of termination of an account with a fixed term
- § 4-45When the bank can block payment cards and other payment instruments (betalingsinstrumenter)
- § 4-46Unused account: the bank's duty to notify
- § 4-47When do the payment rules apply across borders?
- § 4-48Exception for agreements with an amount limit
- § 4-49Fees and exchange rates for ATM withdrawals
- § 4-50More lenient rules for electronic small-value payments
- § 4-51Single payment services
- § 4-52Accounts and payment services for children and young people under 18
Chapter 5 — Credit agreements§§ 5-1 – 5-23
- § 5-1Duty to explain before you take out a loan
- § 5-2Credit assessment (kredittvurdering): the bank's duty before granting a loan
- § 5-3Duty to inform during the credit assessment
- § 5-4Duty to refuse credit: the bank must say no when you cannot manage the loan
- § 5-5Consequences when the bank breaches the duty to assess creditworthiness or the duty to refuse credit
- § 5-6Krav til egenkapitalNorwegian only
- § 5-7Usury (åger): unreasonable interest and charges
- § 5-8Tied selling (koblingssalg): requiring other purchases to get a loan
- § 5-9Information you can get while the loan is running
- § 5-10Fees and charges for credit agreements
- § 5-11Term of annuity loans when the interest rate changes
- § 5-12Foreign currency loans: right to convert the loan to another currency
- § 5-13The customer's notice of termination of a credit agreement
- § 5-14When can the bank terminate a credit agreement?
- § 5-15Blocking (sperring) of access to credit
- § 5-16When do the rules on co-debtors apply?
- § 5-17Co-debtors: who is liable for how much, and credit assessment
- § 5-18The bank's duty to notify co-debtors
- § 5-19The co-debtor's right to information
- § 5-20Release of collateral on joint loans
- § 5-21When the co-debtor's liability for the debt is reduced
- § 5-22Exemptions from the rules on credit agreements (kredittavtaler)
- § 5-23Lease financing (leiefinansiering): when leasing counts as credit
Chapter 6 — Guarantees§§ 6-1 – 6-14
- § 6-1Personal guarantee (kausjon): explanations, credit assessment (kredittvurdering) and duty to refuse credit (avslagsplikt)
- § 6-2Notice to the guarantor when collateral or loan protection insurance is missing
- § 6-3Notice to the guarantor in case of default and deferral
- § 6-4The guarantor's right to information
- § 6-5Changes to loan terms: what binds the guarantor?
- § 6-6Release of security: when is the guarantor released from liability?
- § 6-7Reduction and lapse of liability under a personal guarantee
- § 6-8Debt insurance and liability under a personal guarantee
- § 6-9Release period: the guarantor's right to pay early
- § 6-10When can the guarantor be required to pay? When a personal guarantee falls due
- § 6-11Interest the guarantor (kausjonist) must pay on default
- § 6-12Collection costs: what must the guarantor pay?
- § 6-13The guarantor's claim against the borrower
- § 6-14Arranging personal guarantees as a business
Chapter 7 — Sanctions§§ 7-1 – 7-2
Chapter 8 — Entry into force and transitional rules. Amendments to other acts§§ 8-1 – 8-3
Other laws
- 89 §§The Tenancy ActRenting a home: deposit, maintenance, rent increases, termination and moving out.
- 63 §§The Consumer Purchases ActYour rights when you buy goods from a shop or online store: defects, repair…
- 30 §§The Right of Withdrawal ActRight of withdrawal when you buy online, by phone or away from a shop: deadlines…
- 48 §§The Craftsman Services ActWhen you hire a tradesperson: price, defects, delay and complaints.
- 82 §§The Sale of Goods ActSales between private individuals and between businesses: defects, complaints, delay…
- 55 §§The Package Travel ActPackage holidays: information, changes, cancellation, price reduction and compensation.
- 37 §§The Debt Collection ActDebt collection: what must happen before a debt collection agency can demand payment…
- 33 §§The Limitation ActWhen a claim is time-barred: the time limits for debts and other claims, and what…
- 52 §§The Debt Settlement ActDebt settlement for individuals: conditions, application and payment plan.
No sections match your search.