§ 2-13. Sale of loans and personal guarantees to others: consent and notification
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
In brief
- The Act applies correspondingly between the debtor (skyldner) and the party to whom the claim is transferred.
- Banks and other financial institutions, municipalities and county authorities must have the debtor's specific consent to transfer the claim, with exceptions for certain acquirers.
- Consent can be given no earlier than 30 days before the transfer.
- The debtor must be notified, unless the transferor continues as creditor (kreditor) on behalf of the acquirer.
The text of the law (unofficial translation)
§ 2-13. Application of the Act on transfer of monetary claims. Consent and notification
What does this mean?
This section concerns what happens when a creditor sells or transfers a monetary claim arising from a credit agreement or a personal guarantee agreement. The first paragraph states that the Act applies correspondingly between the debtor and the new owner of the claim, unless another law provides otherwise. The debtor therefore keeps the protection of the Act even if the claim changes hands.
The second paragraph sets a consent requirement. If the creditor is a financial institution (for example a bank or a credit institution) or a municipality or county authority, the claim can only be transferred if the debtor has given specific consent. Consent can be given no earlier than 30 days before the transfer. The requirement does not apply when the claim goes to a state or municipal body, or to a financial institution which, under the Financial Institutions Act, may offer corresponding credit to consumers in Norway. Example: a creditor that is a financial institution wants to transfer a claim to an acquirer outside the exception. The debtor must then have consented, and the consent cannot have been given more than 30 days before the transfer.
The third paragraph imposes a duty to notify. The party transferring the claim must inform the debtor. The exception is when the transferor has agreed with the acquirer that it will continue to act as creditor towards the debtor on the acquirer's behalf. In that case, the debtor continues to deal with the old creditor.
This section has a close neighbour in § 2-14, which states that the debtor can raise the same objections and counterclaims against the acquirer as against the transferor. § 2-14 refers back here. Other neighbouring provisions on settlement are § 2-11 on confirmation when the claim has been paid and § 2-12 on deletion of collateral (pant).