§ 3-15. Reference interest rate and reference exchange rate
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
In brief
- Changes that follow a public reference interest rate or reference exchange rate can be made without the usual notice, if the agreement says so.
- The customer (kunde) must be informed in writing about interest rate changes as soon as possible, unless otherwise agreed.
- Changes in payment transactions (betalingstransaksjoner) must be made neutrally and without discrimination.
The text of the law (unofficial translation)
§ 3-15. Reference interest rate and reference exchange rate
- an interest rate which comes from a publicly available source that both parties can verify (reference interest rate), or
- an exchange rate which is made available by the payment service provider (betalingstjenesteyter) or comes from a publicly available source (reference exchange rate).
What does this mean?
This section makes an exception to the main rule on notice when terms are changed. Interest rate and exchange rate changes can take effect at once, without the service provider (tjenesteyter) first having to send the notice that § 3-14 second paragraph otherwise requires. This requires that the agreement allows it and that the change is based on a reference interest rate or a reference exchange rate.
A reference interest rate means a rate taken from an open source that both the customer and the service provider can check. A reference exchange rate is a rate that the payment service provider itself makes available, or that comes from an open source.
The second paragraph sets requirements afterwards. The customer must receive information about each change in the interest rate in a written document as soon as possible. The exception is when it has been agreed that the information is to be made available at a specific frequency or in a specific manner. So the requirement for a written document applies to the information given to the customer, not to the change itself. Changes in interest rates and exchange rates used in payment transactions must also be calculated and applied neutrally, without discrimination between customers.
This section must be read together with § 3-14. There, the main rule is that the customer can consent to a change by remaining passive, and that the notice must explain how the customer can avoid being bound. § 3-13 covers changes to contract terms in general. The reference rule in § 3-15 applies only when the interest rate or exchange rate follows such a reference; other changes must follow the usual procedure.
Example: The agreement says that the interest rate follows a publicly available reference. When the reference changes, the service provider can adjust the customer's interest rate immediately. The customer must be informed in writing as soon as possible, unless otherwise agreed.