§ 3-3. Requirements for terms and marketing of financial agreements (finansavtaler)

This section sets requirements for how a service provider (the one offering financial services as a business) makes its terms known. The general terms, meaning the standard terms that apply to all customers (kunder), must be easy to find both on the website and on the sales premises. A consumer (a private individual) can ask to receive them on paper. The language must be clear and easy to read in Norwegian, and the terms must have a uniform structure. Prices must be stated in Norwegian kroner.

The second subsection concerns marketing of financial agreements, which must comply with the Marketing Control Act. The Marketing Control Act prohibits unfair commercial practices. A practice is unfair when it is contrary to good practice towards consumers and is likely to make consumers choose differently than they otherwise would. If the marketing is aimed at a particular group, for example particularly vulnerable consumers, it is assessed from that group's perspective. Misleading or aggressive practices are always unfair. The third subsection allows regulations to be issued with more specific requirements for the terms and for marketing of financial agreements.

The neighbouring provisions supplement this: § 3-2 allows electronic messages when this is done in a secure way, § 3-4 concerns information to customers who have a guardian (verge), and § 3-9 requires as a main rule that the agreement is entered into in a written document. The rules of evidence in § 3-5, § 3-6 and § 3-7 decide who must prove what if there is a dispute. § 3-8 allows the service provider, under certain conditions, to block or end an agreement.

Example: a consumer is comparing two providers and wants to read the terms before she decides. The terms must then be available on the service provider's website, and she can ask for a paper copy. If she encounters marketing that promises more than the service delivers, it is the Marketing Control Act that decides whether the practice is lawful. § 7-1 has the heading Penalties and refers to this section.