§ 3-35. Standardised credit information form
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
In brief
- Credit agreements and personal guarantee (kausjon) agreements require a standardised credit information form (standardisert kredittopplysningsskjema).
- Three types of form: mortgage (boliglån), overdraft facility (brukskontokreditt) etc., and other credit.
- The form must be given before the agreement, and additional information must be given separately.
- A personalised and up-to-date form fulfils the duty to provide information.
The text of the law (unofficial translation)
§ 3-35. Standardised credit information form
- for mortgages: the form included as Annex II to the Mortgage Credit Directive (Directive 2014/17/EU)
- for overdraft facilities, refinancing and credit agreements (kredittavtaler) that cooperative enterprises offer their own members on special terms: the form included as Annex III to the Consumer Credit Directive (Directive 2008/48/EC)
- for credit agreements not covered by letter a or b: the form included as Annex II to the Consumer Credit Directive (Directive 2008/48/EC).
What does this mean?
The section says that credit agreements and personal guarantee agreements (Chapter 5 and 6) must be accompanied by a standardised (uniform) form. Which form is used depends on the type of credit. For mortgages, the form from the EU Mortgage Credit Directive is used. For overdraft facilities, refinancing and certain loans from cooperative enterprises to their own members, a separate form from the Consumer Credit Directive is used, and all other credit agreements use another form from the same directive.
The customer must receive the form before the credit agreement is entered into. For overdraft facilities, refinancing and loans from cooperative enterprises, the lender may instead fulfil the duty in another way, as long as all information and terms are shown equally clearly and given in writing in accordance with the rules in § 3-23 first paragraph. If the lender wants to give more information than the form contains, the additional information must be in a separate written document.
The form also matters for the service provider's (tjenesteyter) duty under § 3-22. If the customer receives a form that has been filled in for that particular customer and kept up to date, the duty to provide information about credit under the first paragraph is considered fulfilled. A standard form that has not been adapted to the customer is therefore not enough.
The section builds on § 3-34, which lists what the credit information must contain, and § 3-36, which concerns information to guarantors (kausjonister). Example: A lender is going to give a consumer (forbruker) a mortgage. Before the agreement is entered into, the consumer must receive the mortgage form, adapted to the loan in question. If the lender wants to give more information, it must come in a separate document.
The background is § 3-22 and § 3-23: § 3-22 requires the service provider to give terms and information in good time before the agreement, and § 3-23 as a main rule requires a written document. The standard form is the way the lender fulfils this for credit.