§ 5-19. The co-debtor's right to information
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The text of the law (unofficial translation)
§ 5-19. The co-debtor's right to information
A co-debtor may at any time demand that the lender (kredittyteren) provide information about
- the current amount for which each of the co-debtors is liable
- the interest rate and other credit costs (kredittkostnader) that apply to the credit agreement (kredittavtalen)
- the result of any examinations the lender has carried out of another co-debtor's ability to fulfil the obligations under the credit agreement, or of the value of the security provided for the lender's claim. The reasons for the result may be given only with the consent of the co-debtor to whom the credit assessment (kredittvurderingen) relates.
What does this mean?
The section gives co-debtors a right of access to information. You can at any time ask the bank to tell you what each of you is liable for, which interest rate and which costs apply, and what the bank has concluded about the others' ability to pay and about the value of the security.
The reasons for a credit assessment of another person can only be given if that person consents. The rule supplements the requirement in § 5-17 that the agreement must show how large a share each person is liable for, and the duty to notify in § 5-18.