§ 5-7. Usury (åger): unreasonable interest and charges
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The text of the law (unofficial translation)
§ 5-7. Usury
Contract terms on interest or other charges that are in obvious disproportion to the credit provided, or that improperly exploit a relationship of dependence, debt problems or financial distress (usury), are not binding.
What does this mean?
The usury rule applies to terms on interest or other charges that are completely out of proportion to what the customer (kunde) receives, or that exploit the fact that the customer is dependent, has debt problems or is in distress. Such terms are not binding.
The rule protects against unreasonable prices and comes in addition to the requirements on credit assessment (kredittvurdering) and the duty to refuse credit (avslagsplikt) (§ 5-4) and the ban on tied selling (koblingssalg) (§ 5-8). Section § 1-9 (mandatory rules) refers to this section.