§ 5-9. Information you can get while the loan is running

This section ensures that the customer can keep track of the loan after the agreement has been made. The customer can ask for a repayment plan. If an interest-only period has been agreed, the customer can instead ask for an overview of when and on what terms interest and other costs are to be paid.

If the credit is linked to an account or a payment instrument, the customer must receive information about payments that have been made and other account information under § 4-19. Under that section, the account agreement (kontoavtale) must state that the customer receives account information in writing at least every month. If there is credit on the account, the information must also show the interest rate applied and any minimum amount that must be paid. For other credit agreements, the rules apply as far as they are appropriate.

The third paragraph concerns early repayment. On request, the customer must immediately receive a written document with relevant information about the conditions, and a reasonable assessment from the bank of the consequences of paying early. The conditions are found in §§ 2-9 and 2-10. Under § 2-9, the loan can be repaid in full or in part before the agreed time, and interest and costs are calculated up to and including the day of payment. Under § 2-10, for a fixed-rate loan (fastrentekreditt) the bank can demand that its loss be covered if the agreement says so, but the customer is not liable for more than the interest that would otherwise have been paid.

The Government may in regulations lay down special information requirements when the bank requests or demands that all or part of the loan be repaid.

This section is part of a series of rules on ongoing credit relationships. § 5-10 says that the bank cannot charge fees beyond what has been agreed in writing. § 5-11 concerns the term of annuity loans when interest rates change, § 5-12 concerns foreign currency loans (valutalån), and § 5-13 gives the customer the right to terminate. Example: The customer is considering paying off a fixed-rate loan. Before deciding, the customer asks the bank for a written overview of the conditions and what early payment will mean.