§ 6-14. Arranging personal guarantees as a business

Finansavtaleloven (the Financial Contracts Act)·LOV-2020-12-18-146

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The text of the law (unofficial translation)

§ 6-14. Special rules on arranging personal guarantees

Anyone who, as part of a business, arranges a personal guarantee between a guarantor (kausjonist) who is a consumer (forbruker) and a creditor (kreditor) who is not a service provider (tjenesteyter) shall ensure that the guarantee agreement is entered into in accordance with the rules of this Act, and that the guarantee agreement contains information in accordance with the rules that otherwise apply to guarantee agreements under Chapter 3 and 6. The rules on financial intermediation (finansoppdrag) otherwise apply, as far as they are appropriate, to such arranging of personal guarantees between the creditor, the guarantor and the intermediary.
Source: Lovdata — Finansavtaleloven (the Financial Contracts Act) § 6-14

What does this mean?

The section is aimed at anyone who arranges personal guarantees as a business, that is, who connects a consumer who is to vouch for a loan with a lender. The intermediary must ensure that the agreement is entered into in accordance with the rules of the Act, and that it contains the information otherwise required for guarantee agreements. Otherwise, the rules on financial intermediation apply where they are appropriate to the relationship between the lender, the guarantor and the intermediary. The provision applies where the creditor is not a service provider, and comes after § 6-13 in the chapter on personal guarantees.

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