§ 6-2. Notice to the guarantor when collateral or loan protection insurance is missing

Finansavtaleloven·LOV-2020-12-18-146

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The text of the law (unofficial translation)

§ 6-2. Duty to notify when security is not provided, etc.

(1) The lender shall without undue delay notify the guarantor in a written document if security is not provided as assumed when the personal guarantee agreement was entered into, or if the security has later ceased to exist. The same applies if loan protection insurance has not been taken out as assumed when the personal guarantee agreement was entered into.
(2) If loan protection insurance has been taken out as assumed, but circumstances later arise that may cause the cover under the insurance to cease or be materially changed, the lender shall notify the guarantor in good time before the cover is changed.
Source: Lovdata — Finansavtaleloven (the Financial Contracts Act) § 6-2

What does this mean?

The section makes the lender responsible for telling the guarantor when what the guarantor relied on is no longer the case. Written notice must be given without undue delay if agreed security is not provided or later ceases to exist, or if loan protection insurance (gjeldsforsikring) that was assumed has not been taken out. If the insurance has been taken out, but the cover may cease or be materially changed, the notice must come in good time before the change. The section comes between § 6-1 on the duty to explain and § 6-3 on notice in the event of default.

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