§ 7-1. Penalties under the Financial Contracts Act

This section is the Act's penalty provision. The penalty is fines, and imprisonment for up to three months in particularly aggravating circumstances. First, it applies to breaches of three provisions, or of regulations (forskrift) issued under them: the ban on bills of exchange in dealings with consumers (forbruker) in § 2-14 second paragraph, the authority to issue regulations on terms and marketing in § 3-3 third paragraph, and the right to payment services (betalingstjeneste) on ordinary terms in § 4-1 first paragraph. Second, anyone who does not provide the information required under §§ 3-22 to 3-39 is punished. Negligent breaches lead only to fines. Administrative fines (overtredelsesgebyr) are regulated in § 7-2.