4CONC 4.2.23R allows the presentation that CONC 4.2.22R requires from a credit broker. It also allows the statement of a lawyer, lawyer, Scottish lawyer or other “relevant person” (z.B. as part of the independent legal advice of the surety). The statement can only be given by such a person if the information and documents listed in this rule have been passed on to that person. If the lender does not meet the pre-contract disclosure requirements, the agreement may be unenforceable without a court decision and the lender may have breached its regulatory obligations. The latter should be at the forefront of business minds, as the ACF is unlikely to hesitate to use its enforcement powers against companies that fail to meet the prepayment conditions, including notice period and royalties. As a general rule, the prepayment request is filed 10 days in advance with the bank and the bank is entitled to a contractual fee. The amount of the contract tax depends on the length of the period between the prepayment and the date of the repayment of the credit. provide the client with an appropriate explanation of the facts covered in paragraph 2 to allow the client to assess whether the agreement is appropriate to the client`s needs and financial situation; applies to a business with respect to credit credits where the entity is or assumes responsibility for providing customers with the information and explanations required in this section; 10. The bank`s right to terminate the contract and the consequences of the exercise of the law. If the borrower has delayed at least three consecutive payments, partially or totally, or if the borrower has breached another obligation that is indicated in the agreement as a reason for early termination (for example.
B, provide incorrect information or reasons for termination under the Bank`s terms and conditions of sale), the bank may terminate the contract in advance and require an early repayment of the entire loan and payment of outstanding financial commitments. If the borrower does not repay the loan, the bank is entitled to demand repayment of the loan and other financial obligations by the person in order to ensure the execution of the agreement. If a client does not have a good understanding of the English language, the lender or credit broker may be required to consider other methods to provide relevant information on the reporting required by CONC 4.2.5 R, in order to allow the client to make an informed decision, for example. B providing information to a person with such understanding and who can help the customer who can help the customer. , z.B. a friend or relative.7 The channel or means by which the credit1 transaction takes place.