3 September 2010
The following rules will apply to secured and unsecured lines of credit:
• From now on absolutely all credit disclosures should be made in “a clear, simple and not misleading language”.
• In all credit contracts there must be a prominent summary box, disclosing all fees, rates, etc.
• The new rules apply to debt collection practices. One of the items is that a lender can not disturb a delinquent borrower after a certain hour.
• New regulations now specify when the consumers should be informed about the statements and rate changes.
Speaking about the new mortgage restrictions, here are the following:
• The above regulations of debt collection procedure.
• The obligatory requirement of a summary box in mortgage contracts.