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.

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