Official Gazette

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The minimum amount of this insurance will be covered by the regulation. 5 Obligations that must meet companies that made loans in commercial communications and advertising where they must mention the rate annual equivalent applicable to credit (TAE). 6 Delivery obligation of information brochure containing at least 5 days prior to the signing of the contract of the following information: company information: company name, domicile, CIF, activity, nature of franchisee if so, insurance policy, registration in which it is registered and your number. Information about the product or service: description of the main features of the contract and the price that the customer must pay the contract information: bid and law of the parties 7. Obligation to make a binding offer of loan or notification of its refusal.

The offer will be made in writing and signed by the representative of the company and shall be valid from 10 business days, counted from the date of its delivery. 8. In cases of reunification of debt, must be reported in a clear, concise and prominent way of any kind of expenses related to that group. Addition, prohibits making reference to the reduction of the monthly fee to pay, not to mention expressly the pending capital increase and the term of the new loan payment. 9. Obligation of notaries and registrars: notaries shall refuse authorisation of the loan with a mortgage guarantee and registrars registration, when it does not comply with that contemplated in accordance with the rules established in this Act 10.

Enactment of the law: This law shall enter into force as from the day following its publication in the Official Gazette. Taking into account the following considerations: companies will have a period of adaptation of this law of 3 months from its entry into force in relation to compliance with the communications and advertising. In terms of the obligations of transparency of contracts, prior information to the contract, the requirements of form and content of contracts, pricing, early repayment and opening Committee obligations, shall be demanded from the entry into force of the law. Regarding the obligation to register in the register, companies will have a period of 3 months since it constitutes such registration.

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