This Consumer Credit Agreement template is designed for use by financial institutions and credit providers operating in Denmark when extending credit to individual consumers. The document ensures compliance with the Danish Credit Agreements Act (Kreditaftaleloven), which implements the EU Consumer Credit Directive, and other relevant Danish financial regulations. It includes mandatory consumer protection provisions, detailed disclosure requirements, and standardized European consumer credit information. The agreement is suitable for various types of consumer credit products, from personal loans to credit facilities, and incorporates all necessary elements required by Danish law, including clear information about interest rates, fees, repayment terms, and consumer rights. It has been structured to meet the strict requirements of Danish financial supervisory authorities while maintaining clarity and transparency for consumers.
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Key Requirements PROMPT example:
Consumer Credit Agreement
I need a Consumer Credit Agreement governed by Danish law for a fixed-rate personal loan of 50,000 DKK with a 36-month term, to be used for home renovation purposes, with monthly repayments starting March 2025.
1. Parties: Identification of the credit provider and the consumer, including full legal names, addresses, and registration details
2. Background: Brief context of the credit agreement and its purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Credit Amount and Purpose: Details of the credit amount, purpose of the credit, and any conditions for drawdown
5. Interest Rate and Charges: Specification of interest rate (APR), how it's calculated, and all applicable fees and charges
6. Repayment Terms: Payment schedule, amount of installments, and total amount payable
7. Duration and Termination: Term of the agreement and conditions for termination
8. Right of Withdrawal: 14-day cooling-off period and withdrawal procedures as per Danish law
9. Early Repayment: Consumer's right to early repayment and any associated conditions
10. Default and Consequences: What constitutes default and its consequences, including default interest
11. Personal Data Processing: How personal data will be processed in accordance with GDPR
12. Complaints and Dispute Resolution: Procedure for handling complaints and resolving disputes
13. Governing Law: Confirmation that Danish law governs the agreement
14. Signatures: Execution block for both parties
1. Security: Include when the credit is secured by collateral or guarantees
2. Insurance Requirements: Include when insurance is required as part of the credit agreement
3. Credit Card Terms: Include for credit card agreements with specific card-related terms
4. Variable Interest Rate Provisions: Include when the interest rate is variable rather than fixed
5. Direct Debit Authorization: Include when automatic payment through direct debit is offered
6. Special Drawdown Conditions: Include for credit facilities with specific drawdown requirements
7. Joint Borrowers: Include when there are multiple borrowers
8. Marketing Consent: Include when seeking consent for marketing communications
1. Schedule 1 - Payment Schedule: Detailed amortization table showing all payments, interest, and principal
2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges applicable to the credit
3. Schedule 3 - Standard European Consumer Credit Information: Standardized EU information sheet as required by law
4. Appendix A - Interest Rate Calculation Method: Detailed explanation of how interest is calculated
5. Appendix B - Terms and Conditions: General terms and conditions referenced in the main agreement
6. Appendix C - Privacy Notice: Detailed information about personal data processing
7. Appendix D - Complaint Handling Procedures: Detailed procedures for filing and handling complaints
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Consumer Finance
Retail Banking
Consumer Lending
Credit Services
FinTech
Retail
E-commerce
Automotive Finance
Home Improvement Finance
Consumer Electronics
Relevant Teams
Legal
Compliance
Credit Risk
Retail Banking
Consumer Finance
Operations
Customer Service
Product Development
Regulatory Affairs
Finance
Credit Administration
Documentation
Relevant Roles
Legal Counsel
Compliance Officer
Credit Manager
Financial Services Manager
Retail Banking Manager
Consumer Finance Officer
Credit Risk Analyst
Customer Service Representative
Contract Administrator
Lending Officer
Product Manager - Consumer Credit
Regulatory Compliance Specialist
Banking Operations Manager
Credit Operations Officer
Financial Controller
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