The Home Credit Agreement is a specialized consumer credit instrument used in Denmark for financing home-related purchases or improvements. This document is essential when a financial institution extends credit to consumers for home-related purposes under Danish law. It must comply with the Danish Credit Agreements Act, the Financial Business Act, and consumer protection regulations. The agreement includes mandatory information such as APR, withdrawal rights, repayment terms, and all associated costs. It's designed to ensure transparency and fair lending practices while protecting both the lender's interests and consumer rights under Danish jurisdiction. This template should be used when establishing a regulated consumer credit relationship for home-related financing, ensuring all regulatory requirements are met.
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Key Requirements PROMPT example:
Home Credit Agreement
I need a standard Home Credit Agreement under Danish law for a small regional bank, with standard consumer protection clauses and the ability to add multiple borrowers, to be implemented by March 2025.
1. Parties: Identification of the credit provider and the borrower with full legal names and addresses
2. Background: Brief context of the credit agreement and its purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the credit amount, purpose, and any restrictions on use
5. Interest Rate and APR: Details of interest rate, annual percentage rate (APR), and calculation method as required by Danish law
6. Term and Repayment: Duration of the loan and repayment schedule including payment amounts and dates
7. Fees and Charges: Comprehensive list of all fees, charges, and costs associated with the credit
8. Pre-contractual Information: Confirmation of provided pre-contractual information as required by Danish Credit Agreements Act
9. Right of Withdrawal: 14-day cooling-off period rights and procedures as per Danish law
10. Default and Consequences: Consequences of missed payments and default procedures
11. Early Repayment: Terms and conditions for early repayment and any associated fees
12. Communications: Methods and requirements for formal communications between parties
13. Data Protection: Treatment of personal data under Danish GDPR requirements
14. Governing Law: Confirmation of Danish law governance and jurisdiction
1. Security: Terms relating to any security provided for the loan - include when the loan is secured
2. Guarantor Provisions: Terms applying to guarantors - include when there is a guarantor for the loan
3. Insurance Requirements: Mandatory or optional insurance requirements - include when specific insurance is required
4. Property Valuation: Terms relating to property valuation - include for property-secured loans
5. Special Drawdown Conditions: Specific conditions for drawing down the loan - include for staged disbursement
6. Additional Borrower Provisions: Terms for multiple borrowers - include when there is more than one borrower
7. Special Repayment Terms: Terms for flexible repayment options - include when offering payment holidays or variable payments
1. Schedule 1 - Loan Summary: Key financial information including loan amount, interest rate, APR, and payment schedule
2. Schedule 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Schedule 3 - Standard European Consumer Credit Information: Standard form providing pre-contractual information as required by EU/Danish law
4. Schedule 4 - Direct Debit Mandate: Form for setting up automatic payment arrangements
5. Schedule 5 - Property Details: Details of the property related to the credit (if applicable)
6. Appendix A - Right of Withdrawal Form: Standard form for exercising the right of withdrawal
7. Appendix B - Complaints Procedure: Information about the lender's complaints handling process and relevant authorities
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Consumer Credit
Retail Banking
Mortgage Lending
Consumer Finance
Real Estate
Legal Services
Relevant Teams
Legal
Compliance
Credit Risk
Consumer Lending
Mortgage Operations
Document Management
Customer Service
Financial Advisory
Credit Administration
Risk Management
Relevant Roles
Credit Manager
Loan Officer
Compliance Officer
Legal Counsel
Consumer Credit Specialist
Risk Manager
Financial Advisor
Mortgage Specialist
Customer Service Representative
Contract Administrator
Credit Risk Analyst
Documentation Specialist
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