French Monetary and Financial Code
In forceI. - Pursuant to article L. 312-3 of the French Consumer Code, municipal credit banks that grant a loan against tangible collateral must provide the borrower with information concerning :
1° The identity and geographical address of the lender ;
2° The type of loan
3° The type of goods that may be pledged;
4° How the appraisers will assess the appreciable value of the asset;
5° The total amount of the credit and the conditions for making the funds available;
6° The term of the credit agreement, the conditions for renewal and, where applicable, the terms for extending the agreement;
7° The agreed borrowing rates applied;
8° The annual percentage rate of charge and the total amount owed by the borrower, based on a representative example;
9° Regulatory limits on the amount of credit that may be granted in accordance with article D. 514-8 ;
10° The security constituted by the pledge;
11° The terms and conditions under which the borrower may release his property before the end of the loan term;
12° The provision by the lender of an acknowledgement of deposit of the pledged item in accordance with article D. 514-10 of the Monetary and Financial Code;
13° The terms and conditions for compensating the borrower in the event that the lender loses all or part of the pledged item for any reason whatsoever, and the terms and conditions for the borrower to surrender or take back the pledged item in the event that it deteriorates, in accordance with articles D. 514-12 and D. 514-13 of the French Monetary and Financial Code;
14° The terms and conditions of the public auction of the pledged item;
15° The absence of a right of withdrawal.
II. - Municipal credit unions are required to display the information mentioned in I, in a clear, precise, visible and legible manner, at the place where customers are received. They may also inform consumers using other means of communication, in particular sheets, leaflets or brochures, as long as the information is clear, precise and legible.
