(1) Consumer credit agreements are to be concluded in writing unless a more stringent form is required. The requirement as to the written form is satisfied if the offer and the acceptance are declared in writing by the contractual parties in separate documents. The statement of the lender need not be signed if it is made using automatic equipment.
(2) The contract must contain the information stipulated for the consumer credit agreement in Article 247 sections 6 to 13 of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche).
(3) After the contract has been concluded, the lender provides to the borrower a copy of the contract. Where a time has been determined for the repayment of the loan, the borrower may demand from the lender at any time a repayment plan under Article 247 section 14 of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche).
(4) Subsections (1) and (2) apply also to the power of attorney granted by a borrower for purposes of concluding a consumer credit agreement. Sentence 1 does not apply to a power of attorney for legal proceedings or to a power of attorney recorded by a notary.
(5) Declarations on the part of the lender to be submitted to the borrower after the contract has been concluded must be made on a durable medium.
(6) If the contract does not contain the information under subsection (2), or not all of it, it may be provided subsequently on a durable medium after the contract has been effectively concluded, or, in the cases governed by section 494 (2) sentence 1, after the contract has become valid. If the lack of information under subsection (2) has led to amendments in the contractual conditions in accordance with section 494 (2) sentence 2 to subsection (6), the information may be subsequently provided only by the borrower receiving the copy of the contract that is required under section 494 (7). In the other cases, at the latest at the time of subsequently providing the information, the borrower must receive one of the documents designated in section 356b (1). In subsequently providing the information under subsection (2), the borrower is to be informed on a durable medium that the withdrawal period of one month commences following receipt of the subsequently-provided information.
(7) The agreement of a variable borrowing rate oriented by an index or a reference interest rate is effective only if the index or the reference interest rate is objective, has been specified unambiguously, and is available to the lender and the borrower and verifiable by them.