(1) If the borrowing rate in a consumer credit agreement is pegged, and if the pegging of the borrowing rate ends prior to the time determined for repayment, the lender informs the borrower at the latest three months prior to the end of the pegging of the borrowing rate whether they are willing to reach a new agreement as regards the borrowing rate. If the lender declares their willingness thereto, the notification must set out the borrowing rate offered by the lender at the time of notification.
(2) The lender notifies the borrower at the latest three months prior to termination of a consumer credit agreement whether they are willing to continue the loan relationship. Where the lender declares that they are willing to continue, the notification must set out the obligatory information under section 491a (1) applicable at the time of notification.
(3) The adjustment of the borrowing rate of a consumer credit agreement with a variable borrowing rate is not effective until the lender has informed the borrower of the details resulting from Article 247 section 15 of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche). Deviating agreements on effectiveness are permissible within the framework of Article 247 section 15 (2) and (3) of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche).
(4) In the case of a contract for a consumer credit agreement relating to immovable property that denominates in a foreign currency as defined in section 503 (1) sentence 1, also in conjunction with sentence 3, the lender is to inform the borrower without undue delay should the value of the amount remaining to be paid, or the value of the regular instalments, increase by more than 20 per cent, expressed in the national currency of the borrower, as compared to the value it/they would have based on the exchange rate at the time of the conclusion of the contract. Said information
1. is to be transmitted on a durable medium,
2. is to include the statement as to the amount remaining to be paid having changed, citing the amount in the national currency of the borrower,
3. is to indicate the option of converting the credit agreement to an alternative currency based on section 503 and the conditions applying thereto, and, if applicable, is to explain further mechanisms for limiting the exchange rate risk, and
4. is to be provided at regular intervals until such time as the difference has fallen below 20 per cent again.
Sentences 1 and 2 are to be applied accordingly if a consumer credit agreement relating to immovable property was concluded in the currency of that Member State of the European Union in which the borrower is resident at the time of the conclusion of the contract, and if, at the time of the relevant creditworthiness assessment, the borrower primarily receives income, or holds assets from which the loan is to be repaid, in a different currency.
(5) If the borrower of a consumer credit agreement relating to immovable property notifies the lender that they intend to repay the loan early, the lender is obliged to provide the lender,without undue delay and on a durable medium, with the information necessary to consider that option. This information must include the following in particular:
1. information regarding the permissibility of early repayment,
2. in the event of permissibility, the amount to be repaid, and,
3. the amount of the compensation for early repayment of the loan, if any.
Inasmuch as the information is based on assumptions, these must be logically understandable and objectively justified and must be disclosed as such to the borrower.
(6) Where claims under the credit agreement were assigned, the obligations under subsections (1) to (5) also affect the new creditor unless the previous lender has agreed with the new creditor that only the previous lender is to be identified in the relationship with the borrower.