(1) The consumer credit agreement and the power of attorney given by the consumer for purposes of concluding such a contract are void if the requirement as to written form is not complied with at all or if any of the items of information stipulated for the consumer credit agreement in Article 247 section 6 and sections 10 to 13 of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche) is lacking.
(2) Irrespective of a defect under subsection (1), the consumer credit agreement is valid to the extent that the borrower receives the loan or draws on it. However, the borrowing rate on which the consumer credit agreement is based is reduced to the statutory rate of interest if there is no information on the borrowing rate, on the effective annual rate of interest or on the total amount.
(3) If the effective rate of interest is stated at a rate that is too low, the borrowing rate on which the consumer credit agreement is based is reduced by that percentage by which the effective rate of interest is too low.
(4) Costs not stated are not owed by the borrower. If the contract does not state the prerequisites based on which costs or interest may be adjusted, the possibility to adjust these to the disadvantage of the borrower ceases to apply.
(5) If instalments have been agreed, then their amount is to be re-calculated by the lender, taking account of the reduced interest or costs.
(6) If the contract does not contain information on the term or on the right of termination, then the borrower is entitled to terminate at any time. If information on securities is missing, thensecurities cannot be demanded; this does not apply in the case of general-purpose consumer credit agreements if the net loan amount is greater than 75,000 euros. If a consumer credit agreement relating to immovable property in a foreign currency does not contain information on the right to convert the currency of the loan, then such a right to convert the currency may be exercised at any time.
(7) The lender provides to the borrower a copy of the contract in which the contractual amendments are taken into account that result from subsections (2) to (6).