(1) In the case of a consumer credit agreement, the borrower has a right of withdrawal under section 355.
(2) There is no right of withdrawal in the case of credit agreements
1. that replace or supplement, by means of repayment agreements, a credit agreement which the lender is entitled to terminate because of payment default on the part of the borrower, if this serves to prevent court proceedings and if the total amount (Article 247 section 3 of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche)) is lower than the residual debt of the original contract,
2. that are to be recorded by a notary if the notary confirms that the rights of the borrower under sections 491a and 492 are safeguarded, or
3. that correspond to section 504 (2) or to section 505.
(3) In the case of consumer credit agreements relating to immovable property, the borrower is to be granted, in the cases governed by subsection (2), a reflection period of at least seven days prior to the conclusion of the contract. For the duration of that period, the lender is bound by their offer. The reflection period commences upon the offer of contract being handed over to the borrower.