(1) An agreement by which the borrower waives their right under section 404 to raise objections against an assignee of the obligation that they are entitled to raise against the lender, or their right under section 406 to set off also against an assignee of the obligation a claim they have against the lender, is ineffective.
(2) Where a claim of the lender under a consumer credit agreement is assigned to a third party, or if the identity of the lender is changed, the borrower is to be notified of this without undue delay, as well as of the contact data of the new creditor in accordance with Article 246b section 1 (1) nos. 1, 3, and 4 of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche). The notification may be dispensed with in the case of assignments if the previous lender has agreed with the new creditor that only the previous lender is identified in the relationship with the borrower. If the prerequisites of sentence 2 cease to exist, the notification is to be effected subsequently without undue delay.
(3) The borrower may not be obliged to incur a bill of exchange commitment for the claims of the lender under the consumer credit agreement. The lender may not take receipt of a cheque from the borrower to secure their claims under the consumer credit agreement. The borrower may require the lender at any time to surrender a bill of exchange or cheque that has been issued in violation of sentence 1 or 2. The lender is liable for all damage incurred by the borrower as a result of the issuance of such a bill of exchange or cheque.