(1) If a trader agrees in a contract with a consumer on a current account for which no overdraft facility has been granted that a fee will be payable in the event of the trader tolerating the overdrawing of the account, then this contract must contain the information under Article 247 section 17 (1) of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche) on a durable medium, and the consumer must be notified of such information at regular intervals on a durable medium. Sentence 1 applies accordingly if a lender agrees with a borrower in a contract on a current account for which an overdraft facility has been granted that a fee will be payable in the event of the trader tolerating the overdrawing of the account beyond the amount agreed by contract.
(2) Where, in the case governed by subsection (1), there is a considerable overdraft for a period longer than one month, the lender will inform the borrower promptly on a durable medium of the details evident from Article 247 section 17 (2) of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche). If, in the case governed by subsection (1), there is a continuous overdraft lasting longer than three months and the average overdraft amount is in excess of half of the average amount credited monthly to this account within the last three months, then section 504a applies accordingly. If the account statement for the current account is issued on a quarterly basis, then the point in time relevant for the prerequisites set out in sentence 1 to be met is the respective account statement.
(3) If the trader acts in breach of subsection (1) or subsection (2), then the lender may not demand costs and interest beyond the repayment of the loan.
(4) Sections 491a to 496 and 499 to 502 are not to be applied to general-purpose consumer credit agreements that come into existence subject to the prerequisites set out in subsection (1).