(1) Before the lender issues to the borrower individual recommendations regarding one or several transactions that are connected to a consumer credit agreement relating to immovable property (advisory services), the lender is to inform the borrower of the details evident from Article 247 section 18 of the Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche) in the form provided for therein.
(2) Prior to providing the advisory services, the lender is to obtain information regarding the borrower‘s needs, their personal and financial situation, and their preferences and objectives insofar as this is necessary for the recommendation of a suitable credit agreement. On the basis of this current information, and relying on reasonable assumptions about the risks to the borrower’s situation that are to be expected over the term of the credit agreement, the lender is to consider a sufficiently large number of credit agreements, at a minimum from among its product range, in terms of their suitability.
(3) Based on the review in accordance with subsection (2), the lender is to recommend one suitable product or several suitable products to the borrower, or the lender is to indicate to the borrower that the lender is unable to recommend a product. The recommendation or the indication is to be made available to the borrower on a durable medium.