Credit providers shall be required to provide information to borrowers to help the latter determine whether the proposed loan is tailored to their needs and financial position . . Section 7:(1) Prior to the borrower's commitment, credit providers must disclose to the borrower the draft credit agreement, the overall effective rate (TEG), the attrition rate and the amortization schedule of the proposed credit transaction.
(2) Once the credit agreement is signed, the credit provider shall be required to provide to the borrower a copy of the said agreement, the overall effective rate (TEG), the attrition rate and the amortization schedule of the credit transaction.
(2) In each credit agreement, and in any advertisement of loans, credit providers must clearly specify the substance of the loan commitment for the borrower and the resulting repayment obligations.
CHAPTERII
BORROWER'S OBLIGATIONS
Official text
Transcription: Machine-parsed
In force from 24-12-2019
Source page 5
Lex Cameroon does not hold a French version of this provision. You can read an unofficial machine translation — for understanding only, never to quote.
Section 6 of the Law No 2019/021 of 24 december 2019 to lay down some rules governing credit activities in the banking and mico-finance sector in Cameroon/akn/cm/act/loi/2019-12-24/301-law-no-2019-021-of-24-december-2019-to-lay-down-some-rules-governing-credit-activities-in-the-banking-and-mico-finance-sector-in-cameroon
Report an error in this text
AI features are in beta
Where an official English or French text exists, we show it; where none does, we give
a translation, clearly marked as one and never presented as the official text. We make
every AI feature as accurate as we can, but it can be wrong and is not legal advice —
always check the cited official text.