The Consumer Credit Contract is a fundamental document used in Belgian financial services for establishing legally compliant credit relationships with consumers. It is designed to meet the stringent requirements of Belgian financial regulations, particularly Book VII of the Belgian Code of Economic Law and the EU Consumer Credit Directive. This document is essential when providing any form of consumer credit in Belgium, including personal loans, credit cards, and installment credits. It must contain specific mandatory information about credit terms, costs, consumer rights, and obligations, while ensuring transparency and fair treatment of consumers. The agreement is subject to oversight by the Belgian Financial Services and Markets Authority (FSMA) and must incorporate recent regulatory changes in consumer protection and financial services law.
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1. Parties: Identification of the credit provider and the consumer, including full legal names, addresses, and registration details
2. Background: Context of the credit agreement and purpose of the loan
3. Definitions: Key terms used throughout the agreement, including technical and financial terms
4. Credit Amount and Purpose: Specific details of the credit amount, type of credit, and intended purpose
5. Annual Percentage Rate (APR): Clear statement of the APR and all costs included in the total cost of credit
6. Repayment Terms: Payment schedule, installment amounts, and total number of payments
7. Interest Rate: Details of interest rate, whether fixed or variable, and conditions for rate changes
8. Fees and Charges: Comprehensive list of all applicable fees, charges, and commissions
9. Duration and Termination: Term of the credit agreement and conditions for early termination
10. Consumer Rights: Statutory rights including right of withdrawal, early repayment rights, and complaint procedures
11. Default and Consequences: Conditions constituting default and consequences including default interest and collection procedures
12. Data Protection: GDPR compliance provisions regarding personal data processing
13. Governing Law: Confirmation of Belgian law governance and jurisdiction
1. Security Requirements: Include when collateral or guarantees are required for the credit
2. Insurance Provisions: Include when credit-related insurance is offered or required
3. Credit Card Specific Terms: Include for credit card agreements, covering card usage and specific obligations
4. Linked Services: Include when additional financial services are tied to the credit agreement
5. Variable Rate Mechanisms: Include for variable rate credits, detailing calculation methods and adjustment procedures
6. Joint Borrower Provisions: Include when there are multiple borrowers
7. Special Withdrawal Rights: Include for distance contracts or off-premises credit agreements
1. European Standard Information Sheet: Mandatory pre-contractual information form as required by EU directive
2. Repayment Schedule: Detailed amortization table showing all payments, interest, and principal allocations
3. Fee Schedule: Comprehensive list of all applicable fees and charges
4. Interest Rate Calculation Methods: Detailed explanation of interest calculations and variable rate mechanisms if applicable
5. Required Insurance Details: Specifications of any required insurance coverage and terms
6. Complaint Handling Procedures: Detailed process for filing and handling complaints
7. Data Processing Notice: Detailed GDPR-compliant information about personal data processing
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