The same conditions shall be published on the website, if the company has a presence in this medium. 3. Transparency obligation in relation to prices. 4. Obligation to contract a liability insurance policy or bank guarantee to respond to consumers. The minimum amount of this insurance will be subject to the regulation. 5.
Obligations to be met by companies engaged in mortgage loans in commercial communications and advertising which will include the annual percentage rate (APR) applicable to credit. 6. Obligation to deliver prospectus containing at least 5 days prior to the signing of the following information: Information about the company: Company name, address, ID, activity, character franchise if it is, insurance policy, registration which is registered and their number. Information about the product or service: Description of the main features of the contract and the price to be paid by the customer Information about the contract: Supply and right of the parties in July. Obligation to make a binding offer of the loan or notification of refusal. The offer shall be in writing and signed by the representative of the company and will be valid for 10 working days from the date of delivery. 8. In cases of reunification of debt, must be disclosed in a clear, concise and prominent of any cost associated with the group.
In addition, it is forbidden to refer to the reduction of the monthly pay, without expressly mentioning the increase of capital outstanding and the deadline for payment of the new loan. 9. Obligation of Notaries and Registrars: Notaries refuse authorization of home equity loan and registrars registration, when it does not comply with our guidelines referred to in this Act 10. Validity of the Act: This Act shall take effect from the day following its publication in the BOE. Taking into account the following considerations: Companies will have a period of adaptation of this Act three months after its entry into force in relation to the performance of communications and advertising. Regarding transparency obligations of contracts, prior notification contract, the requirements of form and content of contracts, obligations valuation, and prepayment fee, shall be payable from the entry into force of the law Regarding the requirement to register in the register, the companies have a period of three months since that register is established.