Consumer Security Agreement Template for Austria

The Consumer Security Agreement is used when a financial institution or creditor requires security over assets owned by a consumer in Austria. This document is essential for secured lending transactions involving consumers and must strictly comply with Austrian consumer protection laws, particularly the Konsumentenschutzgesetz (KSchG) and the Allgemeines Bürgerliches Gesetzbuch (ABGB). The agreement details the security arrangement, includes mandatory consumer protection notices, specifies enforcement rights and limitations, and ensures compliance with EU consumer protection regulations and GDPR requirements. It is typically used in consumer lending, asset finance, or when taking security over personal property, and must be drafted in clear, consumer-friendly language as required by Austrian law.

1. Parties: Identification of the secured party (creditor) and the consumer (security provider)

2. Background: Context of the security agreement and reference to the underlying obligation

3. Definitions: Clear, consumer-friendly definitions of technical terms used in the agreement

4. Security Interest: Description of the security interest being created and the assets being secured

5. Secured Obligations: Definition of the obligations being secured by the agreement

6. Consumer Rights and Notices: Mandatory consumer protection notices and rights under Austrian law

7. Representations and Warranties: Consumer confirmations regarding ownership and right to grant security

8. Security Provider Obligations: Ongoing obligations regarding the secured assets

9. Enforcement Rights: Clear explanation of creditor's rights upon default, including consumer protections

10. Duration and Release: Term of the security interest and conditions for release

11. Data Protection: GDPR-compliant provisions regarding personal data processing

12. Notices: How formal communications between parties should be made

13. Governing Law: Confirmation of Austrian law governance and jurisdiction