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Consumer Credit Contract

Consumer Credit Contract Template for Belgium

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Key Requirements PROMPT example:

Consumer Credit Contract

"I need a Consumer Credit Contract under Belgian law for a €25,000 personal loan with a 5-year fixed term, 4.5% APR, to be launched by March 2025, including early repayment options and payment protection insurance provisions."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Applicable Law
Business Day
Credit Amount
Credit Card
Credit Limit
Credit Provider
Consumer
Default Event
Default Interest Rate
Early Repayment
Effective Date
European Standard Information Sheet
Fixed Interest Rate
FSMA
Guarantor
Interest Period
Interest Rate
Late Payment
Loan Purpose
Minimum Payment
Payment Date
Payment Schedule
Personal Data
Pre-contractual Information
Principal Amount
Repayment Schedule
Right of Withdrawal
Security
Statement
Term
Total Amount Payable
Total Cost of Credit
Variable Interest Rate
Working Day
Relevant Industries

Financial Services

Banking

Consumer Finance

Retail Banking

Consumer Lending

Credit Services

Financial Technology

Consumer Services

Retail

Relevant Teams

Legal

Compliance

Risk Management

Credit Operations

Retail Banking

Product Development

Customer Service

Regulatory Affairs

Credit Assessment

Documentation

Relevant Roles

Credit Manager

Compliance Officer

Legal Counsel

Consumer Credit Specialist

Retail Banking Manager

Risk Assessment Officer

Financial Services Director

Consumer Rights Officer

Credit Risk Analyst

Product Development Manager

Regulatory Affairs Manager

Customer Service Manager

Credit Operations Manager

Banking Operations Director

Industries
Book VII of the Belgian Code of Economic Law: Main legislation governing consumer credit in Belgium, covering credit agreements, mandatory information requirements, creditworthiness assessment, and consumer rights
Belgian Civil Code (Articles 1101-1369): Fundamental contract law principles including formation, validity, and performance of contracts
EU Consumer Credit Directive 2008/48/EC: European framework legislation implemented in Belgian law, establishing standards for consumer credit agreements
Belgian Consumer Protection Act: General consumer protection provisions including unfair terms, transparency requirements, and right of withdrawal
EU General Data Protection Regulation (GDPR): Regulations governing the collection, processing, and storage of consumer personal data in credit applications and agreements
Belgian Anti-Discrimination Law: Legislation ensuring equal treatment in access to goods and services, including financial services
Royal Decree on Consumer Credit Advertisements: Specific regulations governing how consumer credit can be advertised and marketed
Belgian Law on Payment Arrears: Regulations concerning default, late payments, and collection procedures in consumer credit contracts
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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