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Home Credit Agreement

Home Credit Agreement Template for Denmark

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Home Credit Agreement

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Document background
The Home Credit Agreement is a specialized consumer credit instrument used in Denmark for financing home-related purchases or improvements. This document is essential when a financial institution extends credit to consumers for home-related purposes under Danish law. It must comply with the Danish Credit Agreements Act, the Financial Business Act, and consumer protection regulations. The agreement includes mandatory information such as APR, withdrawal rights, repayment terms, and all associated costs. It's designed to ensure transparency and fair lending practices while protecting both the lender's interests and consumer rights under Danish jurisdiction. This template should be used when establishing a regulated consumer credit relationship for home-related financing, ensuring all regulatory requirements are met.
Suggested Sections

1. Parties: Identification of the credit provider and the borrower with full legal names and addresses

2. Background: Brief context of the credit agreement and its purpose

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the credit amount, purpose, and any restrictions on use

5. Interest Rate and APR: Details of interest rate, annual percentage rate (APR), and calculation method as required by Danish law

6. Term and Repayment: Duration of the loan and repayment schedule including payment amounts and dates

7. Fees and Charges: Comprehensive list of all fees, charges, and costs associated with the credit

8. Pre-contractual Information: Confirmation of provided pre-contractual information as required by Danish Credit Agreements Act

9. Right of Withdrawal: 14-day cooling-off period rights and procedures as per Danish law

10. Default and Consequences: Consequences of missed payments and default procedures

11. Early Repayment: Terms and conditions for early repayment and any associated fees

12. Communications: Methods and requirements for formal communications between parties

13. Data Protection: Treatment of personal data under Danish GDPR requirements

14. Governing Law: Confirmation of Danish law governance and jurisdiction

Optional Sections

1. Security: Terms relating to any security provided for the loan - include when the loan is secured

2. Guarantor Provisions: Terms applying to guarantors - include when there is a guarantor for the loan

3. Insurance Requirements: Mandatory or optional insurance requirements - include when specific insurance is required

4. Property Valuation: Terms relating to property valuation - include for property-secured loans

5. Special Drawdown Conditions: Specific conditions for drawing down the loan - include for staged disbursement

6. Additional Borrower Provisions: Terms for multiple borrowers - include when there is more than one borrower

7. Special Repayment Terms: Terms for flexible repayment options - include when offering payment holidays or variable payments

Suggested Schedules

1. Schedule 1 - Loan Summary: Key financial information including loan amount, interest rate, APR, and payment schedule

2. Schedule 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges

3. Schedule 3 - Standard European Consumer Credit Information: Standard form providing pre-contractual information as required by EU/Danish law

4. Schedule 4 - Direct Debit Mandate: Form for setting up automatic payment arrangements

5. Schedule 5 - Property Details: Details of the property related to the credit (if applicable)

6. Appendix A - Right of Withdrawal Form: Standard form for exercising the right of withdrawal

7. Appendix B - Complaints Procedure: Information about the lender's complaints handling process and relevant authorities

Authors

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Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Application
Borrower
Business Day
Charge
Co-Borrower
Commencement Date
Credit Limit
Credit Provider
Default
Default Interest
Early Repayment
Effective Date
Event of Default
Fees
Final Repayment Date
Fixed Interest Rate
Guarantor
Interest Period
Interest Rate
Late Payment
Lender
Loan
Loan Amount
Loan Purpose
Material Adverse Change
Maturity Date
Monthly Payment
Notice
Outstanding Balance
Parties
Payment Date
Payment Schedule
Pre-contractual Information
Principal
Property
Regulated Agreement
Repayment Schedule
Right of Withdrawal
Schedule
Security
Term
Total Amount Payable
Variable Interest Rate
Working Day
Clauses
Loan Amount and Purpose
Interest Rate
Annual Percentage Rate (APR)
Repayment Terms
Payment Obligations
Early Repayment
Default Interest
Fees and Charges
Security
Property Valuation
Pre-contractual Information
Right of Withdrawal
Default Events
Acceleration
Representations and Warranties
Borrower Covenants
Lender Obligations
Information Requirements
Direct Debit Authorization
Insurance Requirements
Data Protection
Notices
Assignment
Force Majeure
Amendment
Severability
Entire Agreement
Governing Law
Jurisdiction
Complaints Procedure
Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Credit Agreements Act (Kreditaftaleloven): Primary legislation governing credit agreements in Denmark, implementing EU Consumer Credit Directive. Sets requirements for information disclosure, right of withdrawal, and general terms of credit agreements.
Danish Financial Business Act (Lov om finansiel virksomhed): Regulates financial institutions and their activities, including requirements for credit providers and lending practices.
Danish Contracts Act (Aftaleloven): Provides the fundamental legal framework for contract formation and validity in Denmark, including rules on offer and acceptance, and unfair contract terms.
Danish Consumer Protection Act (Forbrugeraftaleloven): Provides general consumer protection rules, including requirements for transparency and fair trading practices in consumer agreements.
Danish Interest Act (Renteloven): Governs interest rates and late payment charges in financial agreements, including consumer credit contracts.
Danish Mortgage-Credit Loans Act (Realkreditloven): Regulates mortgage credit and home financing, including requirements for loan-to-value ratios and property valuation.
Danish GDPR Act (Databeskyttelsesloven): Implementation of GDPR in Denmark, governing the processing of personal data in credit agreements and financial services.
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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