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2.3.3 Advertisement of Credit Products

C 8/2020 STA Effective from 25/12/2020
  1. 2.3.3.1Licensed Financial Institutions which offer Credit Products must comply with the requirements in Section 2.3.1 of this Article as applicable, in addition to complying with the requirements of this Section of this Article.
  2. 2.3.3.2When displaying the Annual Percentage Rate for a term loan/financing in advertisement materials, Licensed Financial Institutions must also display the total interest/profit and Fees to be paid over the term of the loan/financing by means of an example and disclose any conditions that are required to be met in order to obtain the rate. This provision does not apply to the provision of loans/financing for residential mortgages.
  3. 2.3.3.3Licensed Financial Institutions must ensure that advertisement materials for a residential mortgage contain the following warning statement:

Warning: If you do not keep up your repayments/payments, you may lose your property.

  1. 2.3.3.4Licensed Financial Institutions must ensure that advertisement materials for a loan/financing contain the following warning statement:

Warning: You may have to pay penalties if you pay off a loan/financing early.

Warning: If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future.

  1. 2.3.3.5Licensed Financial Institutions must ensure that advertisement materials for a debt consolidation loan/financing contain the following warning statement:

Warning: Refinancing your loans/financing may take longer to pay off than your previous loan/financing and may result in paying more in interest/profit.