Revolving credit means a credit facility which, whether or not accompanied by the use of a credit card, offers its beneficiary the possibility of using the amount of credit granted in instalments, on the dates of their choice.
Any revolving credit within the meaning of article L. 312-57 is referred to in any commercial or advertising document as “revolving credit”, to the exclusion of all others.
For the application of Article L. 312-6, the content and presentation methods of the representative example for revolving credit are specified by decree.
Advertising concerning the advantages of any kind offered by the card associated with a revolving credit indicates to the borrower the terms and conditions under which this card allows payment to be made in cash or on credit and informs the borrower of the terms and conditions for using the credit.
Where a payment card issued by a credit institution is associated either with a deposit account and a revolving credit facility, or with a payment account and a revolving credit facility, the advertising for that card shall inform the consumer of the terms and conditions of use of the credit.
When a consumer is offered, at the point of sale or by a means of distance selling of goods or services, a revolving credit agreement to finance the purchase of specific goods or services for an amount exceeding a threshold set by decree, the creditor or credit intermediary shall accompany the revolving credit offer with an amortisable credit proposal.
Retailers offering a programme with benefits of any kind and including credit also offer the consumer another programme with benefits of any kind not linked to credit.
When a revolving credit facility is opened, a credit agreement, on paper or any other durable medium, must be drawn up for the conclusion of the initial credit and, under the same conditions, for any increase in that credit granted subsequently.
In addition to the compulsory information set out in article L. 312-28, the credit agreement stipulates that each instalment must include a minimum repayment of the capital borrowed, which varies according to the total amount of credit granted and the terms of which are defined by decree.
Where the revolving credit is accompanied by a card entitling the borrower to benefits of any kind, the credit agreement shall indicate to the borrower the terms and conditions under which this card offers the possibility of paying in cash or on credit and shall inform the borrower of the terms and conditions for using the credit.
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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