Section 5: Formation of the credit agreement

The credit agreement offer is drawn up on paper or on another durable medium. It shall be provided in as many copies as there are parties and, where applicable, to each of the guarantors. Delivery or dispatch of the offer of a credit agreement to the borrower obliges the creditor to maintain the terms and conditions for a minimum period of fifteen days from such delivery or dispatch.

The borrower may withdraw without giving reasons within a period of fourteen completed calendar days from the day of acceptance of the offer of a credit agreement including the information provided for in Article L. 312-28.

The period mentioned in article L. 312-19 short from the day of acceptance of the credit agreement offer including the information provided for in article L. 312-28.

In order to enable the exercise of the right of withdrawal referred to in Article L. 312-19, a detachable form is attached to their copy of the credit agreement.

The exercise by the borrower of his right of withdrawal may not give rise to registration on a file.

If the borrower exercises his right of withdrawal, he is no longer bound by the service contract ancillary to the credit agreement.

The contract accepted by the borrower only becomes perfect on the twofold condition that the borrower has not exercised his right of withdrawal and that the creditor has informed the borrower of his decision to grant the credit within a period of seven days. Approval of the borrower is deemed to have been refused if, on expiry of this period, the borrower has not been informed of the decision to…

For a period of seven days from acceptance of the contract by the borrower, no payment, in any form and on any basis whatsoever, may be made by the lender to the borrower or on the borrower’s behalf, or by the borrower to the lender.During the same period, the borrower may not make any deposit in favour of the lender or on behalf of the lender in respect of the…

From the day after the funds are made available to the borrower and in the event of withdrawal, the borrower shall repay to the lender the capital paid in and shall pay the interest accrued on that capital from the date on which the credit was paid to him until the date on which the capital is repaid, without undue delay and no later than thirty days after sending notification…

The creditor is automatically liable to the borrower for the proper performance of the obligations relating to the formation of the credit agreement, whether these obligations are to be performed by the creditor who concluded the agreement or by credit intermediaries involved in the process of forming the credit agreement, without prejudice to the creditor’s right of recourse against them.