S.L. 371.21 Art. 17Content of pre- contractual information.

(1) Creditors shall make available clear and comprehensible general information about equity release financial products at all times on paper or on another durable medium or in electronic form, and as much as possible, in plain English language or, upon the request of the consumer, in the Maltese language, or in any other language agreed upon between the creditor and the consumer.

(2) The general information referred to in sub-regulation (1) shall include at least the following:

(a) the identity and the geographical address of the creditor;

(b) the purposes for which the credit may be used;

(c) the forms of security, including, where applicable, the possibility for it to be located in another different Member State;

(d) a description of the types of credit agreements available, including a short description of the differences between fixed and variable rate products and the related implications for the consumer;

(e) a list of related cost elements, such as administrative costs, insurance costs and legal costs;

(f) an indication of the cost of a typical credit agreement for the consumer;

(g) the possible duration of the credit agreement;

(h) the types of available borrowing rates, the conditions governing the application of such rates and, where available, any index or reference rate applicable to the initial borrowing rate, as well as the periods, conditions, and procedures for changing the borrowing rate:

Provided that if different rates apply in different circumstances, the above information shall be supplied in respect of all the applicable rates:

Provided further that the borrowing rate/s shall be fixed or capped for the whole duration of the equity release financial product;

(i) an indicative example of the total amount of credit, the total cost of credit to the consumer, the total amount payable by the consumer and the APRC;

(j) an indication of possible further costs, not included in the total cost of the credit to the consumer, to be paid in connection with an equity release financial product;

(k) the range of different options available for reimbursing the credit to the creditor, including, where applicable, the number, frequency and amount of the regular repayment instalments;

(l) a description of the conditions directly relating to early repayment;

(m) whether a valuation of the property is necessary and, where applicable, who is responsible for ensuring that the valuation is carried out, and whether any related costs arise for the consumer;

(n) where applicable, details on how to obtain information on tax relief on the equity release financial product interest or other public subsidies;

(o) an indication of ancillary services the consumer is obliged to acquire in order to obtain the equity release financial product or to obtain it on the terms and conditions marketed and, where applicable, a clarification that the ancillary services may be purchased from a provider that is not the creditor; and

(p) a general warning concerning possible consequences of non-compliance with the commitments linked to the equity release financial product.

(3) The competent authority may oblige creditors to include other types of warnings which are relevant in Malta.