S.L. 371.21 Art. 25Variable rate credits.

Where the credit agreement is a variable rate credit:

(a) any indexes or reference rates used to calculate the borrowing rate shall be clear, accessible, objective and verifiable by the parties to the credit agreement and the competent authority; and

(b) historical records of indexes for calculating the borrowing rates shall be maintained either by the providers of these indexes or by the creditors:

Provided that the borrowing rate/s shall be capped for the whole duration of the equity release financial product.