S.L. 378.10 Art. 8AInformation requirements concerning credit intermediaries.

(1) Maltese credit intermediaries shall, in good time before the carrying out of any of the credit intermediation activities in terms of the definition “credit intermediary” in regulation 2, provide the consumer with at least the following information on paper or on another durable medium:

(a) the identity and the geographical address of the Maltese credit intermediary;

(b) the register in which he has been included, the registration number, where applicable, and the means for verifying such registration;

(c) whether the Maltese credit intermediary is tied to or works exclusively for one or more creditors: Provided that where the Maltese credit intermediary is tied to or works exclusively for one or more creditors, it shall provide the names of the creditors for which it is acting: Provided further that where the Maltese credit intermediary meets the conditions laid down in accordance with regulation 8B(4), it may disclose that it is independent;

(d) whether the Maltese credit intermediary offers advisory services;

(e) the fee, where applicable, payable by the consumer to the Maltese credit intermediary for its services or, where this is not possible, the method for calculating the fee;

(f) the procedures allowing consumers or other interested parties to register complaints internally about the Maltese credit intermediary and, where appropriate, the means by which recourse to out-of-court complaint and redress procedures can be sought;

(g) where applicable, the existence and, where known, the amount of commissions or other inducements, payable by the creditor or third parties to the Maltese credit intermediary for its services in relation to the credit agreement: Provided that where the amount is not known at the time of disclosure, the Maltese credit intermediary shall inform the consumer that the actual amount will be disclosed at a later stage in the ESIS.

(2) Maltese credit intermediaries who are not tied but who receive commission from one or more creditors shall, at the consumer’s request, provide information on the variation in levels of commission payable by the different creditors providing the credit agreements being offered to the consumer. Maltese credit intermediaries shall also inform consumers that they have the right to request such information.

(3) Where a Maltese credit intermediary charges a fee to the consumer and additionally receives commission from the creditor or a third party, the Maltese credit intermediary shall explain to the consumer whether or not the commission will be offset against the fee, either in part or in full.

(4) Maltese credit intermediary shall communicate to the creditor the fee, if any, payable by the consumer to the Maltese credit intermediary for its services, for the purpose of calculating the APRC.