Mortgage brokerage firms are required to provide the following information to the consumer within a minimum of fifteen days of signing the contract.
A) Mortgage brokerage company data:
1) Identity number or tax identification code, name, address and principal activity of the company.
2) Where applicable, the company´s website and its franchise character.
3) Civil liability insurance policy or guarantee and credit insurance or financial institution providing it.
4) Regional or national Registry in which the company is registered and its registration number.
B) Intermediary service data:
1) Description of the terms of the brokerage contract.
2) Total price payable by the consumer to the company for the service provided, including all fees, charges and expenses, and all indirect taxes paid through the company.
3) Notification that there may be other taxes or costs not paid through the company or not billed by the company.
4) Terms of payment and delivery.
5) In the event of loan/credit consolidation, the annual percentage rate and the terms of the proposed loan or credit and its comparison with the loans or credits that are being consolidated.
C) Regarding the brokerage contract:
1) The consumer´s right to withdraw from the contract, the duration and conditions of this right and how to exercise it.
2) Information regarding any rights, other than that mentioned in the previous section, which the parties may have to terminate the contract early or unilaterally in accordance with applicable laws and conditions of the contract, including compensation that may be due in that case.
3) In the event of a consumer claim, the options for dispute resolution and how a consumer can access those options.
4) The language or languages in which the contract may be written, at the consumer´s choice, when the contract language is not the language of preliminary information.
5) Legislation and tax treatment applicable to the contract.
Information provided will be binding and shall be in writing or in any medium that allows preservation, reproduction and access to the information and the date of receipt thereof by the addressee.
Failure to meet the information requirements, as well as those relating to the provision of prior information, provided in this rule may invalidate the contract, as stipulated by civil law.
Contract
Provision 21 1 of Act 2 /2009 stipulates that contracts between brokerage firms and consumers shall be made in writing or other durable medium that allows the contract to be recorded. Contracts shall also be executed in as many copies as parties involved in said contract; each party shall be given a duly signed copy of the contract.
Withdrawal rights
The Act also provides a specific right of withdrawal for brokerage contracts with consumers. This right of withdrawal can be exercised by the consumer within fourteen calendar days of the contract, without providing specific reason and without penalty to the consumer.
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