Regulatory Alerts2016-09-05
Notice No. 14/2016, September 5: Information Duties in Credit Contracts
The National Bank of Angola issued Notice No. 14/2016 to establish information duties, client obligations, and credit restructuring procedures for Banking and Non-Banking Financial Institutions. The regulation mandates the use of standardized informative technical sheets for pre-contractual disclosure, requires solvency assessments via the Credit Risk Information Center, and grants consumers a 15-day right of free revocation for consumer credit contracts. Furthermore, it imposes strict clarity requirements on communications, prohibits institutions from increasing costs during credit restructuring due to financial hardship, and sets a 60-day compliance deadline for financial entities.
Share