French Monetary and Financial Code
In forceI. - Any person pledging items must sign the deed recording the pledge of these items. This deed shall be drawn up in writing or on another durable medium.
II. - The deed formalising the agreement of the borrower and the cashier to the loan shall be drawn up in type no smaller than eight-point type. It must state the following information clearly and legibly:
1° The identity and geographical address of the contracting parties ;
2° The date of the deed and the signature of the borrower;
3° Identification of the pledged asset and its appreciable value, as estimated by the appraisers;
4° A description of the characteristics of the loan, including :
a) The type of loan ;
b) The total amount of the loan and the conditions under which the funds will be made available;
c) The term of the loan and the conditions for extending and renewing the loan;
5° Information on the cost of the loan, i.e. :
a) The agreed borrowing rate ;
b) Where applicable, the other charges relating to the performance of the credit agreement and the conditions under which these charges may be changed;
c) The annual percentage rate of charge;
d) The total amount owed by the borrower;
e) Charges arising from non-performance of the agreement;
6° A statement to the effect that the lender must provide the borrower with an acknowledgement of deposit of the item borrowed, in accordance with article D. 514-10 ;
7° Information relating to the performance of the contract, including :
a) The loan repayment terms and conditions ;
b) The terms and conditions under which the borrower may release the objects before the end of the loan period;
c) The terms and conditions of the public auction of the pledged item and, in the event of a bonus, the terms and conditions for its payment;
d) The terms and conditions for compensating the borrower, abandoning or repossessing the pledged item in the event that the lender loses all or part of the item, for whatever reason, or the item deteriorates, in accordance with articles D. 514-12 and D. 514-13 ;
e) Indication that, in the event of loss of the acknowledgement of deposit of a pledged item, the borrower must immediately inform the municipal credit union in accordance with article D. 514-11 and lodge a stop payment, as well as, where applicable, the costs associated with the stop payment;
f) In the event of loss of recognition of the deposit, the procedures for returning the pledged item and the amount of any associated costs;
8° Information relating to the handling of disputes, including the mediation procedure referred to in article L. 316-1 of the Monetary and Financial Code and how to access it;
9° No right of withdrawal;
10° The right to object, free of charge, to the use of personal data for canvassing purposes, and the procedures for exercising this right;
11° The address of the Autorité de contrôle prudentiel et de résolution mentioned in article L. 612-1 and of the administrative authority responsible for competition and consumer affairs, within the meaning of article L. 141-1 of the French Consumer Code.
