77A. Statements on package credit contracts Some other formalities must be met; under Section 105, a real estate value is considered to be properly executed only if a document is signed in the debtor`s name or on behalf of the debtor. This document must meet certain requirements; the conditions must be readable when they are submitted for signature, they must give all conditions other than unspoken conditions, a copy must also be provided and, if the guarantee is provided before the agreement, a copy of the security agreement must be presented to the debtor within seven days of the conclusion of the regulated agreement.  If the formalities are not followed, the security agreement will not be applicable without a court decision.  The law does not provide for civil or criminal penalties for creditors who apply the agreement without a court order, but may lead to the revocation or suspension of the creditor`s licence.  If you sign a credit contract outside of commercial spaces – for example. B on a temporary marketing display stand – you have the right to terminate the contract within the cooling-off period. The “guarantee” is defined in the law as any form of mortgage, loan, clearing, guarantee or any other right that the debtor grants as a “guarantee” for consumer credit or lease with the creditor. This applies to both “real” securities, such as mortgages, and personal securities such as bonds. The only condition is that the guarantee be provided at the request of the debtor. Any guarantee must be made in writing and, in some cases, is part of the original lease. This is different from previous laws, which required written notification of the agreement but allowed for oral execution of the agreement.  The law controls, among other things, how merchants and businesses look for businesses.
Previously, some aspects had been controlled – advertising by lenders had been strictly regulated since the Moneylenders Act of 1927 – but other aspects of consumer credit were completely unregulated.