kredittkjøpsloven

The kredittkjøpsloven, or the Norwegian Consumer Credit Purchase Act, is a piece of legislation governing credit purchases made by consumers in Norway. It aims to protect consumers by establishing rules for credit agreements, ensuring transparency, and providing rights in cases of default or unsatisfactory goods.

Key provisions of the law include requirements for clear and comprehensive information to be provided to the consumer before a credit agreement is signed. This includes details on the total cost of credit, interest rates, fees, and repayment schedules. The law also sets limits on the amount of credit that can be extended and regulates how credit providers can pursue debt collection.

Furthermore, the kredittkjøpsloven addresses situations where the purchased goods are defective or not as agreed upon. In such cases, consumers have rights to repair, replacement, price reduction, or cancellation of the contract, often in conjunction with the credit provider. The act distinguishes between different types of credit, such as installment credit and financing credit, with specific regulations tailored to each. It plays a vital role in fostering a secure and fair marketplace for consumer credit in Norway.