law of the 314

law of the 314

I.-Credit institutions are obliged to inform their customers and the general public of the general and tariff conditions applicable to operations relating to the management of a deposit account, in accordance with the terms and conditions laid down by an order of the Minister in charge of the deposit- economy.

The management of a deposit account for natural persons not acting for professional purposes shall be governed by a written agreement concluded between the customer and his credit institution or the financial services of La Poste.

Where a statement of account is issued pursuant to the provisions of the agreement referred to in the preceding paragraph and the latter indicates, for information purposes, that an overdraft amount is authorized, it shall immediately The annual percentage rate of charge within the meaning of Articles L. 314-1 to L. 314-4 of the Consumer Code, irrespective of the duration of the authorized overdraft considered.

Until 31 December 2009, La Poste credit institutions and financial services are obliged to inform at least once a year clients who do not have a deposit account agreement of the possibility of signing one.

The main stipulations that the deposit account agreement must contain, in particular the general conditions and tariffs of opening, operation and closing, are specified by a decree of the Minister in charge of the economy.

Before the customer is bound by this agreement, the credit institution shall inform it of such conditions on paper or on another durable medium. The credit institution may fulfill this obligation by providing the client with a copy of the draft deposit account agreement.

If, at the request of the customer, the agreement is concluded by a means of remote communication which does not allow the credit institution to comply with the preceding paragraph, the latter shall fulfill its obligations immediately after the conclusion of the account agreement deposit.

The acceptance of the deposit account agreement is formalized by the signature of the account holder (s).

Where the credit institution is required to offer its customer new payment services services not mentioned in the deposit account agreement, the information relating to such new services shall be the subject of a Framework contract for payment services governed by the provisions of Sections 2 to 4 of Chapter IV of this Title relating to the master service contract for payment or an amendment to the deposit account agreement under the conditions set out in II This article.

II.-Any proposed amendment to the deposit account agreement shall be communicated to the customer on paper or other durable medium no later than two months before the proposed date of application. The credit institution shall, in accordance with the terms of the deposit account agreement, inform the customer that it is deemed to have accepted the amendment if it has not notified the customer before the proposed effective date of such modification , That he did not accept it; In which case the credit institution shall also specify that, if the client refuses the proposed amendment, it may terminate the deposit account agreement free of charge before the proposed effective date of the amendment.

III.-The customer may terminate the deposit account agreement at any time, unless stipulated in the contract of a notice that may not exceed thirty days.

For more than 12 months, the deposit account agreement may be terminated without charge. In other cases, the cancellation fees must be proportionate to the costs incurred by such termination.

The credit institution shall terminate a deposit account agreement concluded for an indefinite period by giving at least two months’ notice. Charges duly charged for the provision of payment services are only payable by the customer in proportion to the period due on the date of termination of the deposit account agreement. If they have been paid in advance, these costs are reimbursed on a pro rata basis.

With the agreement of the customer, the account agreement may be adapted before the expiry of the two-month period referred to in II when it benefits from the overindebtedness procedure in order to facilitate the execution of the treatment measures provided for in Title III of Book VII of the Consumer Code. The French Association of Credit Institutions and Investment Firms, referred to in Article L. 511-29 of this Code, adopts professional standards which specify the modalities and duration of the maintenance of the deposit account and the adaptations, In particular means of payment, such as to facilitate their operation and avoid incidents.

These standards, approved by the Minister for the Economy, after consulting the Financial Sector Advisory Committee and the Advisory Committee on Financial Legislation and Regulation, shall be applicable by any credit institution. Compliance with these standards is monitored by the Autorité de contrôle prudentiel et de resolution and falls under the procedure laid down in Article L. 612-31 .

IV. At any time during the contractual relationship, the credit institution shall, at the request of the user, provide the terms of the deposit account agreement on paper or on another durable medium.

A credit institution may not refuse to provide the customer with a paper-based agreement.

V.-For each payment transaction referred to in Article L. 314-2 under a deposit account agreement and ordered by the payer, the payment service provider shall provide to the latter, at his request, Information on the maximum turnaround time for that particular transaction, the fees it must pay and, if applicable, the details of those costs.

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