Effective from Feb 20 2013 - May 16 2013 To view other versions open the versions tab on the right
1.
Upon obtaining the consumer’s consent, the real estate finance entity shall review the consumer’s credit record to verify the consumer’s solvency, ability to repay and credit behaviour, and document such verification in the finance file.
2.
Upon obtaining borrower's consent, the real estate finance entity shall record the borrower's credit information with one or more companies licensed to collect credit information, pursuant to the provisions of Article 15 of this Regulation and other applicable laws. Such information shall be updated throughout the duration of the relationship with the borrower.
3.
The real estate finance entity shall reject the finance application in the absence of the consents specified in paragraphs 1 and 2 of this Article.
