Definition

Document corresponding to the prior loan offer, signed by both parties (borrower and lender). We also talk about a loan contract.

The Scrivener Act and Borrower Protection

Inscribed in two stages in the Consumer Code, first by the Law of January 10, 1978 then by that of July 13, 1979, the Scrivener Law always plays its role in consumer protection and particularly in the edition of the loan deed.
It describes the process by which the bank must pass on a credit offer and sets strict rules to protect the borrower.

Obligations of the borrower regarding the loan offer

Obligations of the borrower regarding the loan offer

The preliminary loan offer must be sent to the borrower by registered mail with acknowledgment of receipt to give a certain date for sending. Note that the obligation concerns each person registered in the act. Thus, in the event of a plurality of borrowers, the bank must send a copy to each of the borrowers. The same goes for any personal guarantees.

The reflection period

The reflection period

The Scrivener Law imposes a reflection period of 10 days which starts the day after the reception of the offer. So that there is no ambiguity, refer to our file: how to calculate the reflection period of a prior offer.
Sundays and public holidays must be deducted from the time limit as well as the day of receipt of the registered mail. It is therefore only from the 11th day that the borrower can sign and return the documents in turn.

The period of validity

The period of validity

The validity of a credit offer is 30 days from the day of receipt. After this period, the bank is no longer bound by its commitments. Once the documents have been initialed and signed by the borrowers and any guarantees, the loan contract must be sent to the notary for the drafting of the authentic deed of sale. Articles that might interest you

  • Can the bank compel the borrower to domicile his income?
  • What should not be included in a prior offer?

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