The following in particular shall constitute breaches of the provisions of this regulation;
- Failure to provide the borrower with a written indication of the overall effective rate.
- The indication of an erroneous overall effective rate to the borrower.
- Failure to display the bank’s conditions.
- Failure to comply with the time limits for transmitting to the National Economic and Financial Committee the effective global rate, the bank conditions and the information necessary for calculating the price index of financial services.
In the event of non-compliance with the deadlines for the periodic transmission of the overall effective rate, the banking conditions and the information requested by the CNEF for the calculation of the financial services price index, the reporting institution shall incur penalty payments, the calculation methods of which are specified in the BEAC instruction.
In the event of failure to comply with the obligation to indicate in writing an effective global rate to the borrower or to indicate an erroneous effective global rate to the borrower, or failure to display the bank’s conditions, the institution subject to the law shall incur a financial penalty of three million CFA Francs.