(1) Where applicable, subject to paragraph (2), a creditor shall inform a consumer of any change in the borrowing rate, on paper or another durable medium, before the change enters into force. The information shall state the amount of the payments to be made after the entry into force of the new borrowing rate and, if the number or frequency of the payments changes, particulars of the changes.
(2) The parties may agree in the credit agreement that the information referred to in paragraph (1) is to be given to the consumer periodically where -
(a) the change in the borrowing rate is caused by a change in a reference rate,
(b) the new reference rate is made publicly available by appropriate means, and
(c) information concerning the new reference rate is kept available on the premises of the creditor.
(3) A creditor that contravenes a provision of this Regulation commits an offence.