(1) Where the credit agreement is a variable rate credit, the creditor shall ensure that -

(a) any indexes or reference rates used to calculate the borrowing rate are clear, accessible, objective and verifiable by the parties to the credit agreement and the Central Bank; and

(b) historical records of indexes for calculating the borrowing rates are maintained by the creditor.

(2) A creditor who contravenes a provision of this Regulation commits an offence.