21No. 14
Financial
transactions
Consumer Protection
28.-(1) A consumer shall have access to banking and financial
services including but not limited to opening and operating accounts,’
securing ‘loans, mortgages, charges, insurance, health insurance
cover, pension and other services at affordable or lowest possible
rates.
(2) Contracts governing financial transactions such as general
insurance, health insurance, hire purchase, and mortgage shall be
interpreted, implemented and enforced
(a) in good faith;
(b) consistent with the instrument embodying the contract
between the parties; and
(c) in a manner consistent with the laws governing or regulating
financial transactions.
Consumer credit
contracts
Right of
retraction
29. The supplier or trader of technology, goods or services shall, in
a case involving the supply or sale of technology, goods or services
that include the grant of consumer credits, inform the consumer and
advise him in writing about the following matters in advance- ‘
(a) the cash price of the technology, goods or services involved;
(b) the amount of interest, the annual or periodic rate at which
the same is computed as well as the interest rate in arrears;
(c) the number of installments payable as well as the frequency
or periodicity thereof; and
(d) the total amount payable for such technology, goods or services
except that the said total amount shall not be higher than the sum of
the cash price and the interest.
30.-( I) A consumer shall have the right of retraction within a
reasonable period but not less than seven (7) days from the signature
or execution of a contract or receipt of the technology, goods or
services where the contract has been entered into at a place other than
the ordinary business premises of the supplier or trader,
(2) In computing the grace period within which the consumer
should exercise the right of retraction from the day 9n which the
agreement was entered into, weekends and public holidays shall be
excluded.
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(3) When_ the consumer exercises the right of retraction within
reasonable time he shall be entitled to have the consideration he paid
returned to him subject to corresponding reasonable adjustments
which shall be agreed upon by the parties.