According to the Act, the lender must provide the consumer with various information before taking out a loan. This information should be provided on a standard form. In addition to the standard form, the lender must provide consumers with information on the development of principal and debt and the development of prices and interest rates, as appropriate. This information can be found on the links to the side.

Furthermore, lenders are obliged to assess the consumer's credit rating and payment ability before granting a loan, and a loan shall only be granted if the lender considers it likely that the consumer will be able to repay, taking into account the result of the credit rating and payment ability evaluation. The purpose of this is to promote responsible lending.

The law stipulates various rights for the benefit of consumers and individuals are encouraged to familiarise themselves with them. The law in its entirety can be accessed on the Althingi's website.

The Consumer Agency supervises the law, and various information related to the law can be found on the Consumer Agency’s website.