48. The loan agreement

be concise, easy to understand, and accurate;

be available in Sinhala, Tamil or English languages to the customer in his preferred language;

not include any terms and conditions which are unfair, misrepresented, exclude or restricts the liability of such licencee, excludes or restricts any right of the customer or prevents the applicability of any provision of this Act or any direction, directive or rule issued thereunder or any written law, for the time being in force;

include all terms and conditions subject to which money is lent or any other financial service is provided to the customer, and any amendment, modification made to such conditions shall not be enforceable before a court of law, unless the customer is notified in writing of such amendment or modification and such customer agrees in writing to the same; and

be explained to the customers by the licencee before entering into agreement, on its contents and financial implications, in his preferred language.