Changing TOUs - Is it retroactive?

Question

If a TOU (Terms of Use) (including "Advanced Policy Configuration") is changed - will existing loans operate under the new parameters, or do the changes only apply to future loans?

Answer

On the basis of TOUs and "Advanced Policy Configuration" each time an activity is performed on a loaned item, the calculation is done on the active rules. This means that existing loans will operate under the old parameters until the item is renewed, recalled or returned.

Additional Information for automatic renewal 

Existing loans will operate under the old parameters until the item is renewed. With a new renewal (after update of the rules) the new renewal period is considered. Calculation is done "on the fly".

• Article last edited: 29-Jun-2023