What changed, Directive 2008/48/EC Of the European Parliament and of the Council of 23 April 2008 on cre…

+ ## CHAPTER I / SUBJECT MATTER, SCOPE AND DEFINITIONS
− ### art_1
+ ### Article 1 — Subject matter
− Article 1
+ ### Article 2 — Scope
− ### art_2
− 
− Article 2
+ (a) credit agreements which are secured either by a mortgage or by another comparable security commonly used in a Member State on immovable property or secured by a right related to immovable property;
− | (a) | credit agreements which are secured either by a mortgage or by another comparable security commonly used in a Member State on immovable property or secured by a right related to immovable property; |
− | --- | --- |
+ (b) credit agreements the purpose of which is to acquire or retain property rights in land or in an existing or projected building;
− | (b) | credit agreements the purpose of which is to acquire or retain property rights in land or in an existing or projected building; |
− | --- | --- |
+ (c) credit agreements involving a total amount of credit less than EUR 200 or more than EUR 75 000;
− | (c) | credit agreements involving a total amount of credit less than EUR 200 or more than EUR 75 000; |
− | --- | --- |
+ (d) hiring or leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement; such an obligation shall be deemed to exist if it is so decided unilaterally by the creditor;
− | (d) | hiring or leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement; such an obligation shall be deemed to exist if it is so decided unilaterally by the creditor; |
− | --- | --- |
+ (e) credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month;
− | (e) | credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month; |
− | --- | --- |
+ (f) credit agreements where the credit is granted free of interest and without any other charges and credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable;
− | (f) | credit agreements where the credit is granted free of interest and without any other charges and credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable; |
− | --- | --- |
+ (g) credit agreements where the credit is granted by an employer to his employees as a secondary activity free of interest or at annual percentage rates of charge lower than those prevailing on the market and which are not offered to the public generally;
− | (g) | credit agreements where the credit is granted by an employer to his employees as a secondary activity free of interest or at annual percentage rates of charge lower than those prevailing on the market and which are not offered to the public generally; |
− | --- | --- |
+ (h) credit agreements which are concluded with investment firms as defined in Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (9) or with credit institutions as defined in Article 4 of Directive 2006/48/EC for th…
− | (h) | credit agreements which are concluded with investment firms as defined in Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (9) or with credit institutions as defined in Article 4 of Directive 2006/48/EC fo…
− | --- | --- |
+ (i) credit agreements which are the outcome of a settlement reached in court or before another statutory authority;
− | (i) | credit agreements which are the outcome of a settlement reached in court or before another statutory authority; |
− | --- | --- |
+ (j) credit agreements which relate to the deferred payment, free of charge, of an existing debt;
− | (j) | credit agreements which relate to the deferred payment, free of charge, of an existing debt; |
− | --- | --- |
+ (k) credit agreements upon the conclusion of which the consumer is requested to deposit an item as security in the creditor's safe-keeping and where the liability of the consumer is strictly limited to that pledged item;
− | (k) | credit agreements upon the conclusion of which the consumer is requested to deposit an item as security in the creditor's safe-keeping and where the liability of the consumer is strictly limited to that pledged item; |
− | --- | --- |
+ (l) credit agreements which relate to loans granted to a restricted public under a statutory provision with a general interest purpose, and at lower interest rates than those prevailing on the market or free of interest or on other terms which are more favourable to the consumer than those prevailin…
− | (l) | credit agreements which relate to loans granted to a restricted public under a statutory provision with a general interest purpose, and at lower interest rates than those prevailing on the market or free of interest or on other terms which are more favourable to the consumer than those preva…
− | --- | --- |
+ (a) is established for the mutual benefit of its members;
− | (a) | is established for the mutual benefit of its members; |
− | --- | --- |
+ (b) does not make profits for any other person than its members;
− | (b) | does not make profits for any other person than its members; |
− | --- | --- |
+ (c) fulfils a social purpose required by domestic legislation;
− | (c) | fulfils a social purpose required by domestic legislation; |
− | --- | --- |
+ (d) receives and manages the savings of, and provides sources of credit to, its members only; and
− | (d) | receives and manages the savings of, and provides sources of credit to, its members only; and |
− | --- | --- |
+ (e) provides credit on the basis of an annual percentage rate of charge which is lower than that prevailing on the market or subject to a ceiling laid down by national law,
− | (e) | provides credit on the basis of an annual percentage rate of charge which is lower than that prevailing on the market or subject to a ceiling laid down by national law, |
− | --- | --- |
+ (a) such arrangements would be likely to avert the possibility of legal proceedings concerning such default; and
− | (a) | such arrangements would be likely to avert the possibility of legal proceedings concerning such default; and |
− | --- | --- |
+ (b) the consumer would not thereby be subject to terms less favourable than those laid down in the initial credit agreement.
− | (b) | the consumer would not thereby be subject to terms less favourable than those laid down in the initial credit agreement. |
− | --- | --- |
+ ### Article 3 — Definitions
+ 
+ For the purposes of this Directive, the following definitions shall apply:
+ 
+ (a) ‘consumer’ means a natural person who, in transactions covered by this Directive, is acting for purposes which are outside his trade, business or profession;
− ### art_3
+ (b) ‘creditor’ means a natural or legal person who grants or promises to grant credit in the course of his trade, business or profession;
− Article 3
+ (c) ‘credit agreement’ means an agreement whereby a creditor grants or promises to grant to a consumer credit in the form of a deferred payment, loan or other similar financial accommodation, except for agreements for the provision on a continuing basis of services or for the supply of goods of the …
+ 
+ (d) ‘overdraft facility’ means an explicit credit agreement whereby a creditor makes available to a consumer funds which exceed the current balance in the consumer's current account;
− For the purposes of this Directive, the following definitions shall apply:
+ (e) ‘overrunning’ means a tacitly accepted overdraft whereby a creditor makes available to a consumer funds which exceed the current balance in the consumer's current account or the agreed overdraft facility;
− | (a) | ‘consumer’ means a natural person who, in transactions covered by this Directive, is acting for purposes which are outside his trade, business or profession; |
− | --- | --- |
+ (f) ‘credit intermediary’ means a natural or legal person who is not acting as a creditor and who, in the course of his trade, business or profession, for a fee, which may take a pecuniary form or any other agreed form of financial consideration:
− | (b) | ‘creditor’ means a natural or legal person who grants or promises to grant credit in the course of his trade, business or profession; |
− | --- | --- |
+ (i) presents or offers credit agreements to consumers;
− | (c) | ‘credit agreement’ means an agreement whereby a creditor grants or promises to grant to a consumer credit in the form of a deferred payment, loan or other similar financial accommodation, except for agreements for the provision on a continuing basis of services or for the supply of goods of …
− | --- | --- |
+ (ii) assists consumers by undertaking preparatory work in respect of credit agreements other than as referred to in (i); or
− | (d) | ‘overdraft facility’ means an explicit credit agreement whereby a creditor makes available to a consumer funds which exceed the current balance in the consumer's current account; |
− | --- | --- |
+ (iii) concludes credit agreements with consumers on behalf of the creditor;
− | (e) | ‘overrunning’ means a tacitly accepted overdraft whereby a creditor makes available to a consumer funds which exceed the current balance in the consumer's current account or the agreed overdraft facility; |
− | --- | --- |
+ (g) ‘total cost of the credit to the consumer’ means all the costs, including interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement and which are known to the creditor, except for notarial costs; costs in respect of anci…
− | (f) | ‘credit intermediary’ means a natural or legal person who is not acting as a creditor and who, in the course of his trade, business or profession, for a fee, which may take a pecuniary form or any other agreed form of financial consideration:(i)presents or offers credit agreements to consume…
− | --- | --- |
− | (i) | presents or offers credit agreements to consumers; |
− | (ii) | assists consumers by undertaking preparatory work in respect of credit agreements other than as referred to in (i); or |
− | (iii) | concludes credit agreements with consumers on behalf of the creditor; |
+ (h) ‘total amount payable by the consumer’ means the sum of the total amount of the credit and the total cost of the credit to the consumer;
+ 
+ (i) ‘annual percentage rate of charge’ means the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit, where applicable including the costs referred to in Article 19(2);
− | (g) | ‘total cost of the credit to the consumer’ means all the costs, including interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement and which are known to the creditor, except for notarial costs; costs in respect of …
− | --- | --- |
+ (j) ‘borrowing rate’ means the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit drawn down;
− | (h) | ‘total amount payable by the consumer’ means the sum of the total amount of the credit and the total cost of the credit to the consumer; |
− | --- | --- |
+ (k) ‘fixed borrowing rate’ means that the creditor and the consumer agree in the credit agreement on one borrowing rate for the entire duration of the credit agreement or on several borrowing rates for partial periods using exclusively a fixed specific percentage. If not all borrowing rates are dete…
− | (i) | ‘annual percentage rate of charge’ means the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit, where applicable including the costs referred to in Article 19(2); |
− | --- | --- |
+ (l) ‘total amount of credit’ means the ceiling or the total sums made available under a credit agreement;
− | (j) | ‘borrowing rate’ means the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit drawn down; |
− | --- | --- |
+ (m) ‘durable medium’ means any instrument which enables the consumer to store information addressed personally to him in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored;
− | (k) | ‘fixed borrowing rate’ means that the creditor and the consumer agree in the credit agreement on one borrowing rate for the entire duration of the credit agreement or on several borrowing rates for partial periods using exclusively a fixed specific percentage. If not all borrowing rates are …
− | --- | --- |
+ (n) ‘linked credit agreement’ means a credit agreement where
− | (l) | ‘total amount of credit’ means the ceiling or the total sums made available under a credit agreement; |
− | --- | --- |
+ (i) the credit in question serves exclusively to finance an agreement for the supply of specific goods or the provision of a specific service, and
− | (m) | ‘durable medium’ means any instrument which enables the consumer to store information addressed personally to him in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored; …
− | --- | --- |
+ (ii) those two agreements form, from an objective point of view, a commercial unit; a commercial unit shall be deemed to exist where the supplier or service provider himself finances the credit for the consumer or, if it is financed by a third party, where the creditor uses the services of the suppl…
− | (n) | ‘linked credit agreement’ means a credit agreement where(i)the credit in question serves exclusively to finance an agreement for the supply of specific goods or the provision of a specific service, and(ii)those two agreements form, from an objective point of view, a commercial unit; a commer…
− | --- | --- |
− | (i) | the credit in question serves exclusively to finance an agreement for the supply of specific goods or the provision of a specific service, and |
− | (ii) | those two agreements form, from an objective point of view, a commercial unit; a commercial unit shall be deemed to exist where the supplier or service provider himself finances the credit for the consumer or, if it is financed by a third party, where the creditor uses the services of the s…
+ ## CHAPTER II / INFORMATION AND PRACTICES PRELIMINARY TO THE CONCLUSION OF THE CREDIT AGREEMENT
− ### art_4
+ ### Article 4 — Standard information to be included in advertising
− Article 4
+ (a) the borrowing rate, fixed or variable or both, together with particulars of any charges included in the total cost of the credit to the consumer;
− | (a) | the borrowing rate, fixed or variable or both, together with particulars of any charges included in the total cost of the credit to the consumer; |
− | --- | --- |
+ (b) the total amount of credit;
− | (b) | the total amount of credit; |
− | --- | --- |
+ (c) the annual percentage rate of charge; in the case of a credit agreement of the kind referred to in Article 2(3), Member States may decide that the annual percentage rate of charge need not be provided;
− | (c) | the annual percentage rate of charge; in the case of a credit agreement of the kind referred to in Article 2(3), Member States may decide that the annual percentage rate of charge need not be provided; |
− | --- | --- |
+ (d) if applicable, the duration of the credit agreement;
− | (d) | if applicable, the duration of the credit agreement; |
− | --- | --- |
+ (e) in the case of a credit in the form of deferred payment for a specific good or service, the cash price and the amount of any advance payment; and
− | (e) | in the case of a credit in the form of deferred payment for a specific good or service, the cash price and the amount of any advance payment; and |
− | --- | --- |
+ (f) if applicable, the total amount payable by the consumer and the amount of the instalments.
− | (f) | if applicable, the total amount payable by the consumer and the amount of the instalments. |
− | --- | --- |
+ ### Article 5 — Pre-contractual information
− ### art_5
− Article 5
− 
+ (a) the type of credit;
− | (a) | the type of credit; |
− | --- | --- |
+ (b) the identity and the geographical address of the creditor as well as, if applicable, the identity and geographical address of the credit intermediary involved;
− | (b) | the identity and the geographical address of the creditor as well as, if applicable, the identity and geographical address of the credit intermediary involved; |
− | --- | --- |
+ (c) the total amount of credit and the conditions governing the drawdown;
− | (c) | the total amount of credit and the conditions governing the drawdown; |
− | --- | --- |
+ (d) the duration of the credit agreement;
− | (d) | the duration of the credit agreement; |
− | --- | --- |
+ (e) in the case of a credit in the form of deferred payment for a specific good or service and linked credit agreements, that good or service and its cash price;
− | (e) | in the case of a credit in the form of deferred payment for a specific good or service and linked credit agreements, that good or service and its cash price; |
− | --- | --- |
+ (f) the borrowing rate, the conditions governing the application of the borrowing rate and, where available, any index or reference rate applicable to the initial borrowing rate, as well as the periods, conditions and procedure for changing the borrowing rate; if different borrowing rates apply in d…
− | (f) | the borrowing rate, the conditions governing the application of the borrowing rate and, where available, any index or reference rate applicable to the initial borrowing rate, as well as the periods, conditions and procedure for changing the borrowing rate; if different borrowing rates apply …
− | --- | --- |
+ (g) the annual percentage rate of charge and the total amount payable by the consumer, illustrated by means of a representative example mentioning all the assumptions used in order to calculate that rate; where the consumer has informed the creditor of one or more components of his preferred credit,…
− | (g) | the annual percentage rate of charge and the total amount payable by the consumer, illustrated by means of a representative example mentioning all the assumptions used in order to calculate that rate; where the consumer has informed the creditor of one or more components of his preferred cre…
− | --- | --- |
+ (h) the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments will be allocated to different outstanding balances charged at different borrowing rates for the purposes of reimbursement;
− | (h) | the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments will be allocated to different outstanding balances charged at different borrowing rates for the purposes of reimbursement; |
− | --- | --- |
+ (i) where applicable, the charges for maintaining one or several accounts recording both payment transactions and drawdowns, unless the opening of an account is optional, together with the charges for using a means of payment for both payment transactions and drawdowns, any other charges deriving fr…
− | (i) | where applicable, the charges for maintaining one or several accounts recording both payment transactions and drawdowns, unless the opening of an account is optional, together with the charges for using a means of payment for both payment transactions and drawdowns, any other charges derivin…
− | --- | --- |
+ (j) where applicable, the existence of costs payable by the consumer to a notary on conclusion of the credit agreement;
− | (j) | where applicable, the existence of costs payable by the consumer to a notary on conclusion of the credit agreement; |
− | --- | --- |
+ (k) the obligation, if any, to enter into an ancillary service contract relating to the credit agreement, in particular an insurance policy, where the conclusion of such a contract is compulsory in order to obtain the credit or to obtain it on the terms and conditions marketed;
− | (k) | the obligation, if any, to enter into an ancillary service contract relating to the credit agreement, in particular an insurance policy, where the conclusion of such a contract is compulsory in order to obtain the credit or to obtain it on the terms and conditions marketed; |
− | --- | --- |
+ (l) the interest rate applicable in the case of late payments and the arrangements for its adjustment, and, where applicable, any charges payable for default;
− | (l) | the interest rate applicable in the case of late payments and the arrangements for its adjustment, and, where applicable, any charges payable for default; |
− | --- | --- |
+ (m) a warning regarding the consequences of missing payments;
− | (m) | a warning regarding the consequences of missing payments; |
− | --- | --- |
+ (n) where applicable, the sureties required;
− | (n) | where applicable, the sureties required; |
− | --- | --- |
+ (o) the existence or absence of a right of withdrawal;
− | (o) | the existence or absence of a right of withdrawal; |
− | --- | --- |
+ (p) the right of early repayment, and, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined in accordance with Article 16;
− | (p) | the right of early repayment, and, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined in accordance with Article 16; |
− | --- | --- |
+ (q) the consumer's right to be informed immediately and free of charge, pursuant to Article 9(2), of the result of a database consultation carried out for the purposes of assessing his creditworthiness;
− | (q) | the consumer's right to be informed immediately and free of charge, pursuant to Article 9(2), of the result of a database consultation carried out for the purposes of assessing his creditworthiness; |
− | --- | --- |
+ (r) the consumer's right to be supplied, on request and free of charge, with a copy of the draft credit agreement. This provision shall not apply if the creditor is at the time of the request unwilling to proceed to the conclusion of the credit agreement with the consumer; and
− | (r) | the consumer's right to be supplied, on request and free of charge, with a copy of the draft credit agreement. This provision shall not apply if the creditor is at the time of the request unwilling to proceed to the conclusion of the credit agreement with the consumer; and |
− | --- | --- |
+ (s) if applicable, the period of time during which the creditor is bound by the pre-contractual information.
− | (s) | if applicable, the period of time during which the creditor is bound by the pre-contractual information. |
− | --- | --- |
+ ### Article 6 — Pre-contractual information requirements for certain credit agreements in the form of an overdraft facility and for certain specific credit agreements
− ### art_6
− 
− Article 6
+ (a) the type of credit;
− | (a) | the type of credit; |
− | --- | --- |
+ (b) the identity and geographical address of the creditor as well as, if applicable, the identity and geographical address of the credit intermediary involved;
− | (b) | the identity and geographical address of the creditor as well as, if applicable, the identity and geographical address of the credit intermediary involved; |
− | --- | --- |
+ (c) the total amount of credit;
− | (c) | the total amount of credit; |
− | --- | --- |
+ (d) the duration of the credit agreement;
− | (d) | the duration of the credit agreement; |
− | --- | --- |
+ (e) the borrowing rate; the conditions governing the application of that rate, any index or reference rate applicable to the initial borrowing rate, the charges applicable from the time the credit agreement is concluded, and, where applicable, the conditions under which those charges may be changed;
− | (e) | the borrowing rate; the conditions governing the application of that rate, any index or reference rate applicable to the initial borrowing rate, the charges applicable from the time the credit agreement is concluded, and, where applicable, the conditions under which those charges may be chan…
− | --- | --- |
+ (f) the annual percentage rate of charge, illustrated by means of representative examples mentioning all the assumptions used in order to calculate that rate;
− | (f) | the annual percentage rate of charge, illustrated by means of representative examples mentioning all the assumptions used in order to calculate that rate; |
− | --- | --- |
+ (g) the conditions and procedure for terminating the credit agreement;
− | (g) | the conditions and procedure for terminating the credit agreement; |
− | --- | --- |
+ (h) in the case of credit agreements as referred to in Article 2(3), where applicable, an indication that the consumer may be requested to repay the amount of credit in full at any time;
− | (h) | in the case of credit agreements as referred to in Article 2(3), where applicable, an indication that the consumer may be requested to repay the amount of credit in full at any time; |
− | --- | --- |
+ (i) the interest rate applicable in the case of late payments and the arrangements for its adjustment, and, where applicable, any charges payable for default;
− | (i) | the interest rate applicable in the case of late payments and the arrangements for its adjustment, and, where applicable, any charges payable for default; |
− | --- | --- |
+ (j) the consumer's right to be informed immediately and free of charge, pursuant to Article 9(2), of the result of a database consultation carried out for the purposes of assessing his creditworthiness;
− | (j) | the consumer's right to be informed immediately and free of charge, pursuant to Article 9(2), of the result of a database consultation carried out for the purposes of assessing his creditworthiness; |
− | --- | --- |
+ (k) in the case of credit agreements as referred to in Article 2(3), information about the charges applicable from the time such agreements are concluded and, if applicable, the conditions under which those charges may be changed;
− | (k) | in the case of credit agreements as referred to in Article 2(3), information about the charges applicable from the time such agreements are concluded and, if applicable, the conditions under which those charges may be changed; |
− | --- | --- |
+ (l) if applicable, the period of time during which the creditor is bound by the pre-contractual information.
− | (l) | if applicable, the period of time during which the creditor is bound by the pre-contractual information. |
− | --- | --- |
+ (a) the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments will be allocated to different outstanding balances charged at different borrowing rates for the purposes of reimbursement; and
− | (a) | the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments will be allocated to different outstanding balances charged at different borrowing rates for the purposes of reimbursement; and |
− | --- | --- |
+ (b) the right of early repayment, and, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined.
− | (b) | the right of early repayment, and, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined. |
− | --- | --- |
+ ### Article 7 — Exemptions from the pre-contractual information requirements
− ### art_7
− Article 7
− 
+ ### Article 8 — Obligation to assess the creditworthiness of the consumer
− ### art_8
− 
− Article 8
+ ## CHAPTER III / DATABASE ACCESS
− ### art_9
+ ### Article 9 — Database access
− Article 9
+ ## CHAPTER IV / INFORMATION AND RIGHTS CONCERNING CREDIT AGREEMENTS
− ### art_10
+ ### Article 10 — Information to be included in credit agreements
− Article 10
+ (a) the type of credit;
+ 
+ (b) the identities and geographical addresses of the contracting parties as well as, if applicable, the identity and geographical address of the credit intermediary involved;
− | (a) | the type of credit; |
− | --- | --- |
+ (c) the duration of the credit agreement;
− | (b) | the identities and geographical addresses of the contracting parties as well as, if applicable, the identity and geographical address of the credit intermediary involved; |
− | --- | --- |
+ (d) the total amount of credit and the conditions governing the drawdown;
− | (c) | the duration of the credit agreement; |
− | --- | --- |
+ (e) in case of a credit in the form of deferred payment for a specific good or service or in the case of linked credit agreements, that good or service and its cash price;
− | (d) | the total amount of credit and the conditions governing the drawdown; |
− | --- | --- |
+ (f) the borrowing rate, the conditions governing the application of that rate and, where available, any index or reference rate applicable to the initial borrowing rate, as well as the periods, conditions and procedures for changing the borrowing rate and, if different borrowing rates apply in diffe…
− | (e) | in case of a credit in the form of deferred payment for a specific good or service or in the case of linked credit agreements, that good or service and its cash price; |
− | --- | --- |
+ (g) the annual percentage rate of charge and the total amount payable by the consumer, calculated at the time the credit agreement is concluded; all the assumptions used in order to calculate that rate shall be mentioned;
− | (f) | the borrowing rate, the conditions governing the application of that rate and, where available, any index or reference rate applicable to the initial borrowing rate, as well as the periods, conditions and procedures for changing the borrowing rate and, if different borrowing rates apply in d…
− | --- | --- |
+ (h) the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments will be allocated to different outstanding balances charged at different borrowing rates for the purposes of reimbursement;
− | (g) | the annual percentage rate of charge and the total amount payable by the consumer, calculated at the time the credit agreement is concluded; all the assumptions used in order to calculate that rate shall be mentioned; |
− | --- | --- |
+ (i) where capital amortisation of a credit agreement with a fixed duration is involved, the right of the consumer to receive, on request and free of charge, at any time throughout the duration of the credit agreement, a statement of account in the form of an amortisation table.
− | (h) | the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments will be allocated to different outstanding balances charged at different borrowing rates for the purposes of reimbursement; |
− | --- | --- |
+ The amortisation table shall indicate the payments owing and the periods and conditions relating to the payment of such amounts; the table shall contain a breakdown of each repayment showing capital amortisation, the interest calculated on the basis of the borrowing rate and, where applicable, any a…
− | (i) | where capital amortisation of a credit agreement with a fixed duration is involved, the right of the consumer to receive, on request and free of charge, at any time throughout the duration of the credit agreement, a statement of account in the form of an amortisation table.The amortisation t…
− | --- | --- |
+ (j) if charges and interest are to be paid without capital amortisation, a statement showing the periods and conditions for the payment of the interest and of any associated recurrent and non-recurrent charges;
− | (j) | if charges and interest are to be paid without capital amortisation, a statement showing the periods and conditions for the payment of the interest and of any associated recurrent and non-recurrent charges; |
− | --- | --- |
+ (k) where applicable, the charges for maintaining one or several accounts recording both payment transactions and drawdowns, unless the opening of an account is optional, together with the charges for using a means of payment for both payment transactions and drawdowns, and any other charges derivin…
− | (k) | where applicable, the charges for maintaining one or several accounts recording both payment transactions and drawdowns, unless the opening of an account is optional, together with the charges for using a means of payment for both payment transactions and drawdowns, and any other charges der…
− | --- | --- |
+ (l) the interest rate applicable in the case of late payments as applicable at the time of the conclusion of the credit agreement and the arrangements for its adjustment and, where applicable, any charges payable for default;
− | (l) | the interest rate applicable in the case of late payments as applicable at the time of the conclusion of the credit agreement and the arrangements for its adjustment and, where applicable, any charges payable for default; |
− | --- | --- |
+ (m) a warning regarding the consequences of missing payments;
− | (m) | a warning regarding the consequences of missing payments; |
− | --- | --- |
+ (n) where applicable, a statement, that notarial fees will be payable;
− | (n) | where applicable, a statement, that notarial fees will be payable; |
− | --- | --- |
+ (o) the sureties and insurance required, if any;
− | (o) | the sureties and insurance required, if any; |
− | --- | --- |
+ (p) the existence or absence of a right of withdrawal, the period during which that right may be exercised and other conditions governing the exercise thereof, including information concerning the obligation of the consumer to pay the capital drawn down and the interest in accordance with Article 14…
− | (p) | the existence or absence of a right of withdrawal, the period during which that right may be exercised and other conditions governing the exercise thereof, including information concerning the obligation of the consumer to pay the capital drawn down and the interest in accordance with Articl…
− | --- | --- |
+ (q) information concerning the rights resulting from Article 15 as well as the conditions for the exercise of those rights;
− | (q) | information concerning the rights resulting from Article 15 as well as the conditions for the exercise of those rights; |
− | --- | --- |
+ (r) the right of early repayment, the procedure for early repayment, as well as, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined;
− | (r) | the right of early repayment, the procedure for early repayment, as well as, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined; |
− | --- | --- |
+ (s) the procedure to be followed in exercising the right of termination of the credit agreement;
− | (s) | the procedure to be followed in exercising the right of termination of the credit agreement; |
− | --- | --- |
+ (t) whether or not there is an out-of-court complaint and redress mechanism for the consumer and, if so, the methods for having access to it;
− | (t) | whether or not there is an out-of-court complaint and redress mechanism for the consumer and, if so, the methods for having access to it; |
− | --- | --- |
+ (u) where applicable, other contractual terms and conditions;
− | (u) | where applicable, other contractual terms and conditions; |
− | --- | --- |
+ (v) where applicable, the name and address of the competent supervisory authority.
− | (v) | where applicable, the name and address of the competent supervisory authority. |
− | --- | --- |
+ (a) the type of credit;
− | (a) | the type of credit; |
− | --- | --- |
+ (b) the identities and geographical addresses of the contracting parties as well as, if applicable, the identity and geographical address of the credit intermediary involved;
− | (b) | the identities and geographical addresses of the contracting parties as well as, if applicable, the identity and geographical address of the credit intermediary involved; |
− | --- | --- |
+ (c) the duration of the credit agreement;
− | (c) | the duration of the credit agreement; |
− | --- | --- |
+ (d) the total amount of the credit and the conditions governing the drawdown;
− | (d) | the total amount of the credit and the conditions governing the drawdown; |
− | --- | --- |
+ (e) the borrowing rate, the conditions governing the application of the borrowing rate and, where available, any index or reference rate applicable to the initial borrowing rate, as well as the periods, conditions and procedure for changing the borrowing rate and, if different borrowing rates apply …
− | (e) | the borrowing rate, the conditions governing the application of the borrowing rate and, where available, any index or reference rate applicable to the initial borrowing rate, as well as the periods, conditions and procedure for changing the borrowing rate and, if different borrowing rates ap…
− | --- | --- |
+ (f) the annual percentage rate of charge and the total cost of the credit to the consumer, calculated at the time the credit agreement is concluded; all the assumptions used in order to calculate that rate as referred to in Article 19(2) in conjunction with Article 3(g) and (i) shall be mentioned; M…
− | (f) | the annual percentage rate of charge and the total cost of the credit to the consumer, calculated at the time the credit agreement is concluded; all the assumptions used in order to calculate that rate as referred to in Article 19(2) in conjunction with Article 3(g) and (i) shall be mentione…
− | --- | --- |
+ (g) an indication that the consumer may be requested to repay the amount of credit in full on demand at any time;
− | (g) | an indication that the consumer may be requested to repay the amount of credit in full on demand at any time; |
− | --- | --- |
+ (h) conditions governing the exercise of the right of withdrawal from the credit agreement; and
− | (h) | conditions governing the exercise of the right of withdrawal from the credit agreement; and |
− | --- | --- |
+ (i) information concerning the charges applicable from the time such agreements are concluded and, if applicable, the conditions under which those charges may be changed.
− | (i) | information concerning the charges applicable from the time such agreements are concluded and, if applicable, the conditions under which those charges may be changed. |
− | --- | --- |
+ ### Article 11 — Information concerning the borrowing rate
− ### art_11
− Article 11
− 
+ ### Article 12 — Obligations in connection with credit agreement in the form of an overdraft facility
− ### art_12
− 
− Article 12
+ (a) the precise period to which the statement of account relates;
− | (a) | the precise period to which the statement of account relates; |
− | --- | --- |
+ (b) the amounts and dates of drawdowns;
− | (b) | the amounts and dates of drawdowns; |
− | --- | --- |
+ (c) the balance from the previous statement, and the date thereof;
− | (c) | the balance from the previous statement, and the date thereof; |
− | --- | --- |
+ (d) the new balance;
− | (d) | the new balance; |
− | --- | --- |
+ (e) the dates and amounts of payments made by the consumer;
− | (e) | the dates and amounts of payments made by the consumer; |
− | --- | --- |
+ (f) the borrowing rate applied;
− | (f) | the borrowing rate applied; |
− | --- | --- |
+ (g) any charges that have been applied;
− | (g) | any charges that have been applied; |
− | --- | --- |
+ (h) where applicable, the minimum amount to be paid.
− | (h) | where applicable, the minimum amount to be paid. |
− | --- | --- |
+ ### Article 13 — Open-end credit agreements
− ### art_13
− 
− Article 13
− 
− ### art_14
+ ### Article 14 — Right of withdrawal
− Article 14
+ (a) either from the day of the conclusion of the credit agreement, or
− | (a) | either from the day of the conclusion of the credit agreement, or |
− | --- | --- |
+ (b) from the day on which the consumer receives the contractual terms and conditions and information in accordance with Article 10, if that day is later than the date referred to in point (a) of this subparagraph.
− | (b) | from the day on which the consumer receives the contractual terms and conditions and information in accordance with Article 10, if that day is later than the date referred to in point (a) of this subparagraph. |
− | --- | --- |
+ (a) in order to give effect to the withdrawal before the expiry of the deadline referred to in paragraph 1, notify this to the creditor in line with the information given by the creditor pursuant to Article 10(2)(p) by means which can be proven in accordance with national law. The deadline shall be …
− | (a) | in order to give effect to the withdrawal before the expiry of the deadline referred to in paragraph 1, notify this to the creditor in line with the information given by the creditor pursuant to Article 10(2)(p) by means which can be proven in accordance with national law. The deadline shall…
− | --- | --- |
+ (b) pay to the creditor the capital and the interest accrued thereon from the date the credit was drawn down until the date the capital is repaid, without any undue delay and no later than 30 calendar days after the despatch by him to the creditor of notification of the withdrawal. The interest shal…
− | (b) | pay to the creditor the capital and the interest accrued thereon from the date the credit was drawn down until the date the capital is repaid, without any undue delay and no later than 30 calendar days after the despatch by him to the creditor of notification of the withdrawal. The interest …
− | --- | --- |
+ ### Article 15 — Linked credit agreements
− ### art_15
− Article 15
− 
+ ### Article 16 — Early repayment
− ### art_16
− Article 16
− 
+ (a) if the repayment has been made under an insurance contract intended to provide a credit repayment guarantee;
− | (a) | if the repayment has been made under an insurance contract intended to provide a credit repayment guarantee; |
− | --- | --- |
+ (b) in the case of overdraft facilities; or
− | (b) | in the case of overdraft facilities; or |
− | --- | --- |
+ (c) if the repayment falls within a period for which the borrowing rate is not fixed.
− | (c) | if the repayment falls within a period for which the borrowing rate is not fixed. |
− | --- | --- |
+ (a) such compensation may be claimed by the creditor only on condition that the amount of the early repayment exceeds the threshold defined by national law. That threshold shall not exceed EUR 10 000 within any period of 12 months;
− | (a) | such compensation may be claimed by the creditor only on condition that the amount of the early repayment exceeds the threshold defined by national law. That threshold shall not exceed EUR 10 000 within any period of 12 months; |
− | --- | --- |
+ (b) the creditor may exceptionally claim higher compensation if he can prove that the loss he suffered from early repayment exceeds the amount determined under paragraph 2.
− | (b) | the creditor may exceptionally claim higher compensation if he can prove that the loss he suffered from early repayment exceeds the amount determined under paragraph 2.If the compensation claimed by the creditor exceeds the loss actually suffered, the consumer may claim a corresponding reduc…
− | --- | --- |
+ If the compensation claimed by the creditor exceeds the loss actually suffered, the consumer may claim a corresponding reduction.
− 5. Any compensation shall not exceed the amount of interest the consumer would have paid during the period between the early repayment and the agreed date of termination of the credit agreement.
+ In this case, the loss shall consist of the difference between the initially agreed interest rate and the interest rate at which the creditor can lend out the amount repaid early on the market at the time of early repayment, and shall take into account the impact of early repayment on administrative…
− ### art_17
+ 5. Any compensation shall not exceed the amount of interest the consumer would have paid during the period between the early repayment and the agreed date of termination of the credit agreement.
− Article 17
+ ### Article 17 — Assignment of rights
+ 
+ ### Article 18 — Overrunning
− ### art_18
− 
− Article 18
+ (a) of the overrunning;
− | (a) | of the overrunning; |
− | --- | --- |
+ (b) of the amount involved;
− | (b) | of the amount involved; |
− | --- | --- |
+ (c) of the borrowing rate;
− | (c) | of the borrowing rate; |
− | --- | --- |
+ (d) of any penalties, charges or interest on arrears applicable.
− | (d) | of any penalties, charges or interest on arrears applicable. |
− | --- | --- |
+ ## CHAPTER V / ANNUAL PERCENTAGE RATE OF CHARGE
− ### art_19
+ ### Article 19 — Calculation of the annual percentage rate of charge
− Article 19
+ ## CHAPTER VI / CREDITORS AND CREDIT INTERMEDIARIES
− ### art_20
+ ### Article 20 — Regulation of creditors
− Article 20
+ ### Article 21 — Certain obligations of credit intermediaries vis-à-vis consumers
− ### art_21
− 
− Article 21
+ (a) a credit intermediary indicates in advertising and documentation intended for consumers the extent of his powers, in particular whether he works exclusively with one or more creditors or as an independent broker;
− | (a) | a credit intermediary indicates in advertising and documentation intended for consumers the extent of his powers, in particular whether he works exclusively with one or more creditors or as an independent broker; |
− | --- | --- |
+ (b) the fee, if any, payable by the consumer to the credit intermediary for his services is disclosed to the consumer, and agreed between the consumer and the credit intermediary on paper or another durable medium before the conclusion of the credit agreement;
− | (b) | the fee, if any, payable by the consumer to the credit intermediary for his services is disclosed to the consumer, and agreed between the consumer and the credit intermediary on paper or another durable medium before the conclusion of the credit agreement; |
− | --- | --- |
+ (c) the fee, if any, payable by the consumer to the credit intermediary for his services is communicated to the creditor by the credit intermediary, for the purpose of calculation of the annual percentage rate of charge.
− | (c) | the fee, if any, payable by the consumer to the credit intermediary for his services is communicated to the creditor by the credit intermediary, for the purpose of calculation of the annual percentage rate of charge. |
− | --- | --- |
+ ## CHAPTER VII / IMPLEMENTING MEASURES
− ### art_22
+ ### Article 22 — Harmonisation and imperative nature of this Directive
− Article 22
+ ### Article 23 — Penalties
− ### art_23
− Article 23
− 
+ ### Article 24 — Out-of-court dispute resolution
− ### art_24
− 
− Article 24
+ ### Article 25 — Committee procedure
− ### art_25
… diff truncated at 500 changed lines …