What changed, Directive 2014/17/EU

+ ## CHAPTER 1 / **SUBJECT MATTER, SCOPE, DEFINITIONS AND COMPETENT AUTHORITIES**
− ### art_1
+ ### Article 1 — Subject matter
− Article 1
+ ### Article 2 — Level of harmonisation
− ### art_2
− 
− Article 2
+ ### Article 3 — Scope
− ### art_3
− Article 3
− 
+ (a) credit agreements which are secured either by a mortgage or by another comparable security commonly used in a Member State on residential immovable property or secured by a right related to residential immovable property; and
− | (a) | credit agreements which are secured either by a mortgage or by another comparable security commonly used in a Member State on residential immovable property or secured by a right related to residential immovable property; and |
− | --- | --- |
+ (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. |
− | --- | --- |
+ (a) Equity release credit agreements where the creditor:
+ 
+ (i) contributes a lump sum, periodic payments or other forms of credit disbursement in return for a sum deriving from the future sale of a residential immovable property or a right relating to residential immovable property; and
+ 
+ (ii) will not seek repayment of the credit until the occurrence of one or more specified life events of the consumer, as defined by Member States, unless the consumer breaches his contractual obligations which allows the creditor to terminate the credit agreement;
− | (a) | Equity release credit agreements where the creditor:(i)contributes a lump sum, periodic payments or other forms of credit disbursement in return for a sum deriving from the future sale of a residential immovable property or a right relating to residential immovable property; and(ii)will not …
− | --- | --- |
− | (i) | contributes a lump sum, periodic payments or other forms of credit disbursement in return for a sum deriving from the future sale of a residential immovable property or a right relating to residential immovable property; and |
− | (ii) | will not seek repayment of the credit until the occurrence of one or more specified life events of the consumer, as defined by Member States, unless the consumer breaches his contractual obligations which allows the creditor to terminate the credit agreement; |
+ (b) credit agreements where the credit is granted by an employer to his employees as a secondary activity where such a credit agreement is offered free of interest or at an APRC lower than those prevailing on the market and not offered to the public generally;
− | (b) | credit agreements where the credit is granted by an employer to his employees as a secondary activity where such a credit agreement is offered free of interest or at an APRC lower than those prevailing on the market and not offered to the public generally; |
− | --- | --- |
+ (c) credit agreements where the credit is granted free of interest and without any other charges except those that recover costs directly related to the securing of the credit;
− | (c) | credit agreements where the credit is granted free of interest and without any other charges except those that recover costs directly related to the securing of the credit; |
− | --- | --- |
+ (d) credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month;
− | (d) | credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month; |
− | --- | --- |
+ (e) credit agreements which are the outcome of a settlement reached in court or before another statutory authority;
− | (e) | credit agreements which are the outcome of a settlement reached in court or before another statutory authority; |
− | --- | --- |
+ (f) credit agreements which relate to the deferred payment, free of charge, of an existing debt and which do not fall within the scope of point (a) of paragraph 1.
− | (f) | credit agreements which relate to the deferred payment, free of charge, of an existing debt and which do not fall within the scope of point (a) of paragraph 1. |
− | --- | --- |
+ (a) Articles 11 and 14 and Annex II to credit agreements for consumers, secured by a mortgage or by another comparable security commonly used in a Member State on residential immovable property or secured by a right related to residential immovable property, the purpose of which is not to acquire or…
− | (a) | Articles 11 and 14 and Annex II to credit agreements for consumers, secured by a mortgage or by another comparable security commonly used in a Member State on residential immovable property or secured by a right related to residential immovable property, the purpose of which is not to acquir…
− | --- | --- |
+ (b) this Directive to credit agreements which relate to an immovable property where the credit agreement provides that the immovable property cannot at any time be occupied as a house, apartment or another place of residence by the consumer or a family member of the consumer and is to be occupied as…
− | (b) | this Directive to credit agreements which relate to an immovable property where the credit agreement provides that the immovable property cannot at any time be occupied as a house, apartment or another place of residence by the consumer or a family member of the consumer and is to be occupie…
− | --- | --- |
+ (c) this Directive to credit agreements which relate to credits granted to a restricted public under a statutory provision with a general interest purpose, free of interest or at lower borrowing rates than those prevailing on the market or on other terms which are more favourable to the consumer tha…
− | (c) | this Directive to credit agreements which relate to credits granted to a restricted public under a statutory provision with a general interest purpose, free of interest or at lower borrowing rates than those prevailing on the market or on other terms which are more favourable to the consumer…
− | --- | --- |
+ (d) this Directive to bridging loans;
− | (d) | this Directive to bridging loans; |
− | --- | --- |
+ (e) this Directive to credit agreements where the creditor is an organisation within the scope of Article 2(5) of Directive 2008/48/EC.
− | (e) | this Directive to credit agreements where the creditor is an organisation within the scope of Article 2(5) of Directive 2008/48/EC. |
− | --- | --- |
+ 
+ ### Article 4 — Definitions
+ 
+ For the purposes of this Directive, the following definitions shall apply:
+ 
+ (1) ‘Consumer’ means a consumer as defined in point (a) of Article 3 of Directive 2008/48/EC.
+ 
+ (2) ‘Creditor’ means a natural or legal person who grants or promises to grant credit falling within the scope of Article 3 in the course of his trade, business or profession.
+ 
+ (3) ‘Credit agreement’ means an agreement whereby a creditor grants or promises to grant, to a consumer, a credit falling within the scope of Article 3 in the form of a deferred payment, loan or other similar financial accommodation.
+ 
+ (4) ‘Ancillary service’ means a service offered to the consumer in conjunction with the credit agreement.
+ 
+ (5) ‘Credit intermediary’ means a natural or legal person who is not acting as a creditor or notary and not merely introducing, either directly or indirectly, a consumer to a creditor or credit intermediary, and who, in the course of his trade, business or profession, for remuneration, which may tak…
+ 
+ (a) presents or offers credit agreements to consumers;
+ 
+ (b) assists consumers by undertaking preparatory work or other pre-contractual administration in respect of credit agreements other than as referred to in point (a); or
+ 
+ (c) concludes credit agreements with consumers on behalf of the creditor.
+ (6) ‘Group’ means a group of creditors which are to be consolidated for the purposes of drawing up consolidated accounts, as defined in Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related…
− ### art_4
+ (7) ‘Tied credit intermediary’ means any credit intermediary who acts on behalf of and under the full and unconditional responsibility of:
+ 
+ (a) only one creditor;
− Article 4
+ (b) only one group; or
− For the purposes of this Directive, the following definitions shall apply:
+ (c) a number of creditors or groups which does not represent the majority of the market.
− | (1) | ‘Consumer’ means a consumer as defined in point (a) of Article 3 of Directive 2008/48/EC. |
− | --- | --- |
+ (8) ‘Appointed representative’ means a natural or legal person who performs activities referred to in point 5 that is acting on behalf of and under the full and unconditional responsibility of only one credit intermediary.
− | (2) | ‘Creditor’ means a natural or legal person who grants or promises to grant credit falling within the scope of Article 3 in the course of his trade, business or profession. |
− | --- | --- |
+ (9) ‘Credit institution’ means credit institution as defined in point 1 of Article 4(1) of Regulation (EU) No 575/2013.
− | (3) | ‘Credit agreement’ means an agreement whereby a creditor grants or promises to grant, to a consumer, a credit falling within the scope of Article 3 in the form of a deferred payment, loan or other similar financial accommodation. |
− | --- | --- |
+ (10) ‘Non-credit institution’ means any creditor that is not a credit institution.
− | (4) | ‘Ancillary service’ means a service offered to the consumer in conjunction with the credit agreement. |
− | --- | --- |
+ (11) ‘Staff’ means:
− | (5) | ‘Credit intermediary’ means a natural or legal person who is not acting as a creditor or notary and not merely introducing, either directly or indirectly, a consumer to a creditor or credit intermediary, and who, in the course of his trade, business or profession, for remuneration, which may…
− | --- | --- |
− | (a) | presents or offers credit agreements to consumers; |
− | (b) | assists consumers by undertaking preparatory work or other pre-contractual administration in respect of credit agreements other than as referred to in point (a); or |
− | (c) | concludes credit agreements with consumers on behalf of the creditor. |
+ (a) any natural person working for the creditor, or credit intermediary who is directly engaged in the activities covered by this Directive or who has contacts with consumers in the course of activities covered by this Directive;
− | (6) | ‘Group’ means a group of creditors which are to be consolidated for the purposes of drawing up consolidated accounts, as defined in Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and rel…
− | --- | --- |
+ (b) any natural person working for an appointed representative who has contacts with consumers in the course of activities covered by this Directive;
− | (7) | ‘Tied credit intermediary’ means any credit intermediary who acts on behalf of and under the full and unconditional responsibility of:(a)only one creditor;(b)only one group; or(c)a number of creditors or groups which does not represent the majority of the market. |
− | --- | --- |
− | (a) | only one creditor; |
− | (b) | only one group; or |
− | (c) | a number of creditors or groups which does not represent the majority of the market. |
+ (c) any natural person directly managing or supervising the natural persons referred to in points (a) and (b).
− | (8) | ‘Appointed representative’ means a natural or legal person who performs activities referred to in point 5 that is acting on behalf of and under the full and unconditional responsibility of only one credit intermediary. |
− | --- | --- |
+ (12) ‘Total amount of credit’ means the total amount of credit as defined in point (l) of Article 3 of Directive 2008/48/EC.
− | (9) | ‘Credit institution’ means credit institution as defined in point 1 of Article 4(1) of Regulation (EU) No 575/2013. |
− | --- | --- |
+ (13) ‘Total cost of the credit to the consumer’ means the total cost of the credit to the consumer as defined in point (g) of Article 3 of Directive 2008/48/EC including the cost of valuation of property where such valuation is necessary to obtain the credit but excluding registration fees for the t…
− | (10) | ‘Non-credit institution’ means any creditor that is not a credit institution. |
− | --- | --- |
+ (14) ‘Total amount payable by the consumer’ means the total amount payable by the consumer as defined in point (h) of Article 3 of Directive 2008/48/EC.
− | (11) | ‘Staff’ means:(a)any natural person working for the creditor, or credit intermediary who is directly engaged in the activities covered by this Directive or who has contacts with consumers in the course of activities covered by this Directive;(b)any natural person working for an appointed re…
− | --- | --- |
− | (a) | any natural person working for the creditor, or credit intermediary who is directly engaged in the activities covered by this Directive or who has contacts with consumers in the course of activities covered by this Directive; |
− | (b) | any natural person working for an appointed representative who has contacts with consumers in the course of activities covered by this Directive; |
− | (c) | any natural person directly managing or supervising the natural persons referred to in points (a) and (b). |
+ (15) ‘Annual percentage rate of charge’ (APRC) 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 17(2) and equates, on an annual basis, to the present value of all future o…
− | (12) | ‘Total amount of credit’ means the total amount of credit as defined in point (l) of Article 3 of Directive 2008/48/EC. |
− | --- | --- |
+ (16) ‘Borrowing rate’ means the borrowing rate as defined in point (j) of Article 3 of Directive 2008/48/EC.
− | (13) | ‘Total cost of the credit to the consumer’ means the total cost of the credit to the consumer as defined in point (g) of Article 3 of Directive 2008/48/EC including the cost of valuation of property where such valuation is necessary to obtain the credit but excluding registration fees for t…
− | --- | --- |
+ (17) ‘Creditworthiness assessment’ means the evaluation of the prospect for the debt obligation resulting from the credit agreement to be met.
− | (14) | ‘Total amount payable by the consumer’ means the total amount payable by the consumer as defined in point (h) of Article 3 of Directive 2008/48/EC. |
− | --- | --- |
+ (18) ‘Durable medium’ means durable medium as defined in point (m) of Article 3 of Directive 2008/48/EC.
− | (15) | ‘Annual percentage rate of charge’ (APRC) 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 17(2) and equates, on an annual basis, to the present value of all futu…
− | --- | --- |
+ (19) ‘Home Member State’ means:
− | (16) | ‘Borrowing rate’ means the borrowing rate as defined in point (j) of Article 3 of Directive 2008/48/EC. |
− | --- | --- |
+ (a) where the creditor or credit intermediary is a natural person, the Member State in which his head office is situated;
− | (17) | ‘Creditworthiness assessment’ means the evaluation of the prospect for the debt obligation resulting from the credit agreement to be met. |
− | --- | --- |
+ (b) where the creditor or credit intermediary is a legal person, the Member State in which its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated.
− | (18) | ‘Durable medium’ means durable medium as defined in point (m) of Article 3 of Directive 2008/48/EC. |
− | --- | --- |
+ (20) ‘Host Member State’ means the Member State, other than the home Member State, in which the creditor or credit intermediary has a branch or provides services.
− | (19) | ‘Home Member State’ means:(a)where the creditor or credit intermediary is a natural person, the Member State in which his head office is situated;(b)where the creditor or credit intermediary is a legal person, the Member State in which its registered office is situated or, if under its nati…
− | --- | --- |
− | (a) | where the creditor or credit intermediary is a natural person, the Member State in which his head office is situated; |
− | (b) | where the creditor or credit intermediary is a legal person, the Member State in which its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated. |
+ (21) ‘Advisory services’ means the provision of personal recommendations to a consumer in respect of one or more transactions relating to credit agreements and constitutes a separate activity from the granting of a credit and from the credit intermediation activities set out in point 5.
− | (20) | ‘Host Member State’ means the Member State, other than the home Member State, in which the creditor or credit intermediary has a branch or provides services. |
− | --- | --- |
+ (22) ‘Competent authority’ means an authority designated as competent by a Member State in accordance with Article 5.
− | (21) | ‘Advisory services’ means the provision of personal recommendations to a consumer in respect of one or more transactions relating to credit agreements and constitutes a separate activity from the granting of a credit and from the credit intermediation activities set out in point 5. |
− | --- | --- |
+ (23) ‘Bridging loan’ means a credit agreement either of no fixed duration or which is due to be repaid within 12 months, used by the consumer as a temporary financing solution while transitioning to another financial arrangement for the immovable property.
− | (22) | ‘Competent authority’ means an authority designated as competent by a Member State in accordance with Article 5. |
− | --- | --- |
+ (24) ‘Contingent liability or guarantee’ means a credit agreement which acts as a guarantee to another separate but ancillary transaction, and where the capital secured against an immovable property is only drawn down if an event or events specified in the contract occur.
− | (23) | ‘Bridging loan’ means a credit agreement either of no fixed duration or which is due to be repaid within 12 months, used by the consumer as a temporary financing solution while transitioning to another financial arrangement for the immovable property. |
− | --- | --- |
+ (25) ‘Shared equity credit agreement’ means a credit agreement where the capital repayable is based on a contractually set percentage of the value of the immovable property at the time of the capital repayment or repayments.
− | (24) | ‘Contingent liability or guarantee’ means a credit agreement which acts as a guarantee to another separate but ancillary transaction, and where the capital secured against an immovable property is only drawn down if an event or events specified in the contract occur. |
− | --- | --- |
+ (26) ‘Tying practice’ means the offering or the selling of a credit agreement in a package with other distinct financial products or services where the credit agreement is not made available to the consumer separately.
− | (25) | ‘Shared equity credit agreement’ means a credit agreement where the capital repayable is based on a contractually set percentage of the value of the immovable property at the time of the capital repayment or repayments. |
− | --- | --- |
+ (27) ‘Bundling practice’ means the offering or the selling of a credit agreement in a package with other distinct financial products or services where the credit agreement is also made available to the consumer separately but not necessarily on the same terms or conditions as when offered bundled wi…
− | (26) | ‘Tying practice’ means the offering or the selling of a credit agreement in a package with other distinct financial products or services where the credit agreement is not made available to the consumer separately. |
− | --- | --- |
+ (28) ‘Foreign currency loan’ means a credit agreement where the credit is:
− | (27) | ‘Bundling practice’ means the offering or the selling of a credit agreement in a package with other distinct financial products or services where the credit agreement is also made available to the consumer separately but not necessarily on the same terms or conditions as when offered bundle…
− | --- | --- |
+ (a) denominated in a currency other than that in which the consumer receives the income or holds the assets from which the credit is to be repaid; or
− | (28) | ‘Foreign currency loan’ means a credit agreement where the credit is:(a)denominated in a currency other than that in which the consumer receives the income or holds the assets from which the credit is to be repaid; or(b)denominated in a currency other than that of the Member State in which …
− | --- | --- |
− | (a) | denominated in a currency other than that in which the consumer receives the income or holds the assets from which the credit is to be repaid; or |
− | (b) | denominated in a currency other than that of the Member State in which the consumer is resident. |
+ (b) denominated in a currency other than that of the Member State in which the consumer is resident.
− ### art_5
+ ### Article 5 — Competent authorities
− Article 5
+ (a) competent authorities as defined in Article 4(2) of Regulation (EU) No 1093/2010;
− | (a) | competent authorities as defined in Article 4(2) of Regulation (EU) No 1093/2010; |
− | --- | --- |
+ (b) authorities other than the competent authorities referred to in point (a) provided that national laws, regulations or administrative provisions require those authorities to cooperate with the competent authorities referred to in point (a) whenever necessary in order to carry out their duties und…
− | (b) | authorities other than the competent authorities referred to in point (a) provided that national laws, regulations or administrative provisions require those authorities to cooperate with the competent authorities referred to in point (a) whenever necessary in order to carry out their duties…
− | --- | --- |
+ (a) directly under their own authority or under the supervision of the judicial authorities; or
− | (a) | directly under their own authority or under the supervision of the judicial authorities; or |
− | --- | --- |
+ (b) by application to courts which are competent to grant the necessary decision, including, where appropriate, by appeal, if the application to grant the necessary decision is not successful, except for Articles 9, 29, 32, 33, 34 and 35.
− | (b) | by application to courts which are competent to grant the necessary decision, including, where appropriate, by appeal, if the application to grant the necessary decision is not successful, except for Articles 9, 29, 32, 33, 34 and 35. |
− | --- | --- |
+ 7. The Commission shall publish a list of the competent authorities in the *Official Journal of the European Union* at least once a year, and update it continuously on its website.
− 7. The Commission shall publish a list of the competent authorities in the Official Journal of the European Union at least once a year, and update it continuously on its website.
+ ## CHAPTER 2 / **FINANCIAL EDUCATION**
− ### art_6
+ ### Article 6 — Financial education of consumers
− Article 6
+ ## CHAPTER 3 / **CONDITIONS APPLICABLE TO CREDITORS, CREDIT INTERMEDIARIES AND APPOINTED REPRESENTATIVES**
− ### art_7
+ ### Article 7 — Conduct of business obligations when providing credit to consumers
− Article 7
+ (a) the remuneration policy is consistent with and promotes sound and effective risk management and does not encourage risk-taking that exceeds the level of tolerated risk of the creditor;
− | (a) | the remuneration policy is consistent with and promotes sound and effective risk management and does not encourage risk-taking that exceeds the level of tolerated risk of the creditor; |
− | --- | --- |
+ (b) the remuneration policy is in line with the business strategy, objectives, values and long-term interests of the creditor, and incorporates measures to avoid conflicts of interest, in particular by providing that remuneration is not contingent on the number or proportion of applications accepted…
− | (b) | the remuneration policy is in line with the business strategy, objectives, values and long-term interests of the creditor, and incorporates measures to avoid conflicts of interest, in particular by providing that remuneration is not contingent on the number or proportion of applications acce…
− | --- | --- |
+ ### Article 8 — Obligation to provide information free of charge to consumers
− ### art_8
− 
− Article 8
+ ### Article 9 — Knowledge and competence requirements for staff
− ### art_9
− 
− Article 9
+ (i) through a branch, the host Member State shall be responsible for establishing the minimum knowledge and competence requirements applicable to the staff of a branch;
− | (i) | through a branch, the host Member State shall be responsible for establishing the minimum knowledge and competence requirements applicable to the staff of a branch; |
− | --- | --- |
+ (ii) under the freedom to provide services, the home Member State shall be responsible for establishing the minimum knowledge and competence requirements applicable to the staff in accordance with Annex III, however host Member States may establish the minimum knowledge and competence requirements f…
− | (ii) | under the freedom to provide services, the home Member State shall be responsible for establishing the minimum knowledge and competence requirements applicable to the staff in accordance with Annex III, however host Member States may establish the minimum knowledge and competence requiremen…
− | --- | --- |
+ ## CHAPTER 4 / **INFORMATION AND PRACTICES PRELIMINARY TO THE CONCLUSION OF THE CREDIT AGREEMENT**
− ### art_10
+ ### Article 10 — General provisions applicable to advertising and marketing
− Article 10
+ ### Article 11 — Standard information to be included in advertising
− ### art_11
− 
− Article 11
+ (a) the identity of the creditor or, where applicable, the credit intermediary or appointed representative;
− | (a) | the identity of the creditor or, where applicable, the credit intermediary or appointed representative; |
− | --- | --- |
+ (b) where applicable, that the credit agreement will be secured by a mortgage or another comparable security commonly used in a Member State on residential immovable property or by a right related to residential immovable property;
− | (b) | where applicable, that the credit agreement will be secured by a mortgage or another comparable security commonly used in a Member State on residential immovable property or by a right related to residential immovable property; |
− | --- | --- |
+ (c) the borrowing rate, indicating whether this is fixed or variable or a combination of both, together with particulars of any charges included in the total cost of the credit to the consumer;
− | (c) | the borrowing rate, indicating whether this is fixed or variable or a combination of both, together with particulars of any charges included in the total cost of the credit to the consumer; |
− | --- | --- |
+ (d) the total amount of credit;
− | (d) | the total amount of credit; |
− | --- | --- |
+ (e) the APRC which shall be included in the advertisement at least as prominently as any interest rate;
− | (e) | the APRC which shall be included in the advertisement at least as prominently as any interest rate; |
− | --- | --- |
+ (f) where applicable, the duration of the credit agreement;
− | (f) | where applicable, the duration of the credit agreement; |
− | --- | --- |
+ (g) where applicable, the amount of the instalments;
− | (g) | where applicable, the amount of the instalments; |
− | --- | --- |
+ (h) where applicable, the total amount payable by the consumer;
− | (h) | where applicable, the total amount payable by the consumer; |
− | --- | --- |
+ (i) where applicable, the number of instalments;
− | (i) | where applicable, the number of instalments; |
− | --- | --- |
+ (j) where applicable, a warning regarding the fact that possible fluctuations of the exchange rate could affect the amount payable by the consumer.
− | (j) | where applicable, a warning regarding the fact that possible fluctuations of the exchange rate could affect the amount payable by the consumer. |
− | --- | --- |
+ ### Article 12 — Tying and bundling practices
− ### art_12
− Article 12
− 
+ (a) open or maintain a payment or a savings account, where the only purpose of such an account is to accumulate capital to repay the credit, to service the credit, to pool resources to obtain the credit, or to provide additional security for the creditor in the event of default;
− | (a) | open or maintain a payment or a savings account, where the only purpose of such an account is to accumulate capital to repay the credit, to service the credit, to pool resources to obtain the credit, or to provide additional security for the creditor in the event of default; |
− | --- | --- |
+ (b) purchase or keep an investment product or a private pension product, where such product which primarily offers the investor an income in retirement serves also to provide additional security for the creditor in the event of default or to accumulate capital to repay the credit, to service the cre…
− | (b) | purchase or keep an investment product or a private pension product, where such product which primarily offers the investor an income in retirement serves also to provide additional security for the creditor in the event of default or to accumulate capital to repay the credit, to service the…
− | --- | --- |
+ (c) conclude a separate credit agreement in conjunction with a shared-equity credit agreement to obtain the credit.
− | (c) | conclude a separate credit agreement in conjunction with a shared-equity credit agreement to obtain the credit. |
− | --- | --- |
− 
− ### art_13
+ ### Article 13 — General information
− Article 13
+ (a) the identity and the geographical address of the issuer of the information;
− | (a) | the identity and the geographical address of the issuer of the information; |
− | --- | --- |
+ (b) the purposes for which the credit may be used;
− | (b) | the purposes for which the credit may be used; |
− | --- | --- |
+ (c) the forms of security, including, where applicable, the possibility for it to be located in a different Member State;
− | (c) | the forms of security, including, where applicable, the possibility for it to be located in a different Member State; |
− | --- | --- |
+ (d) the possible duration of the credit agreements;
− | (d) | the possible duration of the credit agreements; |
− | --- | --- |
+ (e) types of available borrowing rate, indicating whether fixed or variable or both, with a short description of the characteristics of a fixed and variable rate, including related implications for the consumer;
− | (e) | types of available borrowing rate, indicating whether fixed or variable or both, with a short description of the characteristics of a fixed and variable rate, including related implications for the consumer; |
− | --- | --- |
+ (f) where foreign currency loans are available, an indication of the foreign currency or currencies, including an explanation of the implications for the consumer where the credit is denominated in a foreign currency;
− | (f) | where foreign currency loans are available, an indication of the foreign currency or currencies, including an explanation of the implications for the consumer where the credit is denominated in a foreign currency; |
− | --- | --- |
+ (g) a representative example of the total amount of credit, the total cost of the credit to the consumer, the total amount payable by the consumer and the APRC;
− | (g) | a representative example of the total amount of credit, the total cost of the credit to the consumer, the total amount payable by the consumer and the APRC; |
− | --- | --- |
+ (h) an indication of possible further costs, not included in the total cost of the credit to the consumer, to be paid in connection with a credit agreement;
− | (h) | an indication of possible further costs, not included in the total cost of the credit to the consumer, to be paid in connection with a credit agreement; |
− | --- | --- |
+ (i) the range of different options available for reimbursing the credit to the creditor, including the number, frequency and amount of the regular repayment instalments;
− | (i) | the range of different options available for reimbursing the credit to the creditor, including the number, frequency and amount of the regular repayment instalments; |
− | --- | --- |
+ (j) where applicable, a clear and concise statement that compliance with the terms and conditions of the credit agreement does not guarantee repayment of the total amount of credit under the credit agreement;
− | (j) | where applicable, a clear and concise statement that compliance with the terms and conditions of the credit agreement does not guarantee repayment of the total amount of credit under the credit agreement; |
− | --- | --- |
+ (k) a description of the conditions directly relating to early repayment;
− | (k) | a description of the conditions directly relating to early repayment; |
− | --- | --- |
+ (l) whether a valuation of the property is necessary and, where applicable, who is responsible for ensuring that the valuation is carried out, and whether any related costs arise for the consumer;
− | (l) | whether a valuation of the property is necessary and, where applicable, who is responsible for ensuring that the valuation is carried out, and whether any related costs arise for the consumer; |
− | --- | --- |
+ (m) indication of ancillary services the consumer is obliged to acquire in order to obtain the credit or to obtain it on the terms and conditions marketed and, where applicable, a clarification that the ancillary services may be purchased from a provider that is not the creditor; and
− | (m) | indication of ancillary services the consumer is obliged to acquire in order to obtain the credit or to obtain it on the terms and conditions marketed and, where applicable, a clarification that the ancillary services may be purchased from a provider that is not the creditor; and |
− | --- | --- |
+ (n) a general warning concerning possible consequences of non-compliance with the commitments linked to the credit agreement.
− | (n) | a general warning concerning possible consequences of non-compliance with the commitments linked to the credit agreement. |
− | --- | --- |
+ ### Article 14 — Pre-contractual information
− ### art_14
− 
− Article 14
+ (a) without undue delay after the consumer has given the necessary information on his needs, financial situation and preferences in accordance with Article 20; and
− | (a) | without undue delay after the consumer has given the necessary information on his needs, financial situation and preferences in accordance with Article 20; and |
− | --- | --- |
+ (b) in good time before the consumer is bound by any credit agreement or offer.
− | (b) | in good time before the consumer is bound by any credit agreement or offer. |
− | --- | --- |
+ (a) no ESIS has been provided to the consumer previously; or
− | (a) | no ESIS has been provided to the consumer previously; or |
− | --- | --- |
+ (b) the characteristics of the offer are different from the information contained in the ESIS previously provided.
− | (b) | the characteristics of the offer are different from the information contained in the ESIS previously provided. |
− | --- | --- |
+ (a) the offer shall be binding on the creditor for the duration of the reflection period; and
− | (a) | the offer shall be binding on the creditor for the duration of the reflection period; and |
− | --- | --- |
+ (b) the consumer may accept the offer at any time during the reflection period.
− | (b) | the consumer may accept the offer at any time during the reflection period. |
− | --- | --- |
+ ### Article 15 — Information requirements concerning credit intermediaries and appointed representatives
− ### art_15
− 
− Article 15
+ (a) the identity and the geographical address of the credit intermediary;
− | (a) | the identity and the geographical address of the credit intermediary; |
− | --- | --- |
+ (b) the register in which he has been included, the registration number, where applicable, and the means for verifying such registration;
− | (b) | the register in which he has been included, the registration number, where applicable, and the means for verifying such registration; |
− | --- | --- |
+ (c) whether the credit intermediary is tied to or works exclusively for one or more creditors. Where the credit intermediary is tied to or works exclusively for one or more creditors, it shall provide the names of the creditors for which it is acting. The credit intermediary may disclose that it is …
− | (c) | whether the credit intermediary is tied to or works exclusively for one or more creditors. Where the credit intermediary is tied to or works exclusively for one or more creditors, it shall provide the names of the creditors for which it is acting. The credit intermediary may disclose that it…
− | --- | --- |
+ (d) whether the credit intermediary offers advisory services;
− | (d) | whether the credit intermediary offers advisory services; |
− | --- | --- |
+ (e) the fee, where applicable, payable by the consumer to the credit intermediary for its services or where this is not possible, the method for calculating the fee;
− | (e) | the fee, where applicable, payable by the consumer to the credit intermediary for its services or where this is not possible, the method for calculating the fee; |
− | --- | --- |
+ (f) the procedures allowing consumers or other interested parties to register complaints internally about credit intermediaries and, where appropriate, the means by which recourse to out-of-court complaint and redress procedures can be sought;
− | (f) | the procedures allowing consumers or other interested parties to register complaints internally about credit intermediaries and, where appropriate, the means by which recourse to out-of-court complaint and redress procedures can be sought; |
− | --- | --- |
+ (g) where applicable, the existence and where known the amount of commissions or other inducements, payable by the creditor or third parties to the credit intermediary for their services in relation to the credit agreement. Where the amount is not known at the time of disclosure the credit intermedi…
− | (g) | where applicable, the existence and where known the amount of commissions or other inducements, payable by the creditor or third parties to the credit intermediary for their services in relation to the credit agreement. Where the amount is not known at the time of disclosure the credit inter…
− | --- | --- |
+ ### Article 16 — Adequate explanations
− ### art_16
− Article 16
− 
+ 
+ (a) the pre-contractual information to be provided in accordance with:
+ (i) Article 14 in the case of creditors;
+ 
+ (ii) Articles 14 and 15 in the case of credit intermediaries or appointed representatives;
− | (a) | the pre-contractual information to be provided in accordance with:(i)Article 14 in the case of creditors;(ii)Articles 14 and 15 in the case of credit intermediaries or appointed representatives; |
− | --- | --- |
− | (i) | Article 14 in the case of creditors; |
− | (ii) | Articles 14 and 15 in the case of credit intermediaries or appointed representatives; |
+ (b) the essential characteristics of the products proposed;
− | (b) | the essential characteristics of the products proposed; |
− | --- | --- |
+ (c) the specific effects the products proposed may have on the consumer, including the consequences of default in payment by the consumer; and
− | (c) | the specific effects the products proposed may have on the consumer, including the consequences of default in payment by the consumer; and |
− | --- | --- |
+ (d) where ancillary services are bundled with a credit agreement, whether each component of the bundle can be terminated separately and the implications for the consumer of doing so.
− | (d) | where ancillary services are bundled with a credit agreement, whether each component of the bundle can be terminated separately and the implications for the consumer of doing so. |
− | --- | --- |
+ ## CHAPTER 5 / **ANNUAL PERCENTAGE RATE OF CHARGE**
− ### art_17
+ ### Article 17 — Calculation of the APRC
− Article 17
+ ## CHAPTER 6 / **CREDITWORTHINESS ASSESSMENT**
− ### art_18
+ ### Article 18 — Obligation to assess the creditworthiness of the consumer
− Article 18
+ (a) the creditor only makes the credit available to the consumer where the result of the creditworthiness assessment indicates that the obligations resulting from the credit agreement are likely to be met in the manner required under that agreement;
− | (a) | the creditor only makes the credit available to the consumer where the result of the creditworthiness assessment indicates that the obligations resulting from the credit agreement are likely to be met in the manner required under that agreement; |
− | --- | --- |
+ (b) in accordance with Article 10 of Directive 95/46/EC, the creditor informs the consumer in advance that a database is to be consulted;
− | (b) | in accordance with Article 10 of Directive 95/46/EC, the creditor informs the consumer in advance that a database is to be consulted; |
− | --- | --- |
+ (c) where the credit application is rejected the creditor informs the consumer without delay of the rejection and, where applicable, that the decision is based on automated processing of data. Where the rejection is based on the result of the database consultation, the creditor shall inform the cons…
− | (c) | where the credit application is rejected the creditor informs the consumer without delay of the rejection and, where applicable, that the decision is based on automated processing of data. Where the rejection is based on the result of the database consultation, the creditor shall inform the …
− | --- | --- |
− 
− ### art_19
+ ### Article 19 — Property valuation
− Article 19
− 
− ### art_20
+ ### Article 20 — Disclosure and verification of consumer information
− Article 20
+ ## CHAPTER 7 / **DATABASE ACCESS**
− ### art_21
+ ### Article 21 — Database access
− Article 21
+ ## CHAPTER 8 / **ADVISORY SERVICES**
− ### art_22
+ ### Article 22 — Standards for advisory services
− Article 22
+ (a) whether the recommendation will be based on considering only their own product range in accordance with point (b) of paragraph 3 or a wide range of products from across the market in accordance with point (c) of paragraph 3 so that the consumer can understand the basis on which the recommendatio…
− | (a) | whether the recommendation will be based on considering only their own product range in accordance with point (b) of paragraph 3 or a wide range of products from across the market in accordance with point (c) of paragraph 3 so that the consumer can understand the basis on which the recommend…
− | --- | --- |
+ (b) where applicable, the fee payable by the consumer for the advisory services or, where the amount cannot be ascertained at the time of disclosure, the method used for its calculation.
− | (b) | where applicable, the fee payable by the consumer for the advisory services or, where the amount cannot be ascertained at the time of disclosure, the method used for its calculation. |
− | --- | --- |
+ 
+ (a) creditors, credit intermediaries or appointed representatives obtain the necessary information regarding the consumer’s personal and financial situation, his preferences and objectives so as to enable the recommendation of suitable credit agreements. Such an assessment shall be based on informat…
+ (b) creditors, tied credit intermediaries or appointed representatives of tied credit intermediaries consider a sufficiently large number of credit agreements in their product range and recommend a suitable credit agreements or several suitable credit agreements from among their product range for th…
+ 
+ (c) non-tied credit intermediaries or appointed representatives of non-tied credit intermediaries consider a sufficiently large number of credit agreements available on the market and recommend a suitable credit agreement or several suitable credit agreements available on the market for the consumer…
− | (a) | creditors, credit intermediaries or appointed representatives obtain the necessary information regarding the consumer’s personal and financial situation, his preferences and objectives so as to enable the recommendation of suitable credit agreements. Such an assessment shall be based on info…
− | --- | --- |
+ (d) creditors, credit intermediaries or appointed representatives act in the best interests of the consumer by:
− | (b) | creditors, tied credit intermediaries or appointed representatives of tied credit intermediaries consider a sufficiently large number of credit agreements in their product range and recommend a suitable credit agreements or several suitable credit agreements from among their product range fo…
− | --- | --- |
+ (i) informing themselves about the consumer’s needs and circumstances; and
− | (c) | non-tied credit intermediaries or appointed representatives of non-tied credit intermediaries consider a sufficiently large number of credit agreements available on the market and recommend a suitable credit agreement or several suitable credit agreements available on the market for the cons…
− | --- | --- |
+ (ii) recommending suitable credit agreements in accordance with points (a), (b) and (c); and
− | (d) | creditors, credit intermediaries or appointed representatives act in the best interests of the consumer by:(i)informing themselves about the consumer’s needs and circumstances; and(ii)recommending suitable credit agreements in accordance with points (a), (b) and (c); and |
− | --- | --- |
− | (i) | informing themselves about the consumer’s needs and circumstances; and |
− | (ii) | recommending suitable credit agreements in accordance with points (a), (b) and (c); and |
+ (e) creditors, credit intermediaries or appointed representatives give the consumer a record on paper or on another durable medium of the recommendation provided.
− | (e) | creditors, credit intermediaries or appointed representatives give the consumer a record on paper or on another durable medium of the recommendation provided. |
− | --- | --- |
+ (a) creditors, credit intermediaries or appointed representatives shall consider a sufficiently large number of credit agreements available on the market; and
− | (a) | creditors, credit intermediaries or appointed representatives shall consider a sufficiently large number of credit agreements available on the market; and |
− | --- | --- |
+ (b) creditors, credit intermediaries or appointed representatives shall not be remunerated for those advisory services by one or more creditors.
− | (b) | creditors, credit intermediaries or appointed representatives shall not be remunerated for those advisory services by one or more creditors. |
− | --- | --- |
+ (a) carrying out the credit intermediation activities set out in point 5 of Article 4 or providing advisory services where those activities are carried out or services are provided in an incidental manner in the course of a professional activity and that activity is regulated by legal or regulatory …
− | (a) | carrying out the credit intermediation activities set out in point 5 of Article 4 or providing advisory services where those activities are carried out or services are provided in an incidental manner in the course of a professional activity and that activity is regulated by legal or regulat…
− | --- | --- |
+ (b) providing advisory services in the context of managing existing debt which are insolvency practitioners where that activity is regulated by legal or regulatory provisions or public or voluntary debt advisory services which do not operate on a commercial basis; or
− | (b) | providing advisory services in the context of managing existing debt which are insolvency practitioners where that activity is regulated by legal or regulatory provisions or public or voluntary debt advisory services which do not operate on a commercial basis; or |
− | --- | --- |
+ (c) providing advisory services who are not creditors, credit intermediaries or appointed representatives where such persons are admitted and supervised by competent authorities in accordance with the requirements for credit intermediaries under this Directive.
− | (c) | providing advisory services who are not creditors, credit intermediaries or appointed representatives where such persons are admitted and supervised by competent authorities in accordance with the requirements for credit intermediaries under this Directive. |
− | --- | --- |
+ ## CHAPTER 9 / **FOREIGN CURRENCY LOANS AND VARIABLE RATE LOANS**
− ### art_23
+ ### Article 23 — Foreign currency loans
− Article 23
+ (a) the consumer has a right to convert the credit agreement into an alternative currency under specified conditions; or
− | (a) | the consumer has a right to convert the credit agreement into an alternative currency under specified conditions; or |
− | --- | --- |
+ (b) there are other arrangements in place to limit the exchange rate risk to which the consumer is exposed under the credit agreement.
− | (b) | there are other arrangements in place to limit the exchange rate risk to which the consumer is exposed under the credit agreement. |
− | --- | --- |
+ (a) the currency in which the consumer primarily receives income or holds assets from which the credit is to be repaid, as indicated at the time the most recent creditworthiness assessment in relation to the credit agreement was made; or
− | (a) | the currency in which the consumer primarily receives income or holds assets from which the credit is to be repaid, as indicated at the time the most recent creditworthiness assessment in relation to the credit agreement was made; or |
− | --- | --- |
+ (b) the currency of the Member State in which the consumer either was resident at the time the credit agreement was concluded or is currently resident.
− | (b) | the currency of the Member State in which the consumer either was resident at the time the credit agreement was concluded or is currently resident. |
− | --- | --- |
+ ### Article 24 — Variable rate credits
− ### art_24
− Article 24
− 
+ (a) any indexes or reference rates used to calculate the borrowing rate are clear, accessible, objective and verifiable by the parties to the credit agreement and the competent authorities; and
− | (a) | any indexes or reference rates used to calculate the borrowing rate are clear, accessible, objective and verifiable by the parties to the credit agreement and the competent authorities; and |
− | --- | --- |
+ (b) historical records of indexes for calculating the borrowing rates are maintained either by the providers of these indexes or the creditors.
− | (b) | historical records of indexes for calculating the borrowing rates are maintained either by the providers of these indexes or the creditors. |
− | --- | --- |
+ ## CHAPTER 10 / **SOUND EXECUTION OF CREDIT AGREEMENTS AND RELATED RIGHTS**
− ### art_25
+ ### Article 25 — Early repayment
− Article 25
+ ### Article 26 — Flexible and reliable markets
… diff truncated at 500 changed lines …