150 Amendments of Romana TOMC related to 2021/0171(COD)
Amendment 124 #
Proposal for a directive
Recital 15
Recital 15
(15) A number of Member States have applied Directive 2008/48/EC to areas not covered by its scope to enhance the level of consumer protection. In fact, several of the credit agreements not falling within the scope of that Directive can be detrimental for consumers, including short-term high cost loans whose amount is typically lower than the minimum threshold of EUR 200 set out in Directive 2008/48/EC. In this context, and with the aim to ensure a high level of consumer protection and to facilitate the cross-border consumer credit market, the scope of this Directive should cover some agreements that were excluded from the scope of Directive 2008/48/EC, such as consumer credit agreements below the amount of EUR 200. Likewise, other potentially detrimental products, because of the high costs they entail or high fees in case of missed payments, should be covered by this Directive, to ensure increased transparency and better consumer protection, resulting in higher consumer confidence. To this extent, leasing agreements, credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month, and credit agreements where the credit is granted free of interest and without any other charges, including Buy Now Pay Later schemes, i.e. new digital financial tools that let consumers make purchases and pay them off over time, andwhere an obligation to purchase the object of the agreement is laid down either by the agreement itself or by any separate agreement, credit agreements in the form of an overdraft facility or overrunning and where the credit has to be repaid within one month but also credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable should not be excluded from the scope of application of this Directive. Moreover, all credit agreement up until EUR 100 000 should be included in the scope of application of this Directive. The upper threshold of credit agreements under this Directive should be increased to take into account indexation to adjust for the effects of inflation since 2008 and in coming years.
Amendment 126 #
(15 a) Member States economic contexts vary substantially, within and without the euro area, so national authorities should be allowed to include credit agreements involving a total amount of credit of up to EUR 150 000 in the scope of this Directive if necessary to achieve the objectives of this Directive, including consumer protection.
Amendment 133 #
Proposal for a directive
Recital 26
Recital 26
(26) Consumers who are legally resident in the Union should not be discriminated against on ground of their nationality or place of residence, or on any ground as referred to in Article 21 of the Charter when requesting, concluding or holding a credit agreement or an agreement for the provision of crowdfunding credit services within the Union. However, nothing in this Directive should be construed to oblige a creditor, credit intermediary or provider of crowdfunding credit services to provide services in Member States in which they do not conduct the business.
Amendment 135 #
Proposal for a directive
Recital 26 a (new)
Recital 26 a (new)
(26 a) As there are limited financial products available on the market that encourage digital and green transition, this Directive should create an incentive to develop and offer such financial products on the market.
Amendment 136 #
Proposal for a directive
Recital 28
Recital 28
Amendment 148 #
Proposal for a directive
Recital 30
Recital 30
(30) In order to be able to make their decisions in full knowledge of the facts, consumers should receive adequate information, for careful consideration at their own leisure and convenience, at least one daywithin a reasonable time prior to the conclusion of the credit agreement or of the agreement for the provision of crowdfunding credit services, including information on the conditions and cost of the credit and on their obligations, as well as adequate explanations thereof. These rules should be without prejudice to Council Directive 93/13/EEC29 . _________________ 29 Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts (OJ L 95, 21.4.1993, p. 29).
Amendment 156 #
Proposal for a directive
Recital 31
Recital 31
(31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form. To help consumers understand and compare offers, a Standard European Consumer Credit Overview form summarising the key element of the creditrelevant information should be provided in addition toat the beginning of the Standard European Consumer Credit Information form, through which consumers should see all essential information at a glance, even on the screen of a mobile telephone. ISuch information should be separated from the rest of pre-contractual information provided on the same form. Furthermore, all information should be clear, clearly legible and adapted to the technical constraints of certain media such as mobile telephone screens. It should be displayed in an adequate and suitable way on the different channels, to ensure that every consumer can access information on an equal basis and in line with Directive (EU) 2019/882 of the European Parliament and of the Council30 . _________________ 30 Directive (EU) 2019/882 of the European Parliament and of the Council of 17 April 2019 on the accessibility requirements for products and services (OJ L 151, 7.6.2019, p. 70).
Amendment 159 #
Proposal for a directive
Recital 32
Recital 32
(32) To ensure the fullest possible transparency and comparability of offers, pre-contractual information should, in particular, include the annual percentage rate of charge applicable to the credit, determined in the same way throughout the Union. As the annual percentage rate of charge can at this stage be indicated only through an example, such example should be representative. Therefore, it should correspond, for instance, to the average duration and total amount of credit granted for the type of credit agreement or crowdfunding credit services under consideration and, if applicable, to the goods purchased. When determining the representative example, the frequency of certain types of credit agreement or crowdfunding credit services in a specific market should also be taken into account. As regards the borrowing rate, the frequency of instalments and the capitalisation of interest, creditors should use their usual method of calculation for the consumer credit concerned. In case pre-contractual information is provided less than one day before the consumer is bound by any credit agreement or agreement for the provision of crowdfunding credit services, the creditor and, where applicable, the credit intermediary or providers of crowdfunding credit services should remind consumers, one day after conclusion of the contract, of the possibility to withdraw from the credit agreement.
Amendment 164 #
Proposal for a directive
Recital 40
Recital 40
(40) As highlighted in the Commission Proposal for a Regulation laying down harmonised rules on artificial intelligence (Artificial Intelligence Act)31 , artificial intelligence (AI) systems can be easily deployed in multiple sectors of the economy and society, including cross border, and can circulate throughout the Union. In this context, creditors, credit intermediaries and providers of crowdfunding credit services should be allowed to personalise the price of their offers for specific consumers or specific categories of consumer based on automated decision-making and profiling of consumer behaviour allowing them to assess the consumer’s purchasing power. Consumers should therefore be clearly informed wheninform consumers in clear and unambiguous manner if the price presented to them is personalised on the basis of automated processing, so that they can take into account the potential risks in their purchasing decision. Furthermore, taking into account the most vulnerable groups of consumers, personalized advertisement that encourage over- indebtedness should not be allowed. _________________ 31 COM/2021/206 final.
Amendment 168 #
Proposal for a directive
Recital 44
Recital 44
(44) Credit sales that have not been solicited by the consumers may in some cases be associated with practices that are harmful to the consumer. In this regard, harmful unsolicited sale of credit, including non- requested pre-approved credit cards sent to the consumers, or the unilateral increase of a consumers’ overdraft, overrunning or credit card limit, should be prohibited.
Amendment 171 #
Proposal for a directive
Recital 45
Recital 45
(45) Member States should take appropriate measures to promote responsible practices during all phases of the credit relationship, taking into account the specific features of their credit market. Those measures mayshould include, for instance, the provision of information to, and the education of, consumers, including warnings about the risks attaching to default on payment and to over- indebtedness. In the expanding credit market, in particular, it is important that creditors should not engage in irresponsible lending or give out credit without prior assessment of creditworthiness. Member States should carry out the necessary supervision to avoid such behaviour of creditors and should determine the necessary means to sanction such behaviour. Without prejudice to the provisions on credit risk of Directive 2013/36/EU of the European Parliament and of the Council32 , creditors or providers of crowdfunding credit services should bear the responsibility of checking individually the creditworthiness of the consumer. To that end, creditors or providers of crowdfunding credit services should be allowed to use information provided by the consumer not only during the preparation of the credit agreement or of the agreement for the provision of crowdfunding credit services in question, but also during a long standing commercial relationship. Consumers should also act with prudence and respect their contractual obligations. _________________ 32 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
Amendment 180 #
Proposal for a directive
Recital 47
Recital 47
(47) The assessment of creditworthiness should be based on information on the financial and economic situation, including income and expenses, of the consumer. The European Banking Authority Guidelines on loan origination and monitoring (EBA/GL/2020/06) provide guidelines on what categories of data may be used for the processing of personal data for creditworthiness purposes, which include evidence of income or other sources of repayment, information on financial assets and liabilities, or information on other financial commitments. Personal data, such as personal data found on social media platforms or health data, including cancer data, should not be used when conducting a creditworthiness assessment. Consumers should provide information about their financial and economic situation in order to facilitate the creditworthiness assessment. In principle, credit should only made available to the consumer where the result of the creditworthiness assessment indicates that the obligations resulting from the credit agreement or the agreement for the provision of crowdfunding credit services are likely to be met in the manner required under that agreement. However, should such assessment be negative, the creditor or the provider of crowdfunding credit services can exceptionally make credit available in specific and justified circumstances such as when they have a long-standing relationship with the consumer, or in case of loans to fund exceptional healthcare expenses, students loans or loans for consumers with disabilities. In such case, the creditor or the provider of crowdfunding credit services should be obliged to warn the consumer that due to a negative assessment of creditworthiness the consumer may be exposed to difficulties with repayment of the credit, which can lead to over-indebtedness. Furthermore when deciding on whether or not to make the credit available to the consumer, the creditor or the provider of crowdfunding credit services should take into account the amount and the purpose of the credit, and the likelihood that the obligations resulting from the agreement will be met.
Amendment 183 #
Proposal for a directive
Recital 47 a (new)
Recital 47 a (new)
(47 a) Taking into account the principle of proportionality, this Directive should lay down special rules for assessing the creditworthiness of consumers for ‘small value credit’ as defined in the definition norms. In this regard, data other than those specified in the Directive should not be consulted when assessing creditworthiness.
Amendment 184 #
Proposal for a directive
Recital 47 b (new)
Recital 47 b (new)
(47 b) As a result of their illness, cancer survivors often suffer from obstacles to their access to financial services, such as credits, owing to the frequent obligation to disclose full medical history when applying to them. This financial discrimination worsens the socioeconomic burden placed on cancer survivors and hampers their reintegration into society. Therefore, this Directive should recognise fully the right for cancer survivors not to inform the creditor or the provider of crowdfunding credit services of their past diagnosis and treatment (The Right to Be Forgotten).
Amendment 189 #
Proposal for a directive
Recital 48
Recital 48
(48) The Proposal for a Regulation laying down harmonised rules on artificial intelligence (Artificial Intelligence Act), establishes that AI systems used to evaluate the credit score or creditworthiness of natural persons should be classified as high-risk AI systems, since they determine those persons’ access to financial resources or essential services such as housing, electricity, and telecommunication services. In view of those high stakes, whenever the creditworthiness assessment involves automated processing, the consumer should have a right to obtain human intervention on the part of the creditor or providers of crowdfunding credit services. The consumer should also have the right to obtain a meaningful explanation of the assessment made and of the functiondata and data sources used and weighting ofin the automated processing used, including among others the main variables, the logic and risks involved, as well as a right to express his or her point of view and to contest the assessment of the creditworthiness and theof personal data. Furthermore, the consumer should have the right to request a review of such a decision.
Amendment 192 #
Proposal for a directive
Recital 49
Recital 49
(49) To assess the credit status of a consumer, the creditor or the provider of crowdfunding credit services should also consult credit databases. The legal and actual circumstances may require that such consultations vary in scope. To prevent any distortion of competition among creditors or providers of crowdfunding credit services, they should have access to private or public credit databases concerning consumers in a Member State where they are not established under non- discriminatory conditions compared with creditors or providers of crowdfunding credit services established in that Member State. Member States should facilitatensure the cross-border access to private or public databases, inbut only to those who fully compliancey with the Regulation (EU) 2016/679 of the European Parliament and of the Council33 . To enhance reciprocity, credit databases should as a minimum hold information on consumers’ arrears in payment, in accordance with Union and national law. _________________ 33 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).
Amendment 196 #
Proposal for a directive
Recital 54 a (new)
Recital 54 a (new)
(54 a) Overdraft facilities and overrunning are increasingly common forms of consumer credit. Therefore, there is a need to regulate these financial products in order to increase the level of consumer protection and avoid their over- indebtedness. There is a danger that consumers will be put in an extremely difficult position if the creditor decides to request an immediate refund. Therefore, consumer rights in respect of overdraft facilities and overrunning should be laid down in this Directive.
Amendment 199 #
Proposal for a directive
Recital 55 a (new)
Recital 55 a (new)
(55 a) In implementing this Directive, and for the purposes of Article 25 of this Directive, each Member State should determine the amount of the significant overrunning.
Amendment 200 #
Proposal for a directive
Recital 56
Recital 56
(56) Consumers should have a right of withdrawal without penalty and with no obligation to provide justification. However, the right of withdrawal should not be used in bad faith that is why this Directive also sets an objective deadline for exercising the right of withdrawal.
Amendment 207 #
Proposal for a directive
Recital 62
Recital 62
(62) The consumer should have the right to discharge his or her obligations before the date agreed in the credit agreement. As provided by the Court of Justice of the EU Lexitor ruling,34 the right of the consumer to a reduction in the total cost of the credit in the event of early repayment of the credit includes all the costs imposed on the consumer. In the case of early repayment the creditor should be entitled to a fair and objectively justified compensation for the costs directly linked to the early repayment, taking into account also any savings thereby made by the creditor. However, in order to determine the method of calculating the compensation, it is important to respect several principles. The calculation of the compensation due to the creditor should be transparent and comprehensible to consumers already at the pre-contractual stage and in any case during the performance of the credit agreement. In addition, the calculation method should be easy for creditors to apply, and supervisory control of the compensation by the competent authorities should be facilitated. Therefore, and due to the fact that consumer credit is, given its duration and volume, not financed by long- term funding mechanisms, the ceiling for the compensation should be fixed in terms of a flat-rate amount. This approach reflects the specific nature of consumer credits and should not prejudice the approach in respect of other products which are financed by long-term funding mechanisms, such as fixed-rate mortgage loans. _________________ 34 Judgment of the Court of Justice of 11 September 2019, Lexitor, C-383/18, ECLI:EU:C:2019:702.
Amendment 213 #
Proposal for a directive
Recital 65 a (new)
Recital 65 a (new)
(65 a) To off-set the impact on economic operator of lack of harmonization of legal regimes across the Union, the Commission should make available, in a concise and clear form, the legal frameworks of Member States, including fixed caps.
Amendment 216 #
(70) Given the significant consequences for creditors, consumers and potentially financial stability of enforcement proceedings, it is appropriate to encourage creditors to deal proactively with emerging credit risk at an early stage and to put in place necessary measures to ensure that creditors exercise reasonable forbearance and make reasonable attempts to resolve the situation through other means before enforcement proceedings are initiated. Where possible, solutions should be found which take account, among other elements, of the individual circumstances of the consumer, the consumer’s interests and rights, his or her ability to repay the credit and reasonable need for living expenses, and limit costs for consumers in case of default. Member States should not prevent the parties to a credit agreement from expressly agreeing that the transfer to the creditor of goods covered by a linked credit agreement or proceeds from the sale of such goods is sufficient to repay the credit. In order to exchange best practices, it is therefore necessary to provide that the European Commission should monitor and report on the implementation of debt advisory services in the Member States.
Amendment 217 #
Proposal for a directive
Recital 71
Recital 71
(71) Forbearance measures may include a total or partial refinancing of a credit agreement or a modification of the previous terms and conditions of a credit agreement. Such modification may include, among others: extending the term of the credit agreement; changing the type of the credit agreement; deferring payment of all or part of the instalment repayment for a period; changreducing the interest rate; offering a payment holiday; partial repayments; currency conversion; and partial forgiveness and debt consolidation.
Amendment 221 #
Proposal for a directive
Recital 78
Recital 78
(78) Consumers should have access to adequate, promptly and effective alternative dispute resolution procedures for the settlement of disputes arising out of rights and obligations established under this Directive, using existing entities where appropriate. Such access is already ensured by Directive 2013/11/EU of the European Parliament and of the Council35 in so far as relevant contractual disputes are concerned. However, consumers should also have access to alternative dispute resolution procedures in the event of pre- contractual disputes concerning rights and obligations established by this Directive, for example, in relation to pre-contractual information requirements, advisory services and creditworthiness assessment and also in relation to the information given by credit intermediaries which are remunerated by creditors and therefore have no direct contractual relationship with consumers. Such alternative dispute resolution procedures and the entities offering them should comply with the quality requirements established by Directive 2013/11/EU. _________________ 35 Directive 2013/11/EU of the European Parliament and of the Council of 21 May 2013 on alternative dispute resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC (OJ L 165, 18.6.2013, p. 63).
Amendment 223 #
Proposal for a directive
Recital 80
Recital 80
(80) Member States should lay down rules on penalties to address infringements of the national provisions adopted pursuant to this Directive and ensure that they are implemented. While the choice of penalties remains within the discretion of the Member States, the penalties provided for should be effective, proportionate and dissuasive in order to achieve its full purpose. However, in addition to behavioral sanctions, the possibility of imposing systematic sanctions as an ultima ratio measure should be envisaged if repeated non-compliance would disruptively affect the consumer credit market, creating unfair business conditions in the market.
Amendment 226 #
Proposal for a directive
Recital 81
Recital 81
(81) Current national rules on penalties differ significantly across the Union. In particular, not all Member States ensure that effective, proportionate and dissuasive fines can be imposed on traders responsible for widespread infringements or widespread infringements with a Union dimension. To ensure that Member States’ authorities can impose effective, proportionate and dissuasive penalties in relation to widespread infringements and to widespread infringements with a Union dimension that are subject to coordinated investigation and enforcement measures in accordance with Regulation (EU) 2017/2394 of the European Parliament and of the Council36 , fines should be introduced as an element of penalties for such infringements. In order to ensure that the fines have a deterrent effect, Member States should set in their national law the maximum fine for such infringements at a level that is at least 46 % of the creditor, credit intermediary or provider of crowdfunding credit services’ annual turnover in the Member State or Member States concerned. In certain cases, those traders can also be a group of companies. _________________ 36 Regulation (EU) 2017/2394 of the European Parliament and of the Council of 12 December 2017 on cooperation between national authorities responsible for the enforcement of consumer protection laws and repealing Regulation (EC) No 2006/2004 (OJ L 345, 27.12.2017, p. 1).
Amendment 228 #
Proposal for a directive
Recital 86 a (new)
Recital 86 a (new)
(86 a) When transposing the Directive, Member States should ensure that the cost of implementing this Directive is neither borne by consumers nor passed on to them.
Amendment 229 #
Proposal for a directive
Recital 86 b (new)
Recital 86 b (new)
(86 b) Due to the ubiquitous trend of digitalisation and the emergence of new service providers in the consumer credit market, the European Commission should actively monitor the situation on the market and propose review of the Directive if new forms of actors appear whose business is not currently covered by this Directive.
Amendment 235 #
Proposal for a directive
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(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 such as lien or secured by a right related to residential immovable property;
Amendment 236 #
Proposal for a directive
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) credit agreements the purpose of which is to acquire or retain property rights in land or in an existing or projected building if such credit agreements are secured either by a mortgage, or by another comparable security commonly used in a Member State on residential immovable property such as lien or secured by a right related to residential immovable property ;
Amendment 240 #
Proposal for a directive
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) credit agreements which are the outcome of a settlement reached in court or before another statutory authority or which are the outcome of alternative dispute resolution;;
Amendment 241 #
Proposal for a directive
Article 2 – paragraph 2 – point f a (new)
Article 2 – paragraph 2 – point f a (new)
(f a) credit agreements where the credit is granted free of interest and without any other charges other than late payment fees;
Amendment 243 #
Proposal for a directive
Article 2 – paragraph 2 – point f b (new)
Article 2 – paragraph 2 – point f b (new)
(f b) 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;
Amendment 244 #
Proposal for a directive
Article 2 – paragraph 2 – point g
Article 2 – paragraph 2 – point g
(g) credit agreements which relate to the deferred payment, free of interests and without any other charges, of an existing debt;
Amendment 247 #
Proposal for a directive
Article 2 – paragraph 2 – point i
Article 2 – paragraph 2 – point i
(i) credit agreements which relate to loans granted to a restricted public under a statutory or legal 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 prevailing on the market.
Amendment 262 #
Proposal for a directive
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
3 a. Notwithstanding paragraph 2, point (c), Member States may provide that the provisions of this Directive also apply to credit agreements involving a total amount of credit of up to EUR 150 000.
Amendment 264 #
Proposal for a directive
Article 2 – paragraph 4
Article 2 – paragraph 4
4. In the case of credit agreements in the form of overrunning, only Articles 1, 2 and 3, Article 25, 3, 25, 29, 35, 36, 39, 40, and Articles 41 to 50 shall apply.
Amendment 272 #
Proposal for a directive
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
(1) ‘consumer’ means a natural person who acts for purposes which are outside his or her professional activity, trade, or business or profession;
Amendment 273 #
Proposal for a directive
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
(2) ‘creditor’ means a natural or legal person who grants or promises to grant credit in the course of his or her professional activity, trade, or business or profession;
Amendment 279 #
(3 a) 'small value credit’ means a credit agreement involving a total amount of credit of up to EUR 200;
Amendment 281 #
Proposal for a directive
Article 3 – paragraph 1 – point 3 b (new)
Article 3 – paragraph 1 – point 3 b (new)
(3 b) ‘ancillary service’ means a service offered to the consumer in conjunction with the credit agreement;
Amendment 288 #
Proposal for a directive
Article 3 – paragraph 1 – point 11
Article 3 – paragraph 1 – point 11
(11) ‘durable medium’ means any interoperable instrument which enables the consumer to store information addressed personally to him or her 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;
Amendment 291 #
Proposal for a directive
Article 3 – paragraph 1 – point 13
Article 3 – paragraph 1 – point 13
(13) ‘pre-contractual information’ means the information that the consumer needs to be able to compare different credit offers, understand them and take an informed decision on whether to conclude the credit agreement or the agreement for the provision of crowdfunding credit services;
Amendment 295 #
Proposal for a directive
Article 3 – paragraph 1 – point 22
Article 3 – paragraph 1 – point 22
(22) ‘early repayment’ means the full or partial discharge of the consumer’s obligations under a credit agreement or crowdfunding credit services, before the date for the final payment agreed in the credit agreement;
Amendment 309 #
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
Member States shall require that, when information is provided to consumers in accordance with this Directive, such information is provided timely and without charge to the consumer.
Amendment 310 #
Proposal for a directive
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
Exceptionally, if the information cannot be provided to the consumer electronically or involves the sending of information by post, Member States may provide that creditors or, where applicable, credit intermediaries or providers of crowdfunding credit services, may require the consumer to reimburse the actual cost of sending the requested information.
Amendment 314 #
Proposal for a directive
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
Refusal to provide services in a Member State where the creditor or, where applicable, credit intermediaries or providers of crowdfunding credit services do not conduct business shall not be considered discrimination.
Amendment 316 #
Proposal for a directive
Article 6 a (new)
Article 6 a (new)
Article 6 a Digital, green and sustainable financial products Member States shall encourage creditors or, where applicable, credit intermediaries or providers of crowdfunding credit services to develop and offer financial products that support digital, green and sustainable transition.
Amendment 319 #
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
Without prejudice to Directive 2005/29/EC, Member States shall require that any advertising and marketing communications concerning credit agreements or crowdfunding credit services are fair, clear and not misleading. Wording in such advertising and marketing communications that may create false expectations for a consumer regarding the availability or the cost of a credit or where applicable, the total amount payable by the consumer shall be prohibited.
Amendment 326 #
Proposal for a directive
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Member States shall require that advertising concerning credit agreements or crowdfunding credit services which indicates an interest rate or any figures relating to the cost of the credit to the consumer include standard information in accordance with this Article.
Amendment 328 #
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 1
Article 8 – paragraph 1 – subparagraph 1
Amendment 332 #
Proposal for a directive
Article 8 – paragraph 2 – point f a (new)
Article 8 – paragraph 2 – point f a (new)
(f a) a general warning concerning possible consequences of non-compliance with the commitments linked to the credit agreement or crowdfunding credit services.
Amendment 334 #
Proposal for a directive
Article 8 – paragraph 2 – point f b (new)
Article 8 – paragraph 2 – point f b (new)
(f b) After consulting the European Central Bank, the European Commission is empowered to adopt a delegated act concerning further specification of the content of the warning contained in point (fa) of the first subparagraph.
Amendment 340 #
Proposal for a directive
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3 a. Without prejudice to (Digital Services Act Regulation) and Regulation 2016/679 (GDPR), if online advertisement concerning credit agreements covered by this regulation are based on personalized data they must clearly and unambiguously inform the consumer of this.
Amendment 343 #
Proposal for a directive
Article 8 – paragraph 3 b (new)
Article 8 – paragraph 3 b (new)
3 b. Member States shall ensure that consumer is provided with the possibility to exclude personalized credit offers. The possibility to be excluded from such personalized credit offers must be clearly identified in the advertisement.
Amendment 344 #
Proposal for a directive
Article 8 – paragraph 3 c (new)
Article 8 – paragraph 3 c (new)
3 c. In any case, Member States shall prohibit advertisements based on personalized data for consumer credit products which incites over-indebted consumers to seek credit.
Amendment 345 #
Amendment 359 #
Proposal for a directive
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. Member States shall require that the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services provide the consumer with the pre-contractual information needed to compare different offers in order to take an informed decision on whether to conclude a credit agreement or crowdfunding credit services on the basis of the credit terms and conditions offered by the creditor or by the provider of crowdfunding credit services and, where applicable, the preferences expressed and information supplied by the consumer. Such pre-contractual information shall be provided to the consumer at least one day within a reasonable time before he or she is bound by any credit agreement or offer, or by any agreement or offer for the provision of crowdfunding credit services.
Amendment 364 #
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
Amendment 374 #
Proposal for a directive
Article 10 – paragraph 2
Article 10 – paragraph 2
2. The pre-contractual information referred to in paragraph 1 shall be provided on paper, electronically or on another durable medium by means of the Standard European Consumer Credit Information form set out in Annex I. All the information provided in the form shall be equally prominent. The creditor shall be deemed to have fulfilled the information requirements in this paragraph and in Article 3, paragraphs (1) and (2) of Directive 2002/65/EC if he or she has supplied the Standard European Consumer Credit Information.
Amendment 399 #
Proposal for a directive
Article 10 – paragraph 3 – point n
Article 10 – paragraph 3 – point n
(n) a warning regarding the consequences of missing or late paymentslegal and financial consequences that non- compliance with specific contractual obligations may lead to;
Amendment 423 #
Proposal for a directive
Article 10 – paragraph 4 – introductory part
Article 10 – paragraph 4 – introductory part
4. At the same time as the Standard European Consumer Credit Information form ishall provided to the consumer, the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services, shall provide the consumer with the Standard European Consumer Credit Overview form set out in Annex II, containing the following with the following pre- contractual information at the beginning of the form, which information will be noticeably separated from the rest of the pre-contractual information provided on the same form:
Amendment 432 #
Proposal for a directive
Article 10 – paragraph 4 – point f
Article 10 – paragraph 4 – point f
(f) a warning regarding the consequences of missing or late payments including costs in the case of late payments;
Amendment 435 #
Proposal for a directive
Article 10 – paragraph 4 – point f a (new)
Article 10 – paragraph 4 – point f a (new)
(f a) information about early repayment in accordance to Article 29;
Amendment 437 #
Proposal for a directive
Article 10 – paragraph 4 – point f b (new)
Article 10 – paragraph 4 – point f b (new)
(f b) the existence of a right of withdrawal.
Amendment 444 #
Proposal for a directive
Article 10 – paragraph 5 – introductory part
Article 10 – paragraph 5 – introductory part
5. Information displayed in the Standard European Consumer Credit Information form and in the Standard European Consumer Credit Overview form shall be consistent. It shall be clearly legible and take into account the technical constraints of the medium on which it is displayed. Information shall be displayed in an adequate and suitable way on the different channels taking into account interoperability.
Amendment 450 #
Proposal for a directive
Article 10 – paragraph 5 – subparagraph 1
Article 10 – paragraph 5 – subparagraph 1
Any additional information which the creditor may provide to the consumer shall be given in a separate document which may be annexed to the Standard European Consumer Credit Information form or the Standard European Consumer Credit Overview form.
Amendment 453 #
Proposal for a directive
Article 10 – paragraph 6
Article 10 – paragraph 6
Amendment 459 #
Proposal for a directive
Article 10 – paragraph 7
Article 10 – paragraph 7
7. If the agreement has been concluded at the consumer's request using a means of distance communication which does not enable the information to be provided in accordance with this article, the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services shall provide the consumer with the Standard European Consumer Credit Information form and the Standard European Consumer Credit Overview form immediately after the conclusion of the credit agreement or of the agreement for the provision of crowdfunding credit services.
Amendment 461 #
Proposal for a directive
Article 10 – paragraph 8
Article 10 – paragraph 8
8. Upon request from the consumer, the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services shall, in addition to the Standard European Consumer Credit Information form and the Standard European Consumer Credit Overview form, provide the consumer free of charge with a copy of the draft credit agreement, or of the draft agreement for the provision of crowdfunding credit services, provided that the creditor at the time of the request is willing to proceed to the conclusion of the credit agreement or of the agreement for the provision of crowdfunding credit services with the consumer. If not regulated otherwise by national law, the provision of the credit offer shall oblige the creditor to maintain its terms and conditions for a minimum of 14 days from the date of receipt by the consumer.
Amendment 470 #
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. For credit agreements referred to in Article 2(5) or (6), the pre-contractual information referred to in Article 10(1) shall, by way of derogation from paragraph 2 of that Article, be provided on paper, electronically or on another durable medium by means of the European Consumer Credit Information form set out in Annex III. All information provided in that form shall be equally prominent. The creditor shall be deemed to have fulfilled the information requirements in this paragraph and in Article 3, paragraphs (1) and (2) of Directive 2002/65/EC if he or she has supplied the European Consumer Credit Information.
Amendment 472 #
Proposal for a directive
Article 11 – paragraph 2 – point c
Article 11 – paragraph 2 – point c
Amendment 473 #
Proposal for a directive
Article 11 – paragraph 2 – point d
Article 11 – paragraph 2 – point d
Amendment 474 #
Proposal for a directive
Article 11 – paragraph 2 – point e
Article 11 – paragraph 2 – point e
Amendment 475 #
Proposal for a directive
Article 11 – paragraph 2 – point i
Article 11 – paragraph 2 – point i
Amendment 476 #
Proposal for a directive
Article 11 – paragraph 2 – point o a (new)
Article 11 – paragraph 2 – point o a (new)
(o a) a warning regarding the legal and financial consequences that non- compliance with specific contractual obligations may lead to;
Amendment 478 #
Proposal for a directive
Article 11 – paragraph 3
Article 11 – paragraph 3
Amendment 480 #
Proposal for a directive
Article 11 – paragraph 3 – subparagraph 1 (new)
Article 11 – paragraph 3 – subparagraph 1 (new)
Standard European Consumer Credit Information form shall provide the consumer with the following pre- contractual information at the beginning of the form, which information will be noticeably separated from the rest of the pre-contractual information provided on the same form: (a) the total amount of credit; (b) the duration of the credit agreement; (c) the borrowing rate, or all borrowing rates if different borrowing rates apply in different circumstances; (d) the annual percentage rate of charge and the total amount payable by the consumer; (e) in the case of a credit in the form of deferred payment for specific goods or services and in the case of linked credit agreements, the specific goods or services and their cash price; (f) a warning regarding the consequences of missing or late payments including costs in the case of late payments; (g) 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.
Amendment 483 #
Proposal for a directive
Article 11 – paragraph 4
Article 11 – paragraph 4
4. Information displayed in the European Consumer Credit Information form and in the Standard Consumer Credit Overview form shall be consistent. It shall be clearly legible and take into account the technical constraints of the medium on which it is displayed. Information shall be displayed in an adequate and suitable way on the different channels taking into account interoperability.
Amendment 484 #
Proposal for a directive
Article 11 – paragraph 6
Article 11 – paragraph 6
6. Upon request from the consumer, the creditor and, where applicable, the credit intermediary shall, in addition to the European Consumer Credit Information and the Standard European Consumer Credit Overview form, provide the consumer free of charge with a copy of the draft credit agreement, provided that the creditor at the time of the request is willing to proceed to the conclusion of the credit agreement with the consumer.
Amendment 489 #
Proposal for a directive
Article 11 – paragraph 7
Article 11 – paragraph 7
7. If the agreement has been concluded at the consumer's request using a means of distance communication which does not enable the information to be provided in accordance with this Article, the creditor shall immediately after the conclusion of the credit agreement provide the consumer with the European Consumer Credit Information form and the Standard European Consumer Credit Overview form immediately after the conclusion of the credit agreement.
Amendment 495 #
Proposal for a directive
Article 12 – paragraph 1 – point a
Article 12 – paragraph 1 – point a
(a) the information referred to in Article 10, 11 and 38 with particular emphasis on explaining the legal and financial consequences that may result from improper performance of contractual obligations;
Amendment 496 #
Proposal for a directive
Article 12 – paragraph 1 – subparagraph 1 (new)
Article 12 – paragraph 1 – subparagraph 1 (new)
Creditors and, where applicable, credit intermediaries and providers of crowdfunding credit services are required to provide, free of charge, adequate explanations before conclusion of contract with consumer.
Amendment 503 #
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services inform consumers in clear and unambiguous manner when they are presented with a personalised offer that is based on profiling or other types of automated processing of personal data.
Amendment 522 #
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. The agreement of the consumer to the purchase of ancillary services presented through boxes shall be given by aunambiguous and clear affirmative act establishing a freely given, specific, informed and unambiguous indication of his or her approval to the content and substance associated to the boxes.
Amendment 523 #
Proposal for a directive
Article 15 – paragraph 2 – subparagraph 1 (new)
Article 15 – paragraph 2 – subparagraph 1 (new)
Silence or inactivity in no case imply consent to constitute agreement within meaning of this Article.
Amendment 525 #
Proposal for a directive
Article 16 – paragraph 1
Article 16 – paragraph 1
Amendment 526 #
Proposal for a directive
Article 16 – paragraph 2 – introductory part
Article 16 – paragraph 2 – introductory part
2. Member States shall requiensure that the creditor, and where applicable the credit intermediary and the provider of crowdfunding credit services, before the provision of advisory services or the conclusion of a contract for the provision of such services, provide the consumer with the following information on paper or another durable medium:
Amendment 538 #
Proposal for a directive
Article 16 – paragraph 6 – subparagraph 1 – point c
Article 16 – paragraph 6 – subparagraph 1 – point c
(c) the advisory services are provided in the context of management of existing debt by public or voluntary debt advisory services providers which do not operate on a commercial basis but which meet the professional criteria to provide advisory services set by the Member State;
Amendment 545 #
Proposal for a directive
Article 17 – paragraph 1 – subparagraph 1 (new)
Article 17 – paragraph 1 – subparagraph 1 (new)
This provision shall not apply to credit agreements concluded at point of sale to finance the purchase of a good or a service.
Amendment 546 #
Proposal for a directive
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
In particular, Member States shall prohibit the introduction of a new overdraft facility or overrunning agreement or the raising of the limit of an existing overdraft facility or overrunning agreement, without the consumer’s prior request or explicit agreement.
Amendment 554 #
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States shall require that, before concluding a credit agreement, or an agreement for the provision of crowdfunding credit services, the creditor or, where applicable, the provider of crowdfunding credit services makes a thoroughcomprehensive assessment of the consumer’s creditworthiness. That assessment shall be done in the interest of the consumer, to prevent irresponsible lending practices and over-indebtedness, and shall take appropriate account of factors relevant to verifying the prospect of the consumer to meet his or her obligations under the credit agreement or the agreement for the provision of crowdfunding credit services.
Amendment 560 #
Proposal for a directive
Article 18 – paragraph 2 – introductory part
Article 18 – paragraph 2 – introductory part
2. The assessment of creditworthiness shall be carried out on the basis of relevant and accurate information on the consumer’s income and expenses and other financial and economic circumstances which is necessary and proportionate such as evidence of income or other sources of repayment, information on financial assets and liabilities, or information on other financial commitments. The information shall be obtained from relevant internal or external sources, including the consumer and, where necessary, on the basis of a consultation of a database referred to in Article 19.
Amendment 569 #
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 1
Article 18 – paragraph 2 – subparagraph 1
The information obtained in accordance with this paragraph, where possible and necessary, shall be appropriately verified, where necessary through reference to independently verifiable documentation.
Amendment 571 #
Proposal for a directive
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
2 a. Personal data revealing racial or ethnic origin, political opinions, religious or philosophical beliefs, or trade union membership, and the processing of genetic data, biometric data for the purpose of uniquely identifying a natural person, data concerning health or data concerning a natural person's sex life or sexual orientation and data collected from social networks shall not be processed or used to perform creditworthiness assessments.
Amendment 575 #
Proposal for a directive
Article 18 – paragraph 2 b (new)
Article 18 – paragraph 2 b (new)
2 b. Member States shall ensure that the implementation of this Directive guarantees the ‘Right to Be Forgotten’.
Amendment 577 #
Proposal for a directive
Article 18 – paragraph 2 c (new)
Article 18 – paragraph 2 c (new)
2 c. Member States shall ensure that creditors or providers of crowdfunding services are held liable and are subject to appropriate sanctions in case of a breach of the above-mentioned provision.
Amendment 578 #
Proposal for a directive
Article 18 – paragraph 2 d (new)
Article 18 – paragraph 2 d (new)
2 d. The creditor or, where applicable, the provider of crowdfunding credit services may perform assessment of creditworthiness for 'small value credits' consulting only: (a) recent payment account data; (b) income and benefit data; (c) information on financial assets and liabilities. Without prejudice to paragraph 2 a, only in exceptional cases where the creditor or, where applicable, the provider of crowdfunding credit services considers that the information contained in this paragraph are insufficient to assess creditworthiness, the assessment may also be made on the basis of other information.
Amendment 584 #
Proposal for a directive
Article 18 – paragraph 3 a (new)
Article 18 – paragraph 3 a (new)
3 a. If the credit application is submitted jointly by more than one consumer, the creditor or, where applicable, the provider of crowdfunding credit services shall perform the creditworthiness assessment on the basis of the joint repayment capacity of the consumers.
Amendment 589 #
Proposal for a directive
Article 18 – paragraph 4 – introductory part
Article 18 – paragraph 4 – introductory part
4. Member States shall ensure that the creditor or the provider of crowdfunding credit services only makes the credit available to the consumer where the result of the creditworthiness assessment indicates that the obligations resulting from the credit agreement or the agreement for the provision of crowdfunding credit services are likely towill be met in the manner required under that agreement.
Amendment 595 #
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 1
Article 18 – paragraph 4 – subparagraph 1
Notwithstanding the first subparagraphs, where the result of the creditworthiness assessment indicates that the obligations resulting from the credit agreement or the agreement for the provision of crowdfunding credit services arewill not likely to be meet in the manner required under that agreement, the creditor or the provider of crowdfunding credit services may exceptionally make credit available to the consumer in specific and well justified circumstances that include cases of loans that fund exceptional healthcare expenses, students loans or loans for consumers with disabilities.
Amendment 596 #
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 1 a (new)
Article 18 – paragraph 4 – subparagraph 1 a (new)
If the creditor or the provider of crowdfunding credit services make credit available to the consumer in accordance with subparagraph 1, the creditor or the provider of crowdfunding credit services shall warn the consumer in writing, on paper or on another durable medium, of a negative credit assessment that may lead to over-indebtedness. Such information must be communicated to the consumer before the conclusion of the credit agreement.
Amendment 599 #
Proposal for a directive
Article 18 – paragraph 5
Article 18 – paragraph 5
5. Member States shall ensure that where a creditor or a provider of crowdfunding credit services concludes a credit agreement or an agreement for the provision of crowdfunding credit services with a consumer, the creditor or provider of crowdfunding credit services shall not subsequently cancel or alter the credit agreement or the agreement for the provision of crowdfunding credit services to the detriment of the consumer on the grounds that the assessment of creditworthiness was incorrectly conducted. This paragraph shall not apply where it is demonstrated that the consumer has not acted in good faith and especially if the consumer knowingly withheld or falsified the information provided to the creditor or the provider of crowdfunding credit services referred to in paragraph 2.
Amendment 606 #
Proposal for a directive
Article 18 – paragraph 6 – point a
Article 18 – paragraph 6 – point a
(a) request and obtain human intervention on the part of the creditor or the provider of crowdfunding credit services to review the decision, in case of a negative decision;
Amendment 612 #
Proposal for a directive
Article 18 – paragraph 6 – point b
Article 18 – paragraph 6 – point b
(b) request and obtain from the creditor or the provider of crowdfunding credit services a clear explanation of the assessment of creditworthiness, including on the logic and risks involveddata and data sources used and the weighing in the automated processing of personal data as well as its significance and effects on the decision;
Amendment 616 #
Proposal for a directive
Article 18 – paragraph 6 – point c
Article 18 – paragraph 6 – point c
(c) express his or her point of view and contest the assessment of the creditworthiness and the decisionrequest a review and new decision on the granting of the credit by the creditor or the provider of crowdfunding credit services.
Amendment 622 #
Proposal for a directive
Article 18 – paragraph 7
Article 18 – paragraph 7
7. Member States shall ensure that where the credit application is rejected the creditor or the provider of crowdfunding credit services is required to inform the consumer without delay of the rejection and, where applicable, of the fact that the assessment of creditworthiness is based on automated or semi-automated processing of data.
Amendment 624 #
Proposal for a directive
Article 18 – paragraph 8
Article 18 – paragraph 8
8. Where the parties agree to change the total amount of credit after the conclusion of the credit agreement, or the agreement for the provision of crowdfunding credit services, Member States shall ensure that the creditor or the provider of crowdfunding credit services is required to reassess the consumer’s creditworthiness on the basis of updated information before any significant increase in the total amount of credit is granted.
Amendment 631 #
Proposal for a directive
Article 18 – paragraph 9 a (new)
Article 18 – paragraph 9 a (new)
9 a. This article shall apply without prejudice to Regulation (EU) n°2016/679 (GDPR).
Amendment 633 #
Proposal for a directive
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Each Member State shall in the case of cross-border credit ensure access for creditors and providers of crowdfunding credit services from other Member States to accurate and up-to-date databases used in that Member State for assessing the creditworthiness of consumers. The conditions for access to such databases shall be non-discriminatory.
Amendment 634 #
Proposal for a directive
Article 19 – paragraph 1 – subparagraph 1 (new)
Article 19 – paragraph 1 – subparagraph 1 (new)
Member States shall ensure that only those creditors and providers of crowdfunding credit services who are under the supervision of the competent national authority and who fully comply with Regulation (EU) n°2016/679 (GDPR) have access to the database.
Amendment 637 #
Proposal for a directive
Article 19 – paragraph 3
Article 19 – paragraph 3
3. ThState or private databases referred to in paragraph 1 shall hold at least information on consumers’ arrears in payment and shall not hold personal data revealing racial or ethnic origin, political opinions, religious or philosophical beliefs, or trade union membership, and the processing of genetic data, biometric data for the purpose of uniquely identifying a natural person, data concerning health or data concerning a natural person's sex life or sexual orientation nor data collected from digital social networks.
Amendment 639 #
Proposal for a directive
Article 19 – paragraph 4 – subparagraph 1 (new)
Article 19 – paragraph 4 – subparagraph 1 (new)
Member States shall ensure that consumers are notified within thirty days of the registration of any negative credit data in a database, informing them of the possibility of exercising their right of access, rectification, erasure and opposition, in line with Regulation (EU) n°2016/679 (GDPR).
Amendment 645 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1 (new)
Article 20 – paragraph 1 – subparagraph 1 (new)
Any modification of credit agreements or agreements for the provision of crowdfunding credit services shall be done only in writing on paper or on another durable medium.
Amendment 647 #
Proposal for a directive
Article 20 – paragraph 2 a (new)
Article 20 – paragraph 2 a (new)
2 a. Member States may introduce more lenient rules on agreements of 'small value credit'.
Amendment 650 #
Proposal for a directive
Article 21 – paragraph 1 – subparagraph 1 a (new)
Article 21 – paragraph 1 – subparagraph 1 a (new)
The legal effects of the absence in the credit agreement or the agreement for the provision of crowdfunding credit services of information referred to in the first subparagraph shall be assessed in accordance with the national general rules on the law of obligations.
Amendment 652 #
Proposal for a directive
Article 22 – paragraph 1 – introductory part
Article 22 – paragraph 1 – introductory part
Without prejudice to other obligations foreseen in this Directive, Member States shall ensure that prior to modifying the terms and conditions of the credit agreement, or of the agreement for the provision of crowdfunding credit services, the creditor or the provider of crowdfunding credit services communicate in writing on paper or on another durable medium the following information to the consumer:
Amendment 655 #
Proposal for a directive
Article 23 – paragraph 2 – point c
Article 23 – paragraph 2 – point c
(c) the new reference rate is made publicly available in a timely manner and by appropriate means;
Amendment 658 #
Proposal for a directive
Article 23 – paragraph 2 – point d
Article 23 – paragraph 2 – point d
(d) the information concerning the new reference rate is also available at the premises of the creditor or of the provider of crowdfunding credit services and online.
Amendment 660 #
Proposal for a directive
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. Where a credit has been granted in the form of an overdraft facility, Member States shall require that the creditor, throughout the duration of the credit agreement, keeps the consumer regularly informedinformed at least once per month by means of statements of account, on paper or on another durable medium, containing the following elements:
Amendment 663 #
Proposal for a directive
Article 24 – paragraph 2 – introductory part
Article 24 – paragraph 2 – introductory part
2. Where a credit has been granted in the form of an overdraft facility, Member States shall require that the creditor informs the consumer, on paper or another durable medium, of increases in the borrowing rate or in any charges payable, at least 15 days before the change in question enters into force.
Amendment 666 #
Proposal for a directive
Article 24 – paragraph 2 a (new)
Article 24 – paragraph 2 a (new)
2 a. Member States shall require the creditor or where applicable credit intermediaries or the provider of crowdfunding credit services to notify the consumer in an agreed manner of each reduction or cancellation of the current account overdraft facility at the least 30 days prior to the day when the actual reduction or cancellation of the overdraft facility takes effect.
Amendment 667 #
Proposal for a directive
Article 24 – paragraph 2 b (new)
Article 24 – paragraph 2 b (new)
2 b. The creditor or where applicable credit intermediaries or the provider of crowdfunding credit services shall enable the consumer, against whom no forced collection proceedings have been initiated by the creditor or where applicable by credit intermediaries or the provider of crowdfunding credit services, without obligation of previous request on the part of the consumer and with no additional costs, to repay the amount by which the previous overdraft facility was reduced or the amount of the cancelled previous overdraft facility, in 12 equal monthly instalments at the interest rate applicable to the current account overdraft facility. If the consumer has not been offered to repay the amount by which the overdraft facility has been reduced or the amount of the cancelled previous overdraft facility, he shall not be obligated to accept the reduction or the cancellation of the current account overdraft facility.
Amendment 672 #
Proposal for a directive
Article 25 – paragraph 3 a (new)
Article 25 – paragraph 3 a (new)
Amendment 673 #
Proposal for a directive
Article 25 – paragraph 3 b (new)
Article 25 – paragraph 3 b (new)
3 b. The creditor or where applicable credit intermediaries or the provider of crowdfunding credit services shall enable the consumer, against whom no forced collection proceedings have been initiated by the creditor or where applicable by credit intermediaries or the provider of crowdfunding credit services, without obligation of previous request on the part of the consumer and with no additional costs, to repay the amount by which the previous overrunning was reduced or the amount of the cancelled previous overrunning, in 12 equal monthly instalments at the interest rate applicable to the current account overrunning. If the consumer has not been offered to repay the amount by which the overrunning has been reduced or the amount of the cancelled previous overrunning, he shall not be obligated to accept the reduction or the cancellation of the current account overrunning.
Amendment 676 #
Proposal for a directive
Article 26 – paragraph 1 – subparagraph 1 a (new)
Article 26 – paragraph 1 – subparagraph 1 a (new)
Amendment 687 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 1
Article 28 – paragraph 1 – subparagraph 1
Member States shall ensure that the creditor or the provider of crowdfunding credit services, where agreed in the credit agreement or in the agreement for the provision of crowdfunding credit services, may effect standard termination of an open-end credit agreement or agreement for the provision of crowdfunding credit services by giving the consumer at least twohree months' notice on paper or on another durable medium.
Amendment 694 #
Proposal for a directive
Article 29 – paragraph 2 a (new)
Article 29 – paragraph 2 a (new)
2 a. The calculation of the compensation due to the creditor shall be transparent and comprehensible to consumers already at the pre-contractual stage and in any case during the performance of the credit agreement
Amendment 695 #
(b) the credit is granted in the form of an overdraft facility or overrunning;
Amendment 701 #
Proposal for a directive
Article 29 – paragraph 4 – point b
Article 29 – paragraph 4 – point b
(b) the creditor may exceptionally claim higher compensation if the creditor can prove that the loss suffered due to early repayment exceeds the amount determined in accordance with paragraph 2. However, this compensation should not exceed the amount of interest that the consumer would have paid during the period between the early repayment and the agreed date of termination of the credit agreement.
Amendment 723 #
Proposal for a directive
Article 31 – paragraph 2 a (new)
Article 31 – paragraph 2 a (new)
2 a. The European Commission shall make publicly available the caps introduced by Member States.
Amendment 727 #
Proposal for a directive
Article 32 – paragraph 1 – point e a (new)
Article 32 – paragraph 1 – point e a (new)
(e a) advertising credit products.
Amendment 735 #
Proposal for a directive
Article 33 – paragraph 1
Article 33 – paragraph 1
1. Member States shall ensure that creditors, credit intermediaries and providers of crowdfunding credit services require their staff to possess and keep up- to-date an appropriate level of knowledge and competence in relation to the manufacturing, the offering, the advertising and the granting of credit agreements or crowdfunding credit services, the carrying out of credit intermediation activities, the provision of advisory services or crowdfunding credit services. Where the conclusion of a credit agreement or an agreement for the provision of crowdfunding credit services includes an ancillary service, appropriate knowledge and competence in relation to that ancillary service shall be required.
Amendment 740 #
Proposal for a directive
Article 34 – paragraph 1 – introductory part
Article 34 – paragraph 1 – introductory part
1. Member States shall promote measures that support the education of consumers in relation to responsible borrowing and debt management, in particular in relation to consumer credit agreements. Clear and general information on the credit granting process shall be provided to consumers in order to guide them, in particular those who take out a consumer credit for the first time, and especially on digital tools. In creating and promoting these measures, Member States closely cooperate with consumer organisations.
Amendment 748 #
Proposal for a directive
Article 35 – paragraph 1 – point b – point iv
Article 35 – paragraph 1 – point b – point iv
(iv) changreducing the interest rate;
Amendment 751 #
Proposal for a directive
Article 35 – paragraph 4
Article 35 – paragraph 4
Amendment 755 #
Proposal for a directive
Article 36 – paragraph 1
Article 36 – paragraph 1
Member States shall ensure that debt advisory services are made available to consumers free of charge.
Amendment 756 #
Proposal for a directive
Article 36 – paragraph 1 a (new)
Article 36 – paragraph 1 a (new)
The European Commission shall within two years of implementation of this Directive, present a report providing an overview of the availability of debt-advice services across Member States and identify best practices for the further developments of such services.
Amendment 758 #
Proposal for a directive
Article 36 a (new)
Article 36 a (new)
Article 36 a Debt collection Member States shall determine the practices which are in any case considered impermissible in the collection of debts. Such practices shall include, in particular, intimidation of consumers, the presentation of false legal information and the making of excessive calls or messages.
Amendment 763 #
Proposal for a directive
Article 37 – paragraph 1
Article 37 – paragraph 1
Member States shall ensure that any creditors, credit intermediaries and providers of crowdfunding credit services that are not credit institutions as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 are subject to an adequate admission process and to registration and supervision arrangements set up by an independent competent authority.
Amendment 774 #
Proposal for a directive
Article 39 – paragraph 2
Article 39 – paragraph 2
2. Member States shall require that the original creditor or the provider of crowdfunding credit services inform the consumer of the assignment referred to in paragraph 1, except where the original creditor or the provider of crowdfunding credit services, by agreement with the assignee, continues to service the credit vis-à-vis the consumer.
Amendment 775 #
Proposal for a directive
Article 39 – paragraph 2 a (new)
Article 39 – paragraph 2 a (new)
2 a. The European Commission is empowered to adopt and, where necessary amend, regulatory technical standards to stipulate the format of the notification that creditor or the provider of crowdfunding credit services is obliged to provide to consumer in case of assignment of rights to a third party.
Amendment 777 #
Proposal for a directive
Article 40 – paragraph 1
Article 40 – paragraph 1
1. Member States shall ensure that consumers have access to adequate, promptly and effective out-of-court dispute resolution procedures for the settlement of disputes between consumers and creditors, credit intermediaries or providers of crowdfunding credit services concerning rights and obligations established under this Directive, using existing entities where appropriate. Such out-of-court dispute resolution procedures and the entities offering them shall comply with the quality requirements laid down by Directive 2013/11/EU.
Amendment 782 #
2. Where a Member State makes use of the regulatory choices provided for in Article 2(3), 2(5) and 2(6), Article 8(12)(c), Article 820(2)(c, Article 26(2), Article 20(29(4), Article 26(243(3a) and Article 29(444(2), it shall inform the Commission thereof as well as of any subsequent changes. Member States shall also take the appropriate measures to diffuse that information amongst national creditors, credit intermediaries, providers of crowdfunding credit services and consumers.
Amendment 783 #
Proposal for a directive
Article 43 – paragraph 3 a (new)
Article 43 – paragraph 3 a (new)
3 a. Nothing in this Directive shall prevent Member States from providing in their national law higher level of consumer protection regarding Article 24 and Article 25 of this Directive.
Amendment 784 #
Proposal for a directive
Article 44 – title
Article 44 – title
Penalties and structural remedies
Amendment 789 #
Proposal for a directive
Article 44 – paragraph 2
Article 44 – paragraph 2
2. Member States shall ensure that when penalties are to be imposed in accordance with Article 21 of Regulation (EU) 2017/2394, they include the possibility either to impose fines through administrative procedures or to initiate legal proceedings for the imposition of fines, or both, the maximum amount of such fines being at least 46% of the creditor, the credit intermediary or the provider of crowdfunding credit services’ annual turnover in all Member States concerned by the coordinated enforcement action.
Amendment 790 #
Proposal for a directive
Article 44 – paragraph 2 a (new)
Article 44 – paragraph 2 a (new)
2 a. In the case of systematic and repeated infringements of the provisions of this Directive by the creditor, the credit intermediary or the provider of crowdfunding credit services, where it is clear that the imposition of penalties in accordance to paragraf (2) of this Article cannot ensure the purpose of the penalty, and breaches of the provisions have a disruptive effect on the market, Member States may, as a last resort, provide for the imposition of structural remedies.
Amendment 794 #
Proposal for a directive
Article 46 – paragraph 1 – subparagraph 1 (new)
Article 46 – paragraph 1 – subparagraph 1 (new)
In the evaluation referred to in the paragraph (1), the European Commission will include an assessment of new forms of service providers participating in the consumer credit market with a special focus on digital trends and will propose the necessary amendment to the Directive accordingly.
Amendment 803 #
Proposal for a directive
Annex II
Annex II