24 Amendments of Raffaele FITTO related to 2021/0171(COD)
Amendment 120 #
Proposal for a directive
Recital 65
Recital 65
(65) The fixing of caps on interest rates, on annual percentage rates of charge and or the total cost of the credit to the consumer is a common practice in a number of Member States. Such capping has proved beneficial for consumers. In that context, Member States should be able to maintain their current legal regime. However, in an effort to increase consumer protection without imposing unnecessary limits on Member States, caps on interest rates, on annual percentage rates of charge and or on the total cost of the credit to the consumer should be introduced throughout the Union.
Amendment 151 #
Proposal for a directive
Article 2 – paragraph 4 c (new)
Article 2 – paragraph 4 c (new)
4c. In the case of credit agreements of less than 200 EUR and credit agreements under the terms of which the credit has to be repaid within three months and to credit agreements for amounts less than or equal to €3000 which do not provide for the payment of interest or other charges only Article 1, Article 2, Article 3,Article 8(1), Article 8(2)(a) to (c), Article18(8), Article 19, Article 30 and Article 37shall apply. The creditor shall also disclose the annual percentage rate of charge to the consumer in the advertising at the pre-contractual and contractual stage.
Amendment 202 #
Proposal for a directive
Article 10 – paragraph 3 – subparagraph 1 – point g
Article 10 – paragraph 3 – subparagraph 1 – point g
(g) the annual percentage rate of charge and the total amount payable by the consumer, illustrated by means of a representative example mentioning all the assumptions used in order to calculate that rate; Where the consumer has informed the creditor or the provider of crowdfunding credit services of one or more components of his or her preferred credit, such as the duration of the credit agreement or of the agreement for the provision of crowdfunding credit services and the total amount of credit, the creditor or the provider of crowdfunding credit services shall take those components into account;
Amendment 209 #
Proposal for a directive
Article 10 – paragraph 4
Article 10 – paragraph 4
Amendment 220 #
Proposal for a directive
Article 10 – paragraph 5 – subparagraph 1
Article 10 – paragraph 5 – subparagraph 1
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.
Amendment 221 #
Proposal for a directive
Article 10 – paragraph 5 – subparagraph 2
Article 10 – paragraph 5 – subparagraph 2
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 228 #
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 230 #
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.
Amendment 233 #
Proposal for a directive
Article 11 – paragraph 3
Article 11 – paragraph 3
Amendment 234 #
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.
Amendment 236 #
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 238 #
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 286 #
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 thorough assessment of the consumer’s creditworthiness. That assessment shall be proportionate and 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 serviceswhile bearing in mind the proportionate risk assessment to protect financial stability of the creditor and provider of the crowdfunding services and shall take appropriate account of nature, duration, amount of the credit and the risk and profile of the consumer and 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, according to the nature, duration and amount of the credit and the risk profile of the consumer. The obligation to assess the creditworthiness is considered fulfilled if the creditor has met the requirements provided by Directive 2013/36/EU, Regulation n. 575/2013 EU and EBA Guidelines ABE/GL/2020/06.
Amendment 299 #
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 1
Article 18 – paragraph 2 – subparagraph 1
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 commitmentsthat shall take appropriate account of nature, duration, amount of the credit and the risk and profile of the consumer. 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 300 #
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 2
Article 18 – paragraph 2 – subparagraph 2
Amendment 312 #
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 1
Article 18 – paragraph 4 – subparagraph 1
4. Member States shall ensure that the creditor or the provider of crowdfunding credit services may 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 to be met in the manner required under that agreement.
Amendment 319 #
Proposal for a directive
Article 18 – paragraph 4 a (new)
Article 18 – paragraph 4 a (new)
4a. A positive creditworthiness assessment shall not oblige the creditor to provide credit.
Amendment 320 #
Proposal for a directive
Article 18 – paragraph 5
Article 18 – paragraph 5
Amendment 323 #
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 clearn explanation of the assessment of creditworthiness, including on the logic and risks involved in the automated processing of personal data as well as its significance and effects on the decision;
Amendment 325 #
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 decision.
Amendment 327 #
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 processing of data.
Amendment 370 #
Proposal for a directive
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Member States shall ensure that the consumer is at any time entitled to early repayment. In such cases, the consumer shall be entitled to a reduction in the total cost of the credit, consisting of the interest and the costs for the remaining duration of the contract. When calculating that reduction, all the costs imposed on the consumer by the creditor shall be taken into considerationexcept for the costs corresponding to services effectively provided to the consumer or to costs effectively incurred by the creditor, as well as third party costs shall be taken into consideration. The upfront costs should be identified in the credit contract. Costs that remunerate credit intermediaries' activities or costs that do not remunerate creditor’s services as well as taxes are excluded from the calculation of the reduction of the total cost of credit. As regards the method of reimbursement the amortised cost criterion (interest curve) for the calculation of the proportional reduction of costs should be used unless otherwise regulated in the contract.
Amendment 387 #
Proposal for a directive
Article 31 – paragraph 1 – introductory part
Article 31 – paragraph 1 – introductory part
1. Member States shallmay introduce caps on one or more of the following:
Amendment 400 #
Proposal for a directive
Article 31 – paragraph 2
Article 31 – paragraph 2
2. Member States may introduce additional caps for revolving credit facilitiesThe provision of Paragraph 1 is considered fulfilled whereas there are national legislations already in force setting up caps on one of the options listed in letters a, b, c.