2021/0171(COD) Consumer credits
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | IMCO |
KONEČNÁ Kateřina ( GUE/NGL)
|
SOKOL Tomislav ( EPP),
LEITÃO-MARQUES Maria-Manuel ( S&D),
YON-COURTIN Stéphanie ( Renew),
GALLÉE Malte ( Verts/ALE),
BASSO Alessandra ( ID),
JURZYCA Eugen ( ECR)
|
| Committee Opinion | ECON |
BELKA Marek ( S&D)
|
Sirpa PIETIKÄINEN ( PPE),
Rasmus ANDRESEN ( Verts/ALE),
Eugen JURZYCA ( ECR),
Engin EROGLU ( RE),
Chris MACMANUS ( GUE/NGL)
|
Lead committee dossier:
Subjects
Events
2023/10/30
Final act published in Official Journal
2023/10/18
CSL - Draft final act
Documents
2023/10/18
CSL - Final act signed
2023/10/09
EP/CSL - Act adopted by Council after Parliament's 1st reading
2023/09/12
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 608 votes to 8, with 15 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council on consumer credits.
Parliament’s position adopted at first reading following the ordinary legislative procedure amended the Commission proposal as follows:
Scope
This Directive lays down a common framework for harmonisation of certain aspects of the laws, regulations and administrative provisions of the Member States concerning credit agreements for consumers. The Directive applies to credit agreements. It does not however apply to the following:
- credit agreements the purpose of which is to acquire or retain property rights in land or in an existing or projected building, including premises used for trade, business or a profession;
- credit agreements involving a total amount of credit of more than EUR 100 000 ;
- hiring or leasing agreements where an obligation or an option to purchase the object of the agreement is not laid down either in the agreement itself or in any separate agreement;
- deferred payments whereby: (i) a supplier of goods or a provider of services, without a third party offering credit, gives the consumer time to pay for the goods or services supplied by that supplier or provider; (ii) the purchase price is to be paid free of interest and without any other charges and with only limited charges payable by the consumer for late payments imposed in accordance with national law; and (iii) the payment is to be entirely executed within 50 days of the delivery of the good or service.
Credits the purpose of which is the renovation of a residential immovable property involving a total amount above EUR 100 000, and which are not secured either by a mortgage, or by another comparable security commonly used in a Member State on immovable property or by a right related to immovable property should not be excluded from the scope of this Directive.
Advertising
In order to reduce instances of mis-selling of credit to consumers who are not able to afford it and to promote sustainable lending, advertising of credit agreements should contain, in all cases, a clear and prominent warning to make consumers aware that borrowing money costs money . To ensure a higher level of consumer protection, certain advertisements, such as those encouraging consumers to seek credit by suggesting that credit would improve their financial situation or specifying that registered credit in databases have little or no influence on the assessment of a credit application, should be prohibited. Member States should also be allowed to prohibit advertisements that they deem to be risky for consumers, such as those that highlight the ease or speed with which credit can be obtained
Member States should ensure that clear and comprehensible general information about credit agreements is made available to consumers by creditors or, where applicable, by credit intermediaries, at all times on paper or on another durable medium chosen by the consumer.
General information about credit agreements which is made available by creditors or, where applicable, by credit intermediaries at their premises shall be made available to consumers at least on paper.
Pre-contractual information
The pre-contractual information should be communicated by means of the ‘ Standard European Consumer Credit Information ’ form set out in Annex I to the directive. To help consumers understand and compare the different offers, the main elements of the credit should be prominently displayed on the first page of this form, enabling consumers to grasp all the essential information at a glance, even on the screen of a mobile phone.
If all the main elements cannot be displayed prominently on one page, they should be displayed in the first part of the form on a maximum of two pages. In this case, the following information will be presented on the first page of the form:
- the identity of the creditor as well as, where applicable, of the credit intermediary involved;
- the total amount of credit;
- the duration of the credit agreement;
- the borrowing rate, or all borrowing rates if different borrowing rates apply in different circumstances;
- the annual percentage rate of charge and the total amount payable by the consumer;
- 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;
- the costs in the case of late payments.
Tying and bundling practices
Member States should allow bundling practices but should prohibit tying practices. Member States may allow creditors to require the consumer to hold a relevant insurance policy related to the credit agreement, taking into account proportionality considerations.
The amended text stipulated that Member States should require that personal data concerning consumers’ diagnoses of oncological diseases are not used for the purpose of an insurance policy related to a credit agreement after a period of time determined by the Member States, not exceeding 15 years following the end of the consumers’ medical treatment.
For consumers to have additional time to compare insurance offers related to credit agreements before purchasing an insurance policy, Member States should require that consumers are given at least three days to compare insurance offers related to credit agreements without such offers being changed, and consumers should be informed thereof. Consumers may conclude an insurance policy prior to the expiry of that three-day period if they explicitly so request.
Creditworthiness assessment
The creditworthiness assessment should be based on relevant and accurate information relating to the consumer's income and expenditure and other economic and financial criteria that are necessary and proportionate to the nature, duration and value of the credit and the risks it presents to the consumer. That information may include evidence of income or other sources of repayment, information on financial assets and liabilities, or information on other financial commitments. That information should not include special categories of data referred to in the General Data Protection Regulation. Social networks are not considered an external source for the purposes of the Directive.
Debt advisory services
Member States should ensure that independent debt advisory services are made available to consumers who experience or might experience difficulties in meeting their financial commitments, with only limited charges payable for such services. This requires creditors to put in place processes and policies for the early detection of consumers experiencing financial difficulties.
Creditors should ensure that creditors refer consumers who experience difficulties in meeting their financial commitments to debt advisory services easily accessible to the consumer.
Documents
2023/09/11
EP - Debate in Parliament
Documents
2023/05/23
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2023/04/26
CSL - Coreper letter confirming interinstitutional agreement
Documents
2023/04/26
EP - Text agreed during interinstitutional negotiations
Documents
2022/09/14
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2022/09/12
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2022/09/05
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on the Internal Market and Consumer Protection adopted the report by Kateřina KONEČNÁ (GUE/NGL, CZ) on the proposal for a directive of the European Parliament and of the Council on consumer credits.
The committee recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Subject matter
The directive should cover credit agreements of up to EUR 150 000, with the actual upper limit to be determined by the relevant national authorities based on the particular economic situation in a Member State.
The directive should not apply to: (i) leasing agreements where there is no obligation to purchase the object of the agreement; (ii) deferred debit cards provided by a credit institution with a maximum monthly amount allowed to be repaid within one month without interest provided that they are granted to consumers only after assessing their ability to repay and after ensuring that the consumer has received the required pre-contractual information.
For credit agreements where the total amount of credit is less than EUR 200 or where the credit is granted without interest and without other charges or is to be repaid within three months and only incurs negligible charges, Member States should be able to exclude the application of certain provisions of the directive relating to information requirements and early repayment.
Consumer credit products that support the digital and green transition
Member States should encourage creditors or, where applicable, credit intermediaries or providers of crowdfunding credit services to develop and offer consumer credit products that support the digital and green transition.
By 12 months after the date of transposition, the Commission should submit a report to the European Parliament and to the Council to assess the types of measures, tools and initiatives taken by Member States.
Advertising
To reduce instances of mis-selling of consumer credit to consumers, credit advertising should contain, in all cases, a clear and prominent warning to make consumers aware that borrowing money costs money.
Advertising should not incite overindebted consumers to seek credit, specify that other credit agreements have little or no influence on the assessment of a credit application or suggest that success or social achievement can be acquired by obtaining credits.
Member States may prohibit advertising for consumer credit products which: (a) highlights the ease or speed with which credit can be obtained; (b) states that a promotion is conditional upon taking up credit; (c) offers ‘grace periods’ of more than three months for the repayment of credit instalments.
Clear information for the consumer
Basic information should be provided to consumers to enable them to compare different offers. This information should be given in a clear, concise and visible way . Standardised information should be provided upfront, visibly and in an attractive form. Consumers should be able to see all essential information at a glance, even on a mobile phone screen . They should also receive a reminder within one to seven days after the conclusion of the credit agreement that they have the right to withdraw from the credit agreement or the contract for the provision of participatory credit services.
Pre-contractual information
The pre-contractual information should contain a comprehensive repayment schedule containing all payments and repayments over the duration of the contract.
The pre-contractual information should provide the consumer with the following precontractual information at the beginning of the Standard European Consumer Credit Information form, noticeably separated from the rest of the pre-contractual information provided on the same form : (a) the borrowing rate, or all borrowing rates if different borrowing rates apply in different circumstances; in the case of
credits with a variable borrowing rate, a simulation of the impact on the cost of the credit of reasonable upward changes in the borrowing rate; (b) a warning and explanations regarding the consequences of missing or late payments including related costs; (c) information about the right of withdrawal and (d) information about early repayment.
Creditworthiness assessment
Members introduced further requirements to assess the creditworthiness of people taking out a loan before it is granted, including requiring information on a consumer’s current obligations or cost of living expenses.
An amendment specifies that 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 should not be processed or used to perform.
In addition, Member States should: (i) ensure that the right to be forgotten is provided to all Union patients as from 10 years after the end of their treatment, and as from five years after the end of treatment for patients whose diagnosis was made before the age of 18; (ii) ensure
equal access to credit to all persons cured of relevant communicable and noncommunicable diseases.
The European Banking Authority (EBA) should develop guidelines detailing how creditors and providers of crowdfunding credit services are to perform the creditworthiness assessment and on product governance. Those guidelines should specify the type of data recommended to perform the creditworthiness assessment.
Debt collection
Members proposed changes to ease the burden on people who have difficulty repaying their loans. Member States should prohibit practices such as intimidating consumers, presenting false or misleading legal information and making excessive calls or sending excessive messages.
Penalties
Members proposed setting the maximum fine for large-scale EU-wide infringements at a level of at least 6% (instead of 4%) of the annual turnover of the creditor, the credit intermediary or the provider of crowdfunding credit services in all Member States concerned.
Documents
2022/07/12
EP - Amendments tabled in committee
Documents
2022/07/12
EP - Vote in committee, 1st reading
2022/07/12
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2022/05/04
EP - Committee opinion
Documents
2022/03/15
EP - Amendments tabled in committee
Documents
2022/03/15
EP - Amendments tabled in committee
Documents
2022/03/15
EP - Amendments tabled in committee
Documents
2022/01/31
EP - Committee draft report
Documents
2021/11/10
CZ_SENATE - Contribution
Documents
2021/10/20
ESC - Economic and Social Committee: opinion, report
Documents
2021/10/05
ES_PARLIAMENT - Contribution
Documents
2021/10/05
ES_PARLIAMENT - Contribution
Documents
2021/10/05
ES_PARLIAMENT - Contribution
Documents
2021/10/01
PT_PARLIAMENT - Contribution
Documents
2021/09/01
EP - BELKA Marek (S&D) appointed as rapporteur in ECON
2021/08/26
EDPS - Document attached to the procedure
Documents
2021/07/14
EP - KONEČNÁ Kateřina (GUE/NGL) appointed as rapporteur in IMCO
2021/07/08
EP - Committee referral announced in Parliament, 1st reading
2021/07/01
EC - Document attached to the procedure
Documents
2021/07/01
EC - Document attached to the procedure
Documents
2021/07/01
EC - Document attached to the procedure
Documents
2021/06/30
EC - Legislative proposal published
Details
PURPOSE: to establish common rules on certain aspects of the laws, regulations and administrative provisions of the Member States concerning consumer credits.
PROPOSED ACT: Directive of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: Directive 2008/48/EC of the European Parliament and of the Council lays down rules at Union level concerning consumer credit agreements and crowdfunding credit services for consumers. The REFIT evaluation of the Directive showed that Directive 2008/48/EC has been partially effective in ensuring high standards of consumer protection and in fostering the development of an internal market for credit and that these objectives remain relevant.
Since the adoption of the 2008 directive, the digital transformation has led to significant changes to the consumer credit market , both on the supply side and on the demand side, such as the emergence of new products and the evolution of consumer behaviour and preferences.
New market players, such as peer-to-peer lending platforms, are offering credit agreements in different forms. New products, such as short-term high-cost loans, have emerged. Digitalisation has also brought new ways of disclosing information digitally and assessing the creditworthiness of consumers using automated decision-making systems and non-traditional data.
The COVID-19 crisis and the resulting confinement measures have also disrupted the EU economy and had a major impact on the credit market and consumers, especially vulnerable ones, making many EU households more financially vulnerable. These developments have increased legal uncertainty as to the application of Directive 2008/48/EC to these new products.
In order to improve the functioning of the internal market for consumer credit, the Commission considers it necessary to provide for an EU-wide harmonised framework in a number of key areas.
IMPACT ASSESSMENT: the preferred option is to amend the Directive to include new provisions, in line with the EU acquis.
The quantified measures under the preferred option would entail a reduction in consumer detriment of around EUR 2 billion in the period 2021-2030.
The impact on society is also deemed very positive, thanks to measures preventing and addressing over-indebtedness, thereby improving social inclusion. Per EUR 1 spent on debt advice, this is expected to provide between EUR 1.4-5.3 in equivalent benefits, mainly by way of the social costs of over-indebtedness being avoided.
CONTENT: the proposed directive aims to harmonise aspects of the laws, regulations and administrative provisions of the Member States concerning certain credit agreements for consumers and crowdfunding credit services.
The proposed directive will replace the 2008 directive while retaining many of its elements. In particular, it includes the following measures:
- extending the scope of the directive to cover loans below EUR 200, interest-free credit, all overdraft facilities and leasing agreements, as well as credit agreements concluded through via peer-to-peer lending platforms;
- adaptation of information requirements to ensure that they are appropriate for digital devices;
- obligation to provide free information to consumers and to ensure that consumers legally resident in the EU are not discriminated against on the basis of their nationality or place of residence when applying for a credit agreement;
- the obligation for creditors, credit intermediaries or providers of crowdfunding credit services to ensure that clear and comprehensible general information is available at all times;
- providing adequate explanations to consumers and reducing the amount of information to be provided to consumers in advertising, focusing on essential information where the medium used to communicate the information to be included in the advertisement does not allow it to be viewed, e.g. in the case of radio advertising;
- providing more details on when and how to present pre-contractual information to consumers so that this presentation is more effective;
- ban on practices that exploit consumer behaviour, such as tying, pre-ticked boxes or unsolicited credit sales;
- introduction of standards for advisory services and the obligation to provide information that matches the borrower's profile;
- helping consumers facing financial difficulties through repayment measures and debt advisory services;
- establishment of conduct of business rules and obligation upon credit providers and credit intermediaries to ensure that staff members have the proper set of skills and knowledge;
- a requirement for Member States to set caps on interest rates, the annual percentage rate of charge or the total cost of the credit;
- reference to the fact that credit assessments should be carried out on the basis of necessary, sufficient and proportionate information on the economic and financial situation;
- obligation for Member States to promote financial education and to adopt measures to encourage creditors to encourage reasonable forbearance before enforcement proceedings are initiated;
- introduction of the 4% rule (minimum level of the maximum fine) for penalties set out in the general directive (EU) 2019/2161 for cross-border wide-spread infringements.
Documents
Documents
- Final act published in Official Journal: Directive 2023/2225
- Final act published in Official Journal: OJ L 000 30.10.2023, p. 0000
- Draft final act: 00022/2023/LEX
- Decision by Parliament, 1st reading: T9-0304/2023
- Debate in Parliament: Debate in Parliament
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE746.917
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: GEDA/A/(2023)003048
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2023)003048
- Text agreed during interinstitutional negotiations: PE746.917
- Committee report tabled for plenary, 1st reading: A9-0212/2022
- Amendments tabled in committee: PE732.820
- Committee opinion: PE704.756
- Amendments tabled in committee: PE719.857
- Amendments tabled in committee: PE729.905
- Amendments tabled in committee: PE729.906
- Committee draft report: PE696.560
- Contribution: COM(2021)0347
- Economic and Social Committee: opinion, report: CES3601/2021
- Contribution: COM(2021)0347
- Contribution: SWD(2021)0171
- Contribution: SWD(2021)0170
- Contribution: COM(2021)0347
- Document attached to the procedure: OJ C 403 06.10.2021, p. 0005
- Document attached to the procedure: N9-0060/2021
- Document attached to the procedure: SEC(2021)0281
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2021)0170
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2021)0171
- Legislative proposal published: COM(2021)0347
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: SEC(2021)0281
- Document attached to the procedure: EUR-Lex SWD(2021)0170
- Document attached to the procedure: EUR-Lex SWD(2021)0171
- Document attached to the procedure: OJ C 403 06.10.2021, p. 0005 N9-0060/2021
- Economic and Social Committee: opinion, report: CES3601/2021
- Committee draft report: PE696.560
- Amendments tabled in committee: PE719.857
- Amendments tabled in committee: PE729.905
- Amendments tabled in committee: PE729.906
- Committee opinion: PE704.756
- Amendments tabled in committee: PE732.820
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2023)003048
- Text agreed during interinstitutional negotiations: PE746.917
- Draft final act: 00022/2023/LEX
- Contribution: COM(2021)0347
- Contribution: COM(2021)0347
- Contribution: SWD(2021)0171
- Contribution: SWD(2021)0170
- Contribution: COM(2021)0347
Activities
- Kateřina KONEČNÁ
Plenary Speeches (2)
- 2023/09/11 Consumer credits (debate)
- 2023/09/11 Consumer credits (debate)
- Roberts ZĪLE
Plenary Speeches (2)
- 2023/09/11 Consumer credits (debate)
- 2023/09/11 Consumer credits (debate)
- Deirdre CLUNE
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Maria GRAPINI
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Krzysztof HETMAN
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Seán KELLY
Plenary Speeches (1)
- Antonius MANDERS
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Clare DALY
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Lefteris NIKOLAOU-ALAVANOS
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Virginie JORON
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Vlad-Marius BOTOŞ
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Tomislav SOKOL
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Marek BELKA
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Stéphanie YON-COURTIN
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Maria-Manuel LEITÃO-MARQUES
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
- Malte GALLÉE
Plenary Speeches (1)
- 2023/09/11 Consumer credits (debate)
Votes
Crédits aux consommateurs - A9-0212/2022 - Kateřina Konečná - Accord provisoire - Am 232 #
2023/09/12 Outcome: +: 608, 0: 15, -: 8
The Left
NI| Amendments | Dossier |
| 1340 |
2021/0171(COD)
2022/02/28
ECON
413 amendments...
Amendment 100 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be done in the interest of the consumer, to prevent irresponsible lending practices and over- indebtedness, and should take into consideration all necessary and relevant factors that could influence a consumer’s ability to repay the credit as well as a consumer’s ability to afford the credit. Member States should be able to issue additional guidance on additional criteria and methods to assess a consumer’s creditworthiness, for example by setting limits on loan-to-value or loan-
Amendment 101 #
Proposal for a directive 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.
Amendment 102 #
Proposal for a directive 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
Amendment 103 #
Proposal for a directive 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
Amendment 104 #
Proposal for a directive 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, Member States may choose to provide an option in national law which allows the creditor or the provider of crowdfunding credit services
Amendment 105 #
Proposal for a directive 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
Amendment 106 #
Proposal for a directive 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
Amendment 107 #
Proposal for a directive 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 be 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, 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
Amendment 108 #
Proposal for a directive Recital 47 a (new) (47a) Member States shall ensure that the creditworthiness assessment and corresponding re-payment plans are tailored to the borrower’s specific profile and repayment capacity, including in the case of the most vulnerable consumers. In particular, where a creditor or a provider of crowdfunding credit services fulfils a social purpose as required by national law, the specificities of the loan such as its nature, maturity and interest rate, as well as the re-payment plan should fit the borrower’s specific profile. Creditors should be held liable and be subject to appropriate penalties in case of a breach of the requirements surrounding the creditworthiness assessment. Consumers should have access to proportionate and effective remedies including compensation for damage suffered by the consumer. Those remedies should be without prejudice to the application of other remedies available to consumers under Union or national law.
Amendment 109 #
Proposal for a directive 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 functioning of the automated processing used, including among others the main variables, the logic and risks involved
Amendment 110 #
Proposal for a directive 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
Amendment 111 #
Proposal for a directive 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
Amendment 112 #
Proposal for a directive Recital 49 (49) To assess the credit status of a consumer, the creditor or the provider of crowdfunding credit services
Amendment 113 #
Proposal for a directive Recital 51 (51) This Directive does not regulate contract law issues related to the validity of credit agreements or agreements for the provision of crowdfunding credit services.
Amendment 114 #
Proposal for a directive Recital 54 (54) In order to ensure full transparency, the consumer should be provided with information concerning the borrowing rate, both at a pre-contractual stage and when the credit agreement or the agreement for the provision of crowdfunding credit services is concluded. During the contractual relationship, the consumer should further be informed of changes to the variable borrowing rate and changes to the payments caused thereby at least seven days in advance. This is without prejudice to provisions of national law not related to consumer information which lay down conditions for, or prescribe
Amendment 115 #
Proposal for a directive Recital 56 (56) Consumers should have a right of withdrawal without penalty and with no obligation to provide justification.
Amendment 116 #
Proposal for a directive Recital 57 (57) Where a consumer withdraws from a credit agreement or an agreement for the provision of crowdfunding credit services in connection with which the consumer has received goods, in particular from a purchase in instalments
Amendment 117 #
Proposal for a directive Recital 58 (58) In some cases, national law already provides that funds cannot be made available to the consumer before the expiry of a specific deadline. In those cases, consumers may wish to ensure that they receive the goods or services purchased early. Therefore, in the case of linked credit agreements, Member States should have the possibility to exceptionally provide that, if the consumer explicitly wishes early receipt of the purchased goods or services, the deadline for the exercise of the right of withdrawal could be reduced so that it is the same as the deadline before which funds cannot be made available. In order to ensure the effectiveness of the right of withdrawal, goods or services which form part of a linked credit agreement should not be delivered before a cooling-off period of 48 hours after the conclusion of the contract.
Amendment 118 #
Proposal for a directive Recital 63 Amendment 119 #
Proposal for a directive Recital 65 Amendment 120 #
Proposal for a directive 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.
Amendment 121 #
Proposal for a directive Recital 72 (72) Consumers facing difficulties to meet their financial commitments stand to
Amendment 122 #
Proposal for a directive Recital 76 (76) Assignment of the creditor's rights under a credit agreement or an agreement for the provision of crowdfunding credit services should not have the effect of placing the consumer in a less favourable position. Creditors should not be able to transfer credit contracts which can no longer be enforced or have no proven legal basis. The consumer should also be properly informed via a standard notification form no later than 48 hours after the conclusion of the contract formalising the assignment to a third party. The consumer should also be properly informed when the credit agreement or the agreement for the provision of crowdfunding credit services is assigned to a third party. However, where the initial creditor, in agreement
Amendment 123 #
Proposal for a directive Recital 76 (76) Assignment of the creditor's rights under a credit agreement or an agreement for the provision of crowdfunding credit services should not have the effect of placing the consumer in a less favourable position.
Amendment 124 #
Proposal for a directive 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
Amendment 125 #
Proposal for a directive Recital 87 (87) Member States should apply the measures necessary to comply with this Directive from [OP: please insert date:
Amendment 126 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 1 1. This Directive applies to credit agreements above 200 Euros in value.
Amendment 127 #
Proposal for a directive Article 2 – paragraph 2 – point c (c) credit agreements involving a total amount of credit of less than EUR 200 or more than EUR 100 000;
Amendment 128 #
Proposal for a directive Article 2 – paragraph 2 – point c (c) credit agreements involving a total amount of
Amendment 129 #
Proposal for a directive Article 2 – paragraph 2 – point f Amendment 130 #
Proposal for a directive Article 2 – paragraph 2 – point h Amendment 131 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (ja) Rental or leasing agreements in which an obligation to purchase the rental or leasing item is neither laid down by the agreement itself nor by any separate agreement; such an obligation shall be deemed to exist if such an obligation is decided unilaterally by the creditor.
Amendment 132 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (ja) hiring or leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement; such an obligation shall be deemed to exist if it is so decided unilaterally by the creditor;
Amendment 133 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (ja) credit agreements where the credit is granted free of interest without any other charges and credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable;
Amendment 134 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (ja) credit agreements for deferred debit products Low risk credit products are in scope of this Directive, but Articles 18, 30 and 31 do not apply to the provision of such products.
Amendment 135 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (ja) credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month
Amendment 136 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (ja) renting and leasing agreements with no obligation to buy the rental or leasing item;
Amendment 137 #
Proposal for a directive Article 2 – paragraph 2 – point j b (new) (jb) deferred debit cards and deferred payments offered free of interest and charges to be paid less than 30 days from delivery of the good or service;
Amendment 138 #
Proposal for a directive Article 2 – paragraph 2 – point j b (new) (jb) credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month;
Amendment 139 #
Proposal for a directive Article 2 – paragraph 2 – point j b (new) Amendment 140 #
Proposal for a directive Article 2 – paragraph 2 – point j b (new) (jb) short-term overdraft arrangements;
Amendment 141 #
Proposal for a directive Article 2 – paragraph 2 – point j c (new) (jc) credit agreements that constitute deferred payments with a zero percent interest rate and no other charges applying.
Amendment 142 #
Proposal for a directive Article 2 – paragraph 2 – point j c (new) (jc) credit agreements in the form of an overdraft facilities where the credit has to be repaid within one month;
Amendment 143 #
Proposal for a directive Article 2 – paragraph 2 – point j d (new) (jd) credit agreements where the credit is granted free of interest and without any other charges and credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable;
Amendment 144 #
Proposal for a directive Article 2 – paragraph 2 – point j e (new) (je) crowdfunding services provided under the scope of Regulation (EU) 2020/1503.
Amendment 145 #
Proposal for a directive Article 2 – paragraph 3 3. Notwithstanding paragraph 2, point (c), this Directive applies to unsecured credit agreements involving a total amount of credit of more than EUR 100 000, where the purpose of those credit agreements is the renovation of a residential immovable property, provided they do not fall under the scope of different national legislation.
Amendment 146 #
Proposal for a directive Article 2 – paragraph 3 a (new) 3a. A Member State may derogate from Article 2 (1) in respect of credit agreements involving a total amount of credit of less than EUR 200 or more than EUR 100 000. Member States shall notify the Commission of the use of a derogation. The Commission shall publish a list of those derogations.
Amendment 147 #
Proposal for a directive Article 2 – paragraph 4 4. In the case of credit agreements in the form of overrunning, only Articles 1, 2 and 3, Article 25, Articles 35 and 36, Article 39 and Articles 41 to 50 shall apply.
Amendment 148 #
Proposal for a directive Article 2 – paragraph 4 a (new) 4a. 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, only Article 1, Article 2, Article 3, Article 8(1), Article 8(2)(a) to (c), Article 18(8), Article 19, Article 30 and Article 37 shall 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 149 #
Proposal for a directive Article 2 – paragraph 4 a (new) 4a. Notwithstanding paragraph 2, Member states may determine this Directive applies to credit agreements involving a total amount of credit of more than EUR 100 000.
Amendment 150 #
Proposal for a directive Article 2 – paragraph 4 b (new) 4b. In case of hiring and lease agreements where an obligation to purchase the object of the agreement is laid down either by the agreement itself or by any separate agreement, only Articles 1, Article 2, Article 3, Article 19, and Article 37 shall 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 151 #
Proposal for a directive 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 152 #
Proposal for a directive Article 2 – paragraph 6 – introductory part (6) Member States may determine that only Articles 1, 2 and 3,
Amendment 153 #
Proposal for a directive Article 2 – paragraph 6 – point a Amendment 154 #
Proposal for a directive Article 2 – paragraph 6 – point b Amendment 155 #
Proposal for a directive Article 2 a (new) Article 2a Member States shall require that for credit agreements that are the result of a settlement before a court or other body authorised by law, or, after a credit arrangement has been terminated, where a repayment agreement is concluded with the creditor or with the debt collection lawyer or debt collection agency concerned, such agreements contain at least the following: (a) initial balance of the outstanding debt, including all collection costs incurred; (b) interest rate charged; (c) other costs incurred, together with an itemised breakdown; (d) instalment amounts to be paid and payment dates; (e) duration. Member States shall require that a consumer who has concluded a settlement or an agreement in accordance with this provision receive an annual notification free of charge in the form of the statement of account referred to in Article 21x. No other provisions of this Directive shall apply to such agreements.
Amendment 156 #
Proposal for a directive Article 2 b (new) Amendment 157 #
Proposal for a directive Article 3 – paragraph 1 – point 3 (3) ‘credit agreement’ means an agreement whereby a creditor grants or promises to grant to a consumer credit in the form of a deferred payment, loan or other similar financial accommodation, except for: (i) agreements for the provision on a continuing basis of services or for the supply of goods of the same kind, where the consumer pays for such services or goods for the duration of their provision by means of instalments; (ii) hiring or leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement; such an obligation shall be deemed to exist if it is so decided unilaterally by the creditor.
Amendment 158 #
Proposal for a directive Article 3 – paragraph 1 – point 3 (3) ‘credit agreement’ means an agreement whereby a creditor grants or promises to grant to a consumer credit in the form of a deferred payment, loan or other similar financial accommodation, except for agreements for the provision on a continuing basis of services or for the supply of goods of the same kind, where the consumer pays for such services or goods for the duration of their provision by means of instalments and except of hiring or leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement;
Amendment 159 #
Proposal for a directive Article 3 – paragraph 1 – point 4 (4) ‘crowdfunding credit services’ means services provided by a crowdfunding platform to facilitate the granting of consumer credit which falls outside of the scope of Regulation (EU) 2020/1503;
Amendment 160 #
Proposal for a directive Article 3 – paragraph 1 – point 5 (5) ‘total cost of the credit to the consumer’ means all the costs, including interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement or crowdfunding credit services
Amendment 161 #
Proposal for a directive Article 3 – paragraph 1 – point 5 5. ‘total cost of the credit to the consumer’ means all the costs, including interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement or crowdfunding credit services and which are known to the creditor, in the case of credit agreements, or to the crowdfunding credit services provider, in the case of crowdfunding credit services, except for notarial costs;
Amendment 162 #
Proposal for a directive Article 3 – paragraph 1 – point 18 (18) ‘advisory services’ means personal paid recommendations to a consumer in respect of one or more transactions relating to credit agreements or crowdfunding credit services and that constitute a separate activity from the granting of a credit and from the and from the activities of credit intermediary as defined in point (12);
Amendment 163 #
Proposal for a directive 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
Amendment 164 #
Proposal for a directive Article 3 – paragraph 1 – point 25 (25) ‘debt advisory services’ means personalised assistance of a technical, legal or psychological nature provided by independent professional operators which are not creditors, credit intermediaries, providers of crowdfunding credit services or credit servicers, in favour of consumers who experience or might experience difficulties in meeting their financial commitments;
Amendment 165 #
Proposal for a directive Article 3 – paragraph 1 – point 25 a (new) (25a) deferred debit’ is a payment instrument offering a deferred debit of not more than 40days, repaid in full in one single payment, free of interest and incurring no other costs for the consumer except those linked to membership ancillary benefits and foreign exchange or other fees related to the manner of accessing the deferred debit facility;
Amendment 166 #
Proposal for a directive Article 3 – paragraph 1 – point 25 b (new) (25b) low risk credit products’ means products where no interest is charged, there are no significant fees directly linked to the provision of the credit and revenue from late payment or default makes up in each financial year less than 1% of the total revenue generated by the product for the provider.
Amendment 167 #
Proposal for a directive Article 5 – paragraph 1 Member States shall require that, when information is provided to consumers in accordance with this Directive, such information is provided without charge to the consumer. The lender may charge a reasonable fee if additional information beyond the minimum requirements of this directive are provided upon the request of the borrower.
Amendment 168 #
Proposal for a directive Article 5 – paragraph 1 Member States shall require that, when information is provided to consumers in accordance with this Directive, such information is provided without charge to the consumer regardless of the media used to provide it.
Amendment 169 #
Proposal for a directive Article 6 Amendment 170 #
Proposal for a directive Article 6 – paragraph 1 Member States shall ensure that the conditions to be fulfilled for being granted a credit do not discriminate against consumers legally resident in the Union on ground of their nationality
Amendment 171 #
Proposal for a directive Article 7 – paragraph 1 Without prejudice to Directive 2005/29/EC, Member States shall require that
Amendment 172 #
Proposal for a directive Article 7 – paragraph 2 (new) Advertising of credit agreements shall not be personalised. Only standardised offers may be advertised, without using any data relating to a user to tailor it to a specific time, circumstance or situation.
Amendment 173 #
Proposal for a directive Article 7 – paragraph 2 (new) Advertising of credit agreements shall not be personalised. Only standardised offers may be advertised, without using any data relating to a user to tailor it to a specific time, circumstance or situation.
Amendment 174 #
Proposal for a directive Article 8 – paragraph 1 – subparagraph 1 1. Member States shall require that advertising concerning credit agreements or crowdfunding credit services
Amendment 175 #
Proposal for a directive Article 8 – paragraph 1 – subparagraph 2 (new) Credit advertising shall not contain other costings that are more favourable than in the representative example or present monthly rates in an overly eye-catching manner.
Amendment 176 #
Proposal for a directive Article 8 – paragraph 1 – subparagraph 2 Amendment 177 #
Proposal for a directive Article 8 – paragraph 1 – subparagraph 2 Amendment 178 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 – introductory part (2) The standard information shall be easily legible or clearly audible, as appropriate, and adapted to the technical constraints of the medium used for advertising
Amendment 179 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 – introductory part 2. The standard information shall be easily legible or clearly audible, as appropriate, and adapted to the technical constraints of the medium used for advertising and shall, if feasible, specify in a clear, concise and prominent way, by means of a representative example, all of the following elements:
Amendment 180 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 – point f a (new) (fa) a prominent, clearly visible warning to make consumers aware that borrowing costs money, using the words “warning: borrowing money costs money”. Powers are delegated to the European Commission to adopt and, where necessary, amend regulatory technical standards to stipulate the exact wording, presentation and format of the warning under Article 8 (g). Those regulatory technical standards shall be adopted in accordance with Articles 10to 14 of Regulation (EU) No 1093/2010. The European Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the exact wording, presentation and format of the warning under Article 8(g) for submission to the Commission by XX . EBA shall review, and if necessary, develop further draft regulatory technical standards for submission to the Commission for the first time by XX and every two years thereafter.
Amendment 181 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 – point f a (new) (fa) information regarding possible consequences of missed payments, including any interest or charges applicable for late payments;
Amendment 182 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 – point f b (new) (fb) In case of a consumer credit with a promotional zero percent interest rate for the first 30 days of the loan duration, any penalty charges due during that period if payments are not made on time and any changes to the interest rate after the 30- day promotional period ends.
Amendment 183 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 – point f b (new) (fb) a prominent, clearly visible warning to make consumers aware that borrowing costs money.
Amendment 184 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 2 Amendment 185 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 3 (new) The European Banking Authority (EBA) shall develop draft regulatory technical standards that specify the format and presentation of the information contained in points (c), (f) and (h). Power is delegated to the Commission to adopt the regulatory technical standards referred to in the third subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010
Amendment 186 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 2 In specific and justified cases where the medium used to communicate the standard information referred to in the first subparagraph does not allow the information to be visually displayed, points (e) and (f) in that subparagraph shall not apply. In cases of website pop- ups/banners, social networks advertising, and similar digital forms of advertising points (a), (e) and (f) in that subparagraph shall not apply and these information shall be included in a web page directly linked to such advertisements.
Amendment 187 #
Proposal for a directive Article 8 – paragraph 2 – point a a (new) (aa) In case of a consumer credit with a promotional zero percent interest rate for the first 30 days of the loan duration, any penalty charges due during that period if payments are not made on time and any changes to the interest rate after the 30- day promotional period ends;
Amendment 188 #
Proposal for a directive Article 8 – paragraph 2 – point f a (new) (fa) a prominent, clearly visible warning to make consumers aware that borrowing costs money, using the words “warning: borrowing money costs money”. Powers are delegated to the European Commission to adopt and, where necessary, amend regulatory technical standards to stipulate the exact wording, presentation and format of the warning under Article 8 (fa). Those regulatory technical standards shall be adopted in accordance with Articles 10to 14 of Regulation (EU) No 1093/2010. The European Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the exact wording, presentation and format of the warning under Article 8 (fa) for submission to the Commission by XX. EBA shall review, and if necessary, develop further draft regulatory technical standards for submission to the Commission for the first time by XX and every two years thereafter.
Amendment 189 #
Proposal for a directive Article 8 – paragraph 3 a (new) 3a. Powers are delegated to the European Commission to adopt and, where necessary amend, regulatory technical standards to stipulate the details of the content, format and presentation of the standard information to be included in advertising under Article 8. Those regulatory technical standards shall be adopted in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.TheEuropean Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the details of the content, format and presentation of the standard information to be included in advertising under Article 8 for submission to the Commission by XX. EBA shall review, and if necessary, develop further draft regulatory technical standards to stipulate the content, format and presentation of the standard information to be included in advertising under Article 8 for submission to the Commission for the first time by XX and every two years thereafter.
Amendment 190 #
Proposal for a directive Article 8 – paragraph 3 a (new) 3a. Member States shall prohibit advertising for consumer credit products which: (a) incites over-indebted consumers to seek credit; (b) highlights the ease or speed with which credit can be obtained; (c) states that a promotion is conditional upon taking up credit; (d) specifies that outstanding credit contracts have little or no influence on the assessment of a credit application; (e) suggests that success, social achievement or specific skills can be acquired thanks to credit agreements; (f) offer “grace periods” for the repayment of credit instalments of more than three months
Amendment 191 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times on paper or on another durable medium or in electronic form upon request of the consumer.
Amendment 192 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times in electronic form or on request by the customer on paper or on another durable medium.
Amendment 193 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times either on paper, electronically or on another durable medium.
Amendment 194 #
Proposal for a directive Article 9 – paragraph 2 – point e Amendment 195 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 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.
Amendment 196 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 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
Amendment 197 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 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
Amendment 198 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 2 Amendment 199 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 2 Amendment 200 #
Proposal for a directive Article 10 – paragraph 2 2. The pre-contractual information referred to in paragraph 1 shall be provided on
Amendment 201 #
Proposal for a directive Article 10 – paragraph 2 2. The pre-contractual information referred to in paragraph 1 shall be provided on paper or on another durable medium, or in electronic form upon request of the consumer, by means of the Standard European Consumer Credit Information form set out in Annex I. All the information provided in the form
Amendment 202 #
Proposal for a directive Article 10 – paragraph 3 – subparagraph 1 – point g (g) the annual percentage rate of charge and the total amount payable by the consumer
Amendment 203 #
Proposal for a directive Article 10 – paragraph 3 – subparagraph 1 – point q (q) the right of early repayment, and, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined in accordance with Article 29;
Amendment 204 #
Proposal for a directive Article 10 – paragraph 3 – subparagraph 1 – point q (q) the right of early repayment, and, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined in accordance with Article 29;
Amendment 205 #
Proposal for a directive Article 10 – paragraph 3 – subparagraph 1 – point s (s) the c
Amendment 206 #
Proposal for a directive Article 10 – paragraph 3 – subparagraph 1 a (new) Elements stipulated in letters (c), (d), (e), (f), (g) and (m) shall be provided on the front page of the Standard European Consumer Credit Information, visually separated and highlighted in comparison with other elements of the other elements.
Amendment 207 #
Proposal for a directive Article 10 – paragraph 3 a (new) (3a) Member States shall require creditors and, where applicable, credit intermediaries to use the Standard European Consumer Credit Information form (Annex I) for binding or non- binding offers to conclude a consumer credit agreement.
Amendment 208 #
Proposal for a directive Article 10 – paragraph 4 Amendment 209 #
Proposal for a directive Article 10 – paragraph 4 Amendment 210 #
Proposal for a directive Article 10 – paragraph 4 Amendment 211 #
Proposal for a directive Article 10 – paragraph 4 Amendment 212 #
Proposal for a directive Article 10 – paragraph 4 – introductory part 4. At the same time as the Standard European Consumer Credit Information form is provided to the consumer, the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services,
Amendment 213 #
Proposal for a directive Article 10 – paragraph 4 – point a (a) the total amount of credit; the amount drawn down;
Amendment 214 #
Proposal for a directive Article 10 – paragraph 4 – point b (b) the duration of the credit agreement or crowdfunding credit services; the amount of the monthly loan instalment;
Amendment 215 #
Proposal for a directive Article 10 – paragraph 4 – point c (c) the borrowing rate, or all borrowing rates if different borrowing rates apply in different circumstances; indication as to whether interest is fixed or variable;
Amendment 216 #
Proposal for a directive Article 10 – paragraph 4 – point f Amendment 217 #
Proposal for a directive Article 10 – paragraph 4 – point f (f) explanation on the consequences, including the costs in the case of missing or late payments;
Amendment 218 #
Proposal for a directive Article 10 – paragraph 4 – point f a (new) (fa) information about the right of withdrawal.
Amendment 219 #
Proposal for a directive Article 10 – paragraph 5 Amendment 220 #
Proposal for a directive Article 10 – paragraph 5 – subparagraph 1 5. Information displayed in the Standard European Consumer Credit Information form
Amendment 221 #
Proposal for a directive 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
Amendment 222 #
Proposal for a directive 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. The European Banking Authority (EBA) shall develop draft regulatory technical standards to specify the format and presentation of the Standard European Consumer Credit Information form and the Standard Consumer Credit Overview form. Power is delegated to the Commission to adopt by XX the regulatory technical standards referred to in the third subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010
Amendment 223 #
Proposal for a directive Article 10 – paragraph 6 Amendment 224 #
Proposal for a directive Article 10 – paragraph 7 Amendment 225 #
Proposal for a directive Article 10 – paragraph 7 Amendment 226 #
Proposal for a directive Article 10 – paragraph 7 7.
Amendment 227 #
Proposal for a directive 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
Amendment 228 #
Proposal for a directive 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,
Amendment 229 #
Proposal for a directive Article 10 – paragraph 8 8.
Amendment 230 #
Proposal for a directive 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
Amendment 231 #
Proposal for a directive 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
Amendment 232 #
Proposal for a directive Article 10 – paragraph 10 10. This Article
Amendment 233 #
Proposal for a directive Article 11 – paragraph 3 Amendment 234 #
Proposal for a directive Article 11 – paragraph 4 4. Information displayed in the European Consumer Credit Information form
Amendment 235 #
Proposal for a directive 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
Amendment 236 #
Proposal for a directive 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
Amendment 237 #
Proposal for a directive 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
Amendment 238 #
Proposal for a directive 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
Amendment 239 #
Proposal for a directive Article 12 – paragraph 2 Amendment 240 #
Proposal for a directive Article 12 – paragraph 2 Amendment 241 #
Proposal for a directive Article 13 Amendment 242 #
Proposal for a directive Article 13 Amendment 243 #
Proposal for a directive Article 13 – paragraph 1 Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services explicitly inform consumers when they are presented with a personalised offer that is based on profiling or other types of automated processing of personal data. The data used to create a personalised offer shall be disclosed to the consumer in this information. The information under this provision shall be provided in a clearly visible manner together with that resulting from the GDPR and Rl2011/83 EU. At the consumer's request, a comparative offer on standard terms not based on profiling shall also be submitted to the consumer.
Amendment 244 #
Proposal for a directive Article 13 – paragraph 1 – subparagraph 2 (new) Member States shall prohibit discriminatory price optimisation practices when selling consumer credit products to consumers, in particular pricing which is based on individual price sensitivity.
Amendment 245 #
Proposal for a directive Article 13 – paragraph 1 Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services explicitly inform consumers when they are presented with a personalised offer that is based on profiling or other types of automated processing of personal data. Such personalised offer shall not be based on personal data other than financially related data as defined in Article 18 paragraph 2.
Amendment 246 #
Proposal for a directive Article 14 – paragraph 1 1. Member States
Amendment 247 #
Proposal for a directive Article 14 – paragraph 1 1. Member States
Amendment 248 #
Proposal for a directive Article 14 – paragraph 2 Amendment 249 #
Proposal for a directive Article 14 – paragraph 2 Amendment 250 #
Proposal for a directive Article 14 – paragraph 2 Amendment 251 #
Proposal for a directive Article 14 – paragraph 3 Amendment 252 #
Proposal for a directive Article 14 – paragraph 3 Amendment 253 #
Proposal for a directive Article 14 – paragraph 3 Amendment 254 #
Proposal for a directive Article 14 – paragraph 3 3. By way of derogation from paragraph 1 and without prejudice to the application of competition law, Member States may allow tying practices where the creditor or the provider of crowdfunding credit services can demonstrate to the competent authority that the tied products or categories of product offered, on terms and conditions similar to each other, are
Amendment 255 #
Proposal for a directive Article 14 – paragraph 4 4. Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account proportionality considerations. In such cases,
Amendment 256 #
Proposal for a directive Article 14 – paragraph 4 4. By way of derogation from paragraph 1 Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account proportionality considerations. In such cases, Member States shall ensure that the creditor or the provider of crowdfunding credit services is required to accept the insurance policy from a supplier different to his or her preferred supplier where such insurance policy has a level of guarantee equivalent to the one the creditor or the provider of crowdfunding credit services has proposed, without modifying the condition of the credit offering to the consumer. In addition, creditors or providers of crowdfunding credit services should not be permitted to offer a relevant insurance policy related to the credit agreement of crowdfunding credit services before a 7-day cooling off period in order to ensure that the consumer is able to compare offers.
Amendment 257 #
Proposal for a directive Article 14 – paragraph 4 4. By derogation to paragraph 1, Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account proportionality considerations. In such cases, Member States shall ensure that the creditor or the provider of crowdfunding credit services is required to accept the insurance policy from a supplier different to his or her preferred supplier where such insurance policy has a level of guarantee equivalent to the one the creditor or the provider of crowdfunding credit services has proposed, without modifying the condition of the credit offering to the consumer. In addition, creditors or providers of crowdfunding credit services should not be permitted to offer a relevant insurance policy related to the credit agreement of crowdfunding credit services before a 7- day cooling off period in order to ensure that the consumer is able to compare offers.
Amendment 258 #
Proposal for a directive Article 14 – paragraph 4 4. Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account
Amendment 259 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 1 4. Member States may shall prohibit the use of the terms ‘advice’ and ‘advisor’ or similar terms when the advisory services are being marketed and provided to consumers by creditors or, where applicable, credit intermediaries or providers of crowdfunding credit services. Where Member States do not prohibit the use of the terms ‘advice’ and ‘advisor’ or similar terms, they shall impose the following conditions on the use of the term ‘independent advice’ or ‘independent advisor’ by creditors, credit intermediaries or providers of crowdfunding credit services providing advisory services:(a) creditors and, where applicable, credit intermediaries or providers of crowdfunding credit services shall consider a sufficiently large number of credit agreements or crowdfunding credit services available on the market; (b) credit intermediaries shall not be remunerated for the advisory services by one or more creditors. Point (b) of the second subparagraph shall apply only where the number of creditors considered is less than a majority of the market. Member States may impose more stringent requirements for the provision of advisory services use of the terms ‘independent advice’ or ‘independent advisor’ by creditors and, where applicable, credit intermediaries or providers of crowdfunding credit services
Amendment 260 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 1 4. Member States
Amendment 261 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 1 4. Member States
Amendment 262 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 1 4. Member States
Amendment 263 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 2 – introductory part Amendment 264 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 2 – introductory part Amendment 265 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 2 – point a (a) credit
Amendment 266 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 2 – point a (a) credit
Amendment 267 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 2 – point a (a) creditors
Amendment 268 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 3 Amendment 269 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 3 Amendment 270 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 4 Member States may impose more stringent requirements for the
Amendment 271 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 4 Member States
Amendment 272 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 4 Member States may impose more stringent requirements for the
Amendment 273 #
Proposal for a directive Article 16 – paragraph 5 5. Where advisory services are provided to consumers, Member States shall require that creditors and, where applicable, credit intermediaries or providers of crowdfunding credit services to warn a consumer when a credit agreement or crowdfunding credit services may induce a specific risk for the consumer considering his or her financial situation.
Amendment 274 #
Proposal for a directive Article 16 – paragraph 5 5. Member States
Amendment 275 #
Proposal for a directive Article 17 – paragraph 1 Member States shall prohibit any sale of credit to consumers, without their prior request and explicit agreement. In particular, credit and credit-financed sales agreements shall be prohibited in connection with doorstep selling.
Amendment 276 #
Proposal for a directive Article 17 – paragraph 1 Without prejudice of the creditor's possibility of making offers to consumers, Member States shall prohibit any sale of credit to consumers, without their prior request
Amendment 277 #
Proposal for a directive Article 17 – paragraph 1 Without prejudice to the possibility of marketing communication, Member States shall prohibit
Amendment 278 #
Proposal for a directive Article 17 – paragraph 1 Member States shall prohibit any sale of credit to consumers, without their prior request and explicit agreement. This provision shall not inhibit general advertising activities.
Amendment 279 #
Proposal for a directive Article 17 – paragraph 1 Member States shall prohibit any offer of sale of credit to consumers, without their prior request and explicit agreement.
Amendment 280 #
Proposal for a directive Article 17 – paragraph 1 Member States shall prohibit any offer or sale of
Amendment 281 #
Proposal for a directive Article 17 – paragraph 1 Member States shall prohibit any offer or sale of credit to consumers, without their prior request and explicit agreement.
Amendment 282 #
Proposal for a directive Article 17 – paragraph 1 Member States shall prohibit any sale of credit to consumers, without their prior request
Amendment 283 #
Proposal for a directive Article 17 – paragraph 1 a (new) This provision shall not prevent the conclusion of point-of-sale credit agreements with the explicit purpose to finance the purchase of a good or a service.
Amendment 284 #
Proposal for a directive Article 17 – paragraph 1 a (new) The provision in paragraph 1 shall not apply to credit agreements concluded at a point of sale.
Amendment 285 #
Proposal for a directive 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
Amendment 286 #
Proposal for a directive Article 18 – paragraph 1 1. Member States shall require that, before concluding a credit agreement, or an
Amendment 287 #
Proposal for a directive 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
Amendment 288 #
Proposal for a directive 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 done in the interest of the consumer, to prevent irresponsible lending practices and over-indebtedness, and shall take appropriate and proportionate 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, according to the nature, duration and the risk profile of the consumer.
Amendment 289 #
Proposal for a directive 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
Amendment 290 #
Proposal for a directive Article 18 – paragraph 1 – subparagraph 1 a (new) The creditor shall make reasonable allowances for committed and other non- discretionary expenditures such as the consumers’ actual obligations, including appropriate substantiation and consideration of the living expenses of the consumer and his/her household. The assessment shall ensure that the agreed credit does not put the consumer in financial difficulty and allows the consumer to maintain a minimum standard of living. The creditor shall make prudent allowances for potential negative scenarios in the future, including for example, a reduced income; or where applicable, an increase in the borrowing rate or negative change in the exchange rate, or deferred payments of principal or interest. Member States shall ensure that credit intermediaries accurately transmit to the creditor information obtained from the consumer so that the creditworthiness assessment can be carried out.
Amendment 291 #
Proposal for a directive Article 18 – paragraph 1 – subparagraph 1 a (new) Member States shall ensure that the creditworthiness assessment and corresponding re-payment plans are tailored to the borrower’s specific profile and repayment capacity, including in the case of the most vulnerable consumers. In particular, where a creditor or a provider of crowdfunding credit services fulfils a social purpose as required by national law, the specificities of the loan such as its nature, maturity and interest rate, as well as the re-payment plan should fit the borrower’s specific profile, including their needs, income, savings, personal and family situation.
Amendment 292 #
Proposal for a directive Article 18 – paragraph 1- subparagraph 1 a (new) The creditor shall make reasonable allowances for committed and other non- discretionary expenditures such as the consumers’ actual obligations, including appropriate substantiation and consideration of the living expenses of the consumer and his/her household. The assessment shall ensure that the agreed credit does not put the consumer in financial difficulty and allows the consumer to maintain a minimum standard of living. The creditor shall make prudent allowances for potential negative scenarios in the future, including for example, a reduced income; or where applicable, an increase in the borrowing rate or negative change in the exchange rate, or deferred payments of principal or interest. Member States shall ensure that credit intermediaries accurately transmit to the creditor information obtained from the consumer so that the creditworthiness assessment can be carried out.
Amendment 293 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 2. The assessment of creditworthiness referred to in Article 8 shall be carried out exclusively on the basis of
Amendment 294 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 2. The assessment of creditworthiness referred to in Article 8 shall be carried out exclusively on the basis of
Amendment 295 #
Proposal for a directive 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 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 296 #
Proposal for a directive 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
Amendment 297 #
Proposal for a directive 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
Amendment 298 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 2. The assessment of creditworthiness shall be carried out on the basis of relevant
Amendment 299 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 2. The assessment of creditworthiness shall be carried out on the basis of
Amendment 300 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 2 Amendment 301 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 2 The information
Amendment 302 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 2 The information obtained in accordance with this paragraph shall be appropriately verified, where necessary through reference to independently verifiable documentation or by using statistical methods within automated decision- making systems.
Amendment 303 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 2 The information obtained in accordance with this paragraph shall be appropriately verified, where necessary through reference to independently verifiable documentation or by statistical methods with automated decision-making.
Amendment 304 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 2 The information obtained in accordance with this paragraph shall be appropriately verified, where necessary and proportionate through reference to independently verifiable documentation.
Amendment 305 #
Proposal for a directive Article 18 – paragraph 2 a (new) 2a. Powers are delegated to the European Commission to adopt and, where necessary amend, regulatory technical standards to stipulate the limits to the data to be assessed under paragraph 2 of Article 18. Those regulatory technical standards shall be adopted in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.The European Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the limits to the data to be assessed under paragraph 2of Article 18 for submission to the Commission by XX . EBA shall review, and if necessary, develop further draft regulatory technical standards to stipulate the format, presentation and limits to the data to be assessed under paragraph 2 of Article 18 for submission to the Commission for the first time by XX and every two years thereafter.
Amendment 306 #
Proposal for a directive Article 18 – paragraph 3 – subparagraph 2 Amendment 307 #
Proposal for a directive Article 18 – paragraph 3 – subparagraph 2 Amendment 308 #
Proposal for a directive Article 18 – paragraph 3 – subparagraph 2 Member States shall also require that after the conclusion of the credit agreement involving a total amount of credit of more than EUR 50.000, the creditor or the provider of crowdfunding credit services documents and maintains the information referred to in paragraph 2
Amendment 309 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 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 to be met in the manner required under that agreement. The methods used to determine these likelihood are to be jointly determined by EBA and the EU Data Protection Committee. Criteria for this are scientificity, explainability of the results, non-discrimination and data protection. A national supervisory authority is to be commissioned to regularly check compliance with these requirements.
Amendment 310 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 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 to be met in the manner required under that agreement. However, a positive creditworthiness assessment should not constitute an obligation for the creditor to provide credit.
Amendment 311 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 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 no substantial doubts exist that the obligations resulting from the credit agreement or the agreement for the provision of crowdfunding credit services are
Amendment 312 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 4. Member States shall ensure that the creditor or the provider of crowdfunding credit services may only make
Amendment 313 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 2 Amendment 314 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 2 Amendment 315 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 2 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 are not likely to be met in the manner required under that agreement, the creditor or the provider of crowdfunding credit services may exceptionally make credit available
Amendment 316 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 2 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 are not likely to be met in the manner required under that agreement, Member States may provide an option in national law which allows the creditor or the provider of crowdfunding credit services
Amendment 317 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 2 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 are not likely to be met in the manner required under that agreement, the creditor or the provider of crowdfunding credit services may
Amendment 318 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 2 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 are not likely to be met in the manner required under that agreement, the creditor or the provider of crowdfunding credit services may
Amendment 319 #
Proposal for a directive 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 Amendment 321 #
Proposal for a directive Article 18 – paragraph 6 Amendment 322 #
Proposal for a directive 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
Amendment 323 #
Proposal for a directive Article 18 – paragraph 6 – point b (b) request and obtain from the creditor or the provider of crowdfunding credit services a
Amendment 324 #
Proposal for a directive Article 18 – paragraph 6 – point c Amendment 325 #
Proposal for a directive Article 18 – paragraph 6 – point c (c)
Amendment 326 #
Proposal for a directive Article 18 – paragraph 6 – subparagraph 1 a (new) Member States shall further ensure that the following requirements are met: – scientific nature and predictive accuracy of the scoring according to Article 18, para. 4 – comprehensible interpretation of the score value vis-à-vis the consumer – prohibition of discriminatory score characteristics, such as the prohibition of geo-scoring(assessment of residential environment) – permanent supervision of automated decisions by a natural person – reference to the possibility of appealing to the mandatory arbitration board for conflicts between consumers and those responsible for scoring.
Amendment 327 #
Proposal for a directive 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
Amendment 328 #
Proposal for a directive 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. Consumers whose applications are rejected or receive less favourable conditions compared to standard contracts are to have access to a national out-of-court dispute resolution body. With regard to requirements such as independence and professional competence, the Directive 2013/11 EU on Alternative Dispute Resolution must be observed.
Amendment 329 #
Proposal for a directive Article 18 – paragraph 9 9. Member States whose legislation requires creditors or providers of crowdfunding credit services to assess the creditworthiness of consumers on the basis of a consultation of the relevant database may retain this requirement. However, the assessment must be based on sufficient information to adequately assess the consumer’s household budget, meaning that it cannot be based simply on a consumer’s credit history (information on past arrears and payment defaults).
Amendment 330 #
Proposal for a directive Article 18 – paragraph 9 a (new) 9a. A Member State may derogate from Article 18 in respect of credit agreements involving a total amount of credit of less than EUR 200, credit agreements where the credit is granted free of interest and without any other charges and credit agreements under the terms of which the credit has to be repaid within three months. Member States shall notify the Commission of the use of such derogation. The Commission shall publish a list of those derogations.
Amendment 331 #
Proposal for a directive Article 18 – paragraph 9 a (new) 9a. Notwithstanding the preceding paragraphs and for proportionality reasons, for credits Agreements below the amount of EUR 250 or credit agreements under the terms of which the credit has to be repaid within three months, the creditor complies with the requirements of this article through the consultation of the relevant databases referred to in article 19 of the directive.
Amendment 332 #
Proposal for a directive Article 18 – paragraph 9 b (new) 9b. Member States shall require that each 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 , authorised to consult the relevant databases referred to in article 19, are obliged to the enrichment of them.
Amendment 333 #
Proposal for a directive Article 19 – paragraph 2 2. Paragraph 1 shall apply both to public and private credit databases.
Amendment 334 #
Proposal for a directive Article 19 – paragraph 3 – subparagraph 1 (new) The person responsible for the database may only grant access to the database if he or she has previously notified the data subject of the query. The person making the query should have to prove to the database operator that there is a legitimate reason for the query (credit application of the person concerned). The database operator has to check the plausibility and keep the proof for official inspections.
Amendment 335 #
Proposal for a directive Article 19 – paragraph 3 3. The databases referred to in paragraph 1 shall hold at least information on
Amendment 336 #
Proposal for a directive Article 19 – paragraph 3 a (new) 3a. In order to provide more transparency on the credit market and counteract over-indebtedness, Member States shall make sure that all credit agreements are registered in databases.
Amendment 337 #
Proposal for a directive Article 19 – paragraph 4 4. Where the credit application is rejected on the basis of a consultation of a database referred to in paragraph 1, Member States shall require that the creditor or the provider of crowdfunding credit services informs the consumer immediately and free of charge of the result of such consultation and of the details of the database consulted. as well as the categories of data taken into account.
Amendment 338 #
Proposal for a directive Article 21 – paragraph 1 – subparagraph 1 – point c (c) the total amount of credit and the conditions governing the drawdown, as well as the amount drawn down by the consumer;
Amendment 339 #
Proposal for a directive Article 21 – paragraph 1 – subparagraph 1 – point v a (new) (va) the relevant contact details of debt- advisory services and a recommendation for the consumer to contact such services in case of re-payment difficulties.
Amendment 340 #
Proposal for a directive Article 21 – paragraph 1 – subparagraph 1 – point v a (new) (va) w) the relevant contact details of debt-advisory services and a recommendation for the consumer to contact such services in case of re- payment difficulties.
Amendment 341 #
Proposal for a directive Article 21 – paragraph 1 – subparagraph 1 – point v a (new) (va) the relevant contact details of debt- advisory services and a recommendation for the consumer to contact such services in case of re-payment difficulties.
Amendment 342 #
Proposal for a directive Article 21 – paragraph 2 – subparagraph 3 The amortisation table shall also contain a breakdown of each repayment specifying the capital amortisation, the interest calculated on the basis of the borrowing rate and, where applicable, any additional costs. Where an amortisation table is requested during the lifetime of the credit agreement, the initial balance shall take into account all payments made and interest and charges paid up to the time of the request.
Amendment 343 #
Proposal for a directive Article 21 – paragraph 3 a (new) Amendment 344 #
Proposal for a directive Article 21 a (new) Article 21a Member States shall require that the creditor keep the consumer informed free of charge, on a regular basis but at least once a year as at 31 December, by means of a statement of account on paper or, at the request of the consumer, on another durable medium. The first statement of account shall give the amount drawn down by the consumer. The subsequent statements shall show all entries on the loan account (credits and debits), with an itemised breakdown, plus the current balance and the borrowing rate applied.
Amendment 345 #
Proposal for a directive Article 23 – paragraph 1 – subparagraph 1 1. Member States shall require that the creditor or the provider of crowdfunding credit services inform the consumer of any change in the borrowing rate, on paper or another durable medium
Amendment 346 #
Proposal for a directive Article 23 – paragraph 1 – subparagraph 1 1. Member States shall require that the creditor or the provider of crowdfunding credit services inform the consumer of any change in the borrowing rate, on paper or another durable medium chosen by the consumer at least seven days, before the change enters into force.
Amendment 347 #
Proposal for a directive 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 informed, i.e. at least once a month, by means of statements of account, on paper or on another durable medium, containing the following elements:
Amendment 348 #
Proposal for a directive 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
Amendment 349 #
Proposal for a directive Article 24 – paragraph 2 – subparagraph 1 2. Where a credit has been granted in the form of an overdraft facility, Member
Amendment 350 #
Proposal for a directive Article 24 – paragraph 2 – subparagraph 1 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 at least seven days before, of increases in the borrowing rate or in any charges payable, before the change in question enters into force.
Amendment 351 #
Proposal for a directive Article 24 – paragraph 2 – subparagraph 1 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 2 working days before the change in question enters into
Amendment 352 #
Proposal for a directive Article 24 a (new) Amendment 353 #
Proposal for a directive Article 25 – paragraph 2 – subparagraph 1 – introductory part 2. In the event of a
Amendment 354 #
Proposal for a directive Article 25 – paragraph 2 – subparagraph 1 – introductory part 2. In the event of a
Amendment 355 #
Proposal for a directive Article 25 – paragraph 3 a (new) 3a. Any fees charged for overrunning shall not exceed 0.5% of the amount overrun by. Creditors should ensure that the consumer is informed of these fees in line with all relevant provisions of this Directive.
Amendment 356 #
Proposal for a directive Article 25 – paragraph 3 a (new) 3a. Any fees charged for overrunning shall not exceed 0.5% of the amount overrun by. Creditors should ensure that the consumer is informed of these fees in line with all relevant provisions of this Directive.
Amendment 357 #
Proposal for a directive Article 25 a (new) Article 25a Member States shall require that, during the lifetime of a credit granted in the form of an overdraft facility under Article 24 or an overrun under Article 25, the creditor shall inform the consumer about the creditor’s right of termination, and the arrangements for exercising that right, on the periodic statements of accounts to be drawn up. Attention should also be drawn to the possible costs of late payment and, in particular, to the default interest rate applicable.
Amendment 358 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 2 – point b (b) the day on which the consumer receives
Amendment 359 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 2 – point b (b) the day on which the consumer receives the
Amendment 360 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 3 a (new) If the creditor or the provider of crowdfunding credit services has not provided the consumer with the information on the right of withdrawal in accordance with Article 21.1 p), the withdrawal period shall expire 6 months after the day of the conclusion of the credit agreement or of the agreement for the provision of crowdfunding credit services.
Amendment 361 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 3 a (new) The period of withdrawal shall end the latest one year and 14 days after the Conclusion of the credit agreement.
Amendment 362 #
Proposal for a directive Article 26 – paragraph 1 a (new) 1a. In case, the creditor has failed to provide the consumer with the necessary information on the right to withdrawal in accordance with Article 21(1), the withdrawal period shall expire one year and 14 calendar days after the beginning as specified in Article 26(1) point p.
Amendment 363 #
Proposal for a directive Article 26 – paragraph 1 a (new) 1a. In the case of a linked credit agreement for the purchase of a good with a return policy that ensures a full refund for a certain period of time exceeding 14 calendar days, the right of withdrawal shall be extended to match the duration of such return policy.
Amendment 364 #
Proposal for a directive Article 26 – paragraph 4 a (new) (4a) Member States shall ensure that a consumer may withdraw from an agreement with a credit intermediary without giving any reason within a period of 14 calendar days. The withdrawal period shall begin on the day on which the credit intermediation agreement is concluded or on the day on which the consumer receives the contractual terms and conditions if that day falls after the conclusion of the agreement. Member States shall require that the consumer be clearly informed of the existence of that right of withdrawal, and the conditions for exercising it, on the first page of the credit intermediation agreement.
Amendment 365 #
Proposal for a directive Article 26 – paragraph 4 b (new) (4b) Member States shall ensure that surety providers, pledgers and guarantors who have made a declaration of liability to the creditor for consumer credit may withdraw that declaration without giving any reason within a period of 14 calendar days. The withdrawal period shall begin on the day on which the declaration was made or on the day on which the consumer receives the paper copy of his or her declaration and the liability terms and conditions if that day falls after the day on which the declaration was made. Member States shall require that the consumer be clearly informed of the existence of the right of withdrawal, and the conditions governing it, on the first page of the declaration of liability.
Amendment 366 #
Proposal for a directive Article 26 – paragraph 7 – subparagraph 1 a (new) Member States shall ensure that goods or services which form part of a linked credit agreement shall not be delivered before a cooling-off period of 48 hours after the conclusion of the contract.
Amendment 367 #
Proposal for a directive Article 26 – paragraph 7 a (new) 7a. The right of withdrawal shall expire at the latest one year and 14 days after the conclusion of the credit agreement or the contract for the provision of crowd-funding credit services.
Amendment 368 #
Proposal for a directive Article 27 – paragraph 1 1. Member States shall ensure that the cooling-off period referred to in Article 26(7) is respected and that a consumer who has exercised the right of withdrawal under Article 26 or based on Union law, concerning a contract for the supply of goods or services she or he shall no longer be bound by a linked credit agreement.
Amendment 369 #
Proposal for a directive Article 27 – paragraph 1 1. Member States shall ensure that the cooling-off period referred to in Article 26(7) is respected and that a consumer who has exercised the right of withdrawal under Article 26 or based on Union law, concerning a contract for the supply of goods or services she or he shall no longer be bound by a linked credit agreement.
Amendment 370 #
Proposal for a directive 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
Amendment 371 #
Proposal for a directive 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 or by third parties shall be taken into consideration.
Amendment 372 #
Proposal for a directive Article 29 – paragraph 4 Amendment 373 #
Proposal for a directive Article 29 – paragraph 4 Amendment 374 #
Proposal for a directive Article 29 – paragraph 4 – point b Amendment 375 #
Proposal for a directive 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 376 #
Proposal for a directive Article 29 – paragraph 4 – point b (b) the creditor may exceptionally claim higher compensation if the creditor
Amendment 377 #
Proposal for a directive Article 30 – paragraph 2 – subparagraph 1 a (new) The annual percentage rate of charge must also take into account the costs and charges for any additional insurance or other financial products that are either sold with, recommended for sale with or proposed for sale with the credit product.
Amendment 378 #
Proposal for a directive Article 30 – paragraph 2 – subparagraph 2 a (new) The annual percentage rate of charge must also take into account the costs and charges for any additional insurance or other financial products that are either sold with, recommended for sale with or proposed for sale with the credit product.
Amendment 379 #
Proposal for a directive Article 31 Amendment 380 #
Proposal for a directive Article 31 Amendment 381 #
Proposal for a directive Article 31 Amendment 382 #
Proposal for a directive Article 31 – title Caps on
Amendment 383 #
Proposal for a directive Article 31 – title Caps on
Amendment 384 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States
Amendment 385 #
Proposal for a directive Article 31 – paragraph 1 – introductory part (1) Member States shall introduce caps on
Amendment 386 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States
Amendment 387 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States
Amendment 388 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States shall introduce caps on
Amendment 389 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States shall introduce cap
Amendment 390 #
Proposal for a directive Article 31 – paragraph 1 – point a Amendment 391 #
Proposal for a directive Article 31 – paragraph 1 – point a Amendment 392 #
Proposal for a directive Article 31 – paragraph 1 – point a Amendment 393 #
Proposal for a directive Article 31 – paragraph 1 – point a Amendment 394 #
Proposal for a directive Article 31 – paragraph 1 – point a Amendment 395 #
Proposal for a directive Article 31 – paragraph 1 – point b Amendment 396 #
Proposal for a directive Article 31 – paragraph 1 – point c Amendment 397 #
Proposal for a directive Article 31 – paragraph 1 – point c Amendment 398 #
Proposal for a directive Article 31 – paragraph 1 – point c Amendment 399 #
Proposal for a directive Article 31 – paragraph 1 a (new) 1a. Powers are delegated to the European Commission to adopt and, where necessary amend, regulatory technical standards to stipulate the cap which the annual percentage rate of charge may not exceed. Those regulatory technical standards shall be adopted in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.The European Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the cap which the annual percentage rate of charge may not exceed for submission to the Commission by XX. EBA shall review, and if necessary, develop further draft regulatory technical standards to stipulate the cap which the annual percentage rate of charge may not exceed for submission to the Commission for the first time by XX and every two years thereafter.
Amendment 400 #
Proposal for a directive Article 31 – paragraph 2 2.
Amendment 401 #
Proposal for a directive Article 31 – paragraph 2 (2) Member States
Amendment 402 #
Proposal for a directive Article 31 – paragraph 2 a (new) 2a. The EBA shall develop draft regulatory technical standards on the methodology to calculate the APRC caps connected to the main categories of credit products falling under scope of this Directive in each Member State taking into account certain national specificities including current APRC or interest rate caps. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 403 #
Proposal for a directive Article 31 – paragraph 2 a (new) 2a. For the purpose of the application of this article, EBA shall issue guidelines on common criteria for caps on the annual percentage rate of charge and the total cost of the credit to the consumer to ensure and foster supervisory convergence across the Union. Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1093/2010.
Amendment 404 #
Proposal for a directive Article 31 a (new) Amendment 405 #
Proposal for a directive Article 32 – paragraph 1 – point e a (new) (ea) promoting the sale of goods or services, covered by a linked credit agreement
Amendment 406 #
Proposal for a directive Article 32 – paragraph 1 – point e a (new) (ea) promoting the sale of goods or services, covered by a linked credit agreement
Amendment 407 #
Proposal for a directive Article 32 – paragraph 1 – subparagraph 1 – point e a (new) (ea) promoting the sale of goods or services, covered by a linked credit agreement
Amendment 408 #
Proposal for a directive Article 32 – paragraph 2 subparagraph 1 a (new) Member States shall as a general rule, prohibit remuneration policies contingent upon the interest rate or cost of the credit, or the type of credit product subscribed.
Amendment 409 #
Proposal for a directive Article 32 – paragraph 2 - subparagraph 1 a (new) Member States shall as a general rule, prohibit remuneration policies contingent upon the interest rate or cost of the credit, or the type of credit product subscribed.
Amendment 410 #
Proposal for a directive Article 32 – paragraph 2 - subparagraph 1 a (new) Member States shall prohibit remuneration policies contingent upon the interest rate or cost of the credit, or the type of credit product subscribed.
Amendment 411 #
Proposal for a directive Article 32 – paragraph 3 – point a (a) the remuneration policy is consistent with and promotes sound and effective risk management and does not encourage
Amendment 412 #
Proposal for a directive Article 32 – paragraph 4 4. Member States shall ensure that where creditors, credit intermediaries or providers of crowdfunding credit services provide advisory services the remuneration structure of the staff involved does not prejudice their ability to act in the consumer’s best interest and is not contingent on sales targets. In order to achieve that goal, Member States may also
Amendment 413 #
Proposal for a directive Article 32 – paragraph 4 4. Member States shall ensure that where creditors, credit intermediaries or providers of crowdfunding credit services provide advisory services the remuneration structure of the staff involved does not prejudice their ability to act in the consumer’s best interest and is not contingent on sales targets. In order to achieve that goal, Member States may also ban commissions or any other specific forms of compensation, monetary or not, contingent on the number or proportion of or accepted applications for credit paid by the creditor to the credit intermediary.
Amendment 414 #
Proposal for a directive Article 32 – paragraph 4 4. Member States shall ensure that where creditors, credit intermediaries or providers of crowdfunding credit services
Amendment 415 #
Proposal for a directive Article 32 – paragraph 5 a (new) 5a. Member states shall ensure that creditors or credit servicers send the consumer before any debt collection a mandatory notification that provides without any ambivalence evidence of the debt, relied on a credit agreement. The debt notification must be exclusively made by a letter to the borrower in a white envelope without any specific writing and with acknowledgment of receipt. The notification shall not exceed 3 pages and include in clear and understandable for the general public language at least the following: (a) the evidence of the debt, relied on a credit contract (b) the identification of the creditor including its contact details; (c) where relevant, the identification of the credit servicer and its rights d. the legal base of the debts, the detailed amounts requested, and their source (capital, interest, penalties, procedural costs) (d) a key selection of borrowers’ rights description, including necessarily the protection against harassment and misleading behaviours; (e) a contact reference where to receive information and advice for borrowers under payment difficulties;
Amendment 416 #
Proposal for a directive Article 32 – paragraph 5 b (new) 5b. Member states shall ensure that no behaviour or practice causes damage to consumers’ privacy.
Amendment 417 #
Proposal for a directive Article 32 – paragraph 5 c (new) 5c. Member states shall ensure that creditors or credit servicers refrain from: (a) omitting to deduct previous payments from the requested amount; (b) sending stigmatising, intimidating or misleading communications, including improper legal threats or information that may be misleading for the borrower; (c) contacting other persons than the borrower including borrowers’ relatives.
Amendment 418 #
Proposal for a directive Article 32 – paragraph 5 d (new) 5d. The European Banking Authority shall develop regulatory technical standards to specify the standards under paragraph 5c. EBA shall submit those draft regulatory technical standards to the Commission by [12 months after the date of entry into force]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010 5. EBA shall develop draft implementing technical standards that specify the mandatory format of the notification under paragraph 5a. EBA shall submit those draft implementing technical standards to the Commission by 12 months from the entry into force of the Directive.
Amendment 419 #
Proposal for a directive Article 32 a (new) Article 32a Product governance and oversight 1. In accordance with the EBA Guidelines on product oversight and governance arrangements for retail banking products, this Directive introduces rules on product oversight and governance for credit manufacturers and distributors. When designing consumer credit products, creditors should take consumer interests, objectives and characteristics into account; identify the target market; test products with consumers before launching them on the market; monitor products once they are brought to market and take timely corrective measures to prevent consumer detriment. Credit distributors should provide credit only to the relevant target market, with the aim to minimise defaults and arrears. Notably, where providers of point-of-sale credit offer revolving credit, they should offer consumers a choice between instalment and revolving credit. Credit distributors should assess the suitability of annex products, such as insurance, to the consumer’s needs and expectations. 2. When designing consumer credit products, creditors or providers of crowdfunding credit services should take consumer interests, objectives and characteristics into account. Creditors or providers of crowdfunding credit services shall maintain, operate, and regularly review a product oversight and governance policy, including a process for the approval of each credit product. The product approval process shall specify an identified target market for each product, ensure that all relevant risks to such identified target market are assessed and that the intended distribution strategy is consistent with the identified target market. Creditors or providers of crowdfunding credit services shall take reasonable steps to ensure that the consumer credit product is only distributed to the identified target market. Member States shall ensure that creditors or providers of crowdfunding credit services regularly review the products they offer, taking into account any event that could materially affect the potential risk to the identified target market, to assess whether the product remains consistent with the needs of the identified target market and whether the intended distribution strategy remains appropriate. 3. Creditors or providers of crowdfunding credit services who act as product manufacturers shall make available to creditors, providers of crowdfunding credit services or credit intermediaries who act as distributors, all appropriate information on the consumer credit product and the product approval process, including the identified target market of the consumer credit product. Where a creditor, credit intermediary, or provider of crowdfunding credit services, advises on, or proposes, consumer credit products which it does not manufacture, it shall have in place adequate arrangements to obtain relevant information on the product approval process and on the characteristics of the target market of each consumer credit product it distributes. Member States shall ensure that products are only distributed to such relevant target market.
Amendment 420 #
Proposal for a directive Article 33 – paragraph 1 a (new) 1a. The requirements laid out in paragraph 1 shall not be applicable where the provision of the credit agreement is purely an ancillary service.
Amendment 421 #
Proposal for a directive Article 34 – paragraph 1 – subparagraph 1 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, and general knowledge about budget management. 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. These measures shall be taken in cooperation with consumer organisations, namely those who provide debt support services. Member States shall also disseminate information regarding the guidance that consumer organisations and national authorities may provide to consumers. This paragraph shall not prevent Member States from providing for additional financial education.
Amendment 422 #
Proposal for a directive Article 34 – paragraph 1 – subparagraph 1 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, and general knowledge about budget management. 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. These measures shall be taken in cooperation with consumer organisations, namely those who provide debt support services.
Amendment 423 #
Proposal for a directive Article 34 – paragraph 2 2.
Amendment 424 #
Proposal for a directive Article 35 – paragraph 1 – introductory part 1. Member States shall require creditors to
Amendment 425 #
Proposal for a directive Article 35 – paragraph 1 – introductory part 1. Member States shall require creditors to
Amendment 426 #
Proposal for a directive Article 35 – paragraph 1 – introductory part 1. Member States
Amendment 427 #
Proposal for a directive Article 35 – paragraph 1 – introductory part 1. Member States shall require creditors to
Amendment 428 #
Proposal for a directive Article 35 – paragraph 1 – point b – introductory part (b) a modification of the existing terms and conditions of a credit agreement, which
Amendment 429 #
Proposal for a directive Article 35 – paragraph 1 – point b – point iv (iv)
Amendment 430 #
Proposal for a directive Article 35 – paragraph 1 a (new) Amendment 431 #
Proposal for a directive Article 35 – paragraph 2 Amendment 432 #
Proposal for a directive Article 35 – paragraph 2 Amendment 433 #
Proposal for a directive Article 35 – paragraph 2 2. The list of
Amendment 434 #
Proposal for a directive Article 35 – paragraph 3 3. Member States
Amendment 435 #
Proposal for a directive Article 35 – paragraph 3 (3) Member States
Amendment 436 #
Proposal for a directive Article 35 – paragraph 4 Amendment 437 #
Proposal for a directive Article 35 – paragraph 4 Amendment 438 #
Proposal for a directive Article 35 – paragraph 4 Amendment 439 #
Proposal for a directive Article 35 – paragraph 5 a (new) 5a. Credit institutions and other creditors shall submit a report to competent authorities on a yearly basis summarising their sound forbearance policies and processes including procedures to detect, as early as possible, borrowers under payment difficulties. The report shall include a summary of the number of borrowers having benefited from forbearance measures and the modalities of forbearance measures that were effective during the previous year. The management body should approve this information prior to submission to competent authorities.
Amendment 440 #
Proposal for a directive Article 35 – paragraph 5 b (new) 5b. EBA shall draft regulatory technical standards for specifying: (i) the affordability assessment (ii) measures referred to under paragraph 1 and (iii) consumers in payment difficulties. Power is delegated to the Commission to adopt these regulatory technical standards by [1 year after entry into force of this Directive]
Amendment 441 #
Proposal for a directive Article 36 – paragraph 1 Member States shall ensure that qualitative debt
Amendment 442 #
Proposal for a directive Article 36 – paragraph 1 a (new) These debt advisory services shall be independent and free of charge to the consumer.
Amendment 443 #
Proposal for a directive Article 36 – paragraph 1 Member States shall ensure that debt advisory services are made available to consumers free of charge and independent.
Amendment 444 #
Proposal for a directive Article 36 – paragraph 1 a (new) Member States shall ensure that creditors systematically refer consumers experiencing or likely to experience financial difficulties, to the nearest debt- advice service available in their area. The European Commission should within two years of implementation of this Directive, produce a report providing an overview of the availability of debt-advice services across Member States, including their structure and financing models, and identify best practices for the further developments of such services.
Amendment 445 #
Proposal for a directive Article 36 – paragraph 1 a (new) Member States shall ensure that creditors systematically refer consumers experiencing or likely to experience financial difficulties, to the nearest debt- advice service available in their area.
Amendment 446 #
Proposal for a directive Article 36 – paragraph 1 a (new) The organisations or individuals that provide these debt advice services shall be required to register through a simple procedure with the National Competent Authority.
Amendment 447 #
Proposal for a directive Article 36 – paragraph 1 b (new) The European Commission should within two years of implementation of this Directive, produce a report providing an overview of the availability of debt-advice services across Member States, including their structure and financing models, and identify best practices for the further developments of such services.
Amendment 448 #
Proposal for a directive Article 36 – paragraph 1 b (new) Powers are delegated to the European Commission to adopt and, where necessary amend, regulatory technical standards to stipulate the practices to be used under paragraph 1 of Article 36 by debt advisors to ensure that consumers have access to high quality debt advice.
Amendment 449 #
Proposal for a directive Article 36 – paragraph 1 c (new) The European Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the practices to be used under paragraph 1 of Article 36 by debt advisors to ensure that consumers have access to high quality debt advice for submission to the Commission by XX. EBA shall review, and if necessary, develop further draft regulatory technical standards for submission to the Commission for the first time by XX and every two years thereafter.
Amendment 450 #
Proposal for a directive Article 36 – paragraph 1 d (new) Powers are delegated to the European Commission to adopt and, where necessary amend, regulatory technical standards to stipulate the minimum qualification requirements debt advisors should have to ensure that consumers have access to high quality debt advice.
Amendment 451 #
Proposal for a directive Article 36 – paragraph 1 e (new) The European Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the minimum qualifications of debt advisors to ensure that consumers have access to high quality debt advice for submission to the Commission by XX. EBA shall review, and if necessary, develop further draft regulatory technical standards for submission to the Commission for the first time by XX and every two years thereafter.
Amendment 452 #
Proposal for a directive Article 36 a (new) Amendment 453 #
Proposal for a directive Article 37 – paragraph 1 Member States shall ensure that 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. The appropriate European level shall oversee the efficiency of the admission, registration and supervision of non-credit institutions on a regular basis.
Amendment 454 #
Proposal for a directive Article 37 – paragraph 1 Member States shall ensure that 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 and proportionate admission process and to registration and supervision arrangements set up by an independent competent authority. This requirement shall not be applicable where the provision of the credit agreement is purely an ancillary service.
Amendment 455 #
Proposal for a directive Article 37 – paragraph 1 a (new) An entity admitted, registered or authorised pursuant to national law applicable to provision of services stipulated in this Directive prior to the entry into force of this Directive is considered admitted, registered or authorised for providing services according to this Directive for which it was authorised or registered according to national law.
Amendment 456 #
Proposal for a directive Article 37 – paragraph 1 b (new) Where an creditor and credit intermediary admitted, registered or authorised pursuant to national law applicable to services that are included in the scope of this Directive prior to the entry into force of this Directive, applies for admission, authorisation or registration as service provider under this Directive, the Member State shall not require that entity to provide information or documents which it has already submitted when applying for admission, authorisation or registration pursuant to national law, provided that such information or documents remain up-to-date and are accessible to the competent authority.
Amendment 457 #
Proposal for a directive Article 37 – paragraph 1 c (new) Amendment 458 #
Proposal for a directive Article 39 – paragraph 1 1. Member States shall ensure that the consumer, in the event of assignment to a third party of the creditor's rights under a credit agreement or an agreement for the provision of crowdfunding credit services, or of the agreement itself, is entitled to plead against the assignee any defence which was available to him or her against the original creditor, including set-off where such defence is permitted in the Member State concerned. Member States shall expressly prohibit the assignment of credit which can no longer be recovered in court or where the legal basis of the credit can no longer be demonstrated.
Amendment 459 #
Proposal for a directive Article 39 – paragraph 2 2. Member States shall require that the original creditor or the provider of crowdfunding credit services inform the
Amendment 460 #
Proposal for a directive Article 40 – paragraph 2 a (new) 2a. The participation of creditors, credit intermediaries and providers of crowdfunding credit services in out-of- court dispute settlement mechanisms for household customers shall be mandatory unless the Member State demonstrates to the Commission that other mechanisms are equally effective.
Amendment 461 #
Proposal for a directive Article 41 – paragraph 8 a (new) 8a. National Competent Authorities shall collect data on default rates of credit products sold under the scope of this Directive and report them to the EBA. The EBA shall provide an annual report to the Commission on these default rates, which shall: (a) be made publicly available on the websites of both the EBA and Commission; (b) analyse the default rates of credit products covered by this Directive by category and country;
Amendment 462 #
Proposal for a directive Article 41 – paragraph 8 a (new) 8a. Member States may apply national legislation to grant product intervention powers to national competent authorities to withdraw products with a high default rate.
Amendment 463 #
Proposal for a directive Article 41 – paragraph 8 b (new) 8b. Member States may apply national legislation to grant product intervention powers to national competent authorities to withdraw products with a high default rate.
Amendment 464 #
Proposal for a directive Article 44 – paragraph 1 1. Member States shall lay down the rules on penalties applicable to infringements of the national provisions adopted pursuant to this Directive and shall take all measures necessary to ensure that they are implemented. The penalties provided for shall be effective, proportionate and dissuasive. Member States shall notify those rules and of those measures to the Commission by [OP:
Amendment 465 #
Proposal for a directive 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 1% and not more than 4% 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. Member states shall proportionally reduce the fine in case when the turnover of the enterprise comprises not only of providing consumer credits, but also of other activities.
Amendment 466 #
Proposal for a directive 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
Amendment 467 #
Proposal for a directive Article 46 – paragraph 1 1. The Commission shall undertake, every five years and for the first time five years from the date of application, an evaluation of this Directive. The evaluation shall include (a) an assessment of the thresholds laid down in Article 2(2), point c, and in Part II of Annex IV,
Amendment 468 #
Proposal for a directive Article 47 – paragraph 1 Directive 2008/48/EC is repealed with effect from [OP: please insert date -
Amendment 469 #
Proposal for a directive Article 47 – paragraph 2 Directive 2008/48/EC shall also continue to apply to credit agreements existing on [OP: please insert date -
Amendment 470 #
Proposal for a directive Article 47 – paragraph 2 Directive 2008/48/EC shall also continue to apply to credit agreements existing on [OP: please insert date -
Amendment 471 #
Proposal for a directive Article 47 – paragraph 3 However, Articles 23 and 24, Article 25(1), second sentence, Article 25(2) and Articles 28 and 39 of this Directive shall apply to all open-end credit agreements existing on [OP: please insert date -
Amendment 472 #
Proposal for a directive Article 47 – paragraph 3 However, Articles 23 and 24, Article 25(1), second sentence, Article 25(2) and Articles 28 and 39 of this Directive shall apply to all open-end credit agreements existing on [OP: please insert date -
Amendment 473 #
Proposal for a directive Article 48 – paragraph 1 – subparagraph 1 1. Member States shall adopt and publish, by [OP: please insert date - 24 months from the date the Directive is adopted] at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions. They shall apply those measures from [OP: please insert date -
Amendment 474 #
Proposal for a directive Article 48 – paragraph 1 – subparagraph 1 1. Member States shall adopt and publish, by [OP: please insert date - 24 months from the date the Directive is adopted] at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions. They shall apply those measures from [OP: please insert date -
Amendment 475 #
Proposal for a directive Article 48 – paragraph 1 – subparagraph 2 Amendment 476 #
Proposal for a directive Article 48 – paragraph 1 – subparagraph 2 However, as regards relations, within the scope of this Directive, between consumers and creditors or credit intermediaries or providers of crowdfunding credit services who qualify as micro, small and medium undertakings as referred to in Article 3 of Directive 2013/34/EU, Member States shall apply those measures from [OP: please insert date -
Amendment 477 #
Proposal for a directive Annex II Amendment 478 #
Proposal for a directive Annex II Amendment 479 #
Proposal for a directive Annex II Amendment 67 #
Proposal for a directive Recital 4 (4) Digitalisation has contributed to market developments that were not foreseen at the time when Directive 2008/48/EC was adopted. In fact, the rapid technological developments registered since the 2008 Directive have brought significant changes to the consumer credit market, both on the supply side and on the demand side, such as the emergence of new products and the evolution of consumer behaviour and preferences. Digitalisation has also brought wide range of reliable authentication options, including digital signature, voice authentication, face ID and others. Those options enable the digital approval and signing of credit contracts.
Amendment 68 #
Proposal for a directive Recital 6 (6) The de facto and de jure situation resulting from those national differences in some cases leads to distortions of competition among creditors in the Union and creates obstacles to the internal market. The situation restricts consumers' ability to benefit from a gradually increasing offer of cross-border credit, which is expected to further grow as a result of digitalisation. Those distortions and restrictions may in turn have consequences in terms of
Amendment 69 #
Proposal for a directive Recital 9 (9) In accordance with Article 26 of the Treaty on the Functioning of the European Union (TFEU), the internal market comprises an area in which the free movement of goods and services and the freedom of establishment are ensured. The development of a more transparent and efficient legal framework for consumer credit should increase consumer trust and welfare and facilitate the development of cross-border activities.
Amendment 70 #
Proposal for a directive Recital 10 (10) In order to improve the functioning of the internal market for consumer credits, it is necessary to provide for a harmonised
Amendment 71 #
Proposal for a directive Recital 12 (12) It is important that consumers benefit from a high level of consumer protection, convenient and cost-efficient solutions. Thus, it should be possible for the free movement of credit offers to take place under optimum conditions for both those who offer credit and those who require it, with due regard to specific situations in the Member States.
Amendment 72 #
Proposal for a directive Recital 13 (13)
Amendment 73 #
Proposal for a directive Recital 14 (14) The definitions contained in this Directive determine the scope of harmoni
Amendment 74 #
Proposal for a directive 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
Amendment 75 #
Proposal for a directive 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
Amendment 76 #
Proposal for a directive Recital 16 (16) Crowdfunding is increasingly a form of finance available to consumers, typically for small expenses or investments. Regulation (EU) 2020/1503 of the European Parliament and of the Council26 excludes from its scope crowdfunding services, including those facilitating the granting of credit, that are provided to consumers as defined in Directive 2008/48/EC. In this context, this Directive aims to complement Regulation (EU) 2020/1503 by
Amendment 77 #
Proposal for a directive Recital 18 (18) Some provisions of this Directive should moreover apply to providers of crowdfunding credit services, acting in such capacity and not as creditors or credit intermediaries, where they facilitate the granting of credit between, on the one side, persons granting consumer credit outside of the course of their trade, business or profession, and on the other side, consumers. In this context, the provider of crowdfunding credit services should comply with certain rules and obligations of this Directive including the obligation to carry out a creditworthiness assessment and the rules on pre-contractual information. Persons granting credit not in the course of their formal trade, business or profession, to consumers through a crowdfunding credit platform should not be subject to obligations for creditors under this Directive.
Amendment 78 #
Proposal for a directive Recital 24 (24) Information to consumers, such as
Amendment 79 #
Proposal for a directive Recital 24 (24) Information to consumers mandated by this Directive, such as pre- contractual information or general information, should be provided free of charge.
Amendment 80 #
Proposal for a directive 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, these provisions are applied without prejudice to the right of creditors not to engage in certain activities in certain Member States.
Amendment 81 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services and certain items of standard information to be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way
Amendment 82 #
Proposal for a directive 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, if possible at least one day prior to the conclusion of the credit agreement or of the agreement for
Amendment 83 #
Proposal for a directive 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,
Amendment 84 #
Proposal for a directive 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,
Amendment 85 #
Proposal for a directive Recital 31 (31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form.
Amendment 86 #
Proposal for a directive 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
Amendment 87 #
Proposal for a directive Recital 38 (38)
Amendment 88 #
Proposal for a directive Recital 39 (39) Despite the pre-contractual information to be provided, the consumer may still need additional assistance in order to decide which credit agreement or crowdfunding credit services, within the range of products proposed, are the most appropriate for his or her needs and financial situation. Therefore, Member States should ensure that creditors and, where applicable, credit intermediaries and providers of crowdfunding credit services provide such assistance in relation to the credit products which they offer to the consumer, by providing adequate explanations about the relevant information including in particular the essential characteristics of the products proposed to the consumer
Amendment 89 #
Proposal for a directive 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 when the price presented to them is personalised on the basis of automated processing in line with the Regulation (EU) 2016/679, so that they can take into account the potential risks in their purchasing decision. __________________ 31 COM
Amendment 90 #
Proposal for a directive Recital 41 (41) As a general rule, tying practices should not be allowed unless the financial service or product offered together with the credit agreement or crowdfunding credit services could not be offered separately as
Amendment 91 #
Proposal for a directive Recital 43 (43) Providing advice in the form of a personalised recommendation (‘advisory services’) is an activity which may be combined with other aspects of granting or intermediating credit. Therefore, in order to be in a position to understand the nature of the services provided to them, consumers should be made aware of what constitutes such advisory services and of whether advisory services are being, or can be, provided or not. Given the importance which consumers attach to the use of the terms ‘advice’ and ‘advisors’, Member States should be allowed to prohibit the use of
Amendment 92 #
Proposal for a directive Recital 44 (44) Credit offers or 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, Member States shall prohibit (i) unsolicited sales of credit, including non-
Amendment 93 #
Proposal for a directive Recital 44 (44) Credit offers or credit sales that have not been solicited by the consumers may in some cases be associated with practices that are
Amendment 94 #
Proposal for a directive 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, unsolicited sale of credit, including non- requested pre-approved credit cards sent to the consumers, or the unilateral increase of a consumers’ overdraft or credit card limit, should be prohibited. This provision does not intend to prohibit general marketing activities though.
Amendment 95 #
Proposal for a directive 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 may 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 and proportionally 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
Amendment 96 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be done in the interest of the consumer, to prevent irresponsible lending practices and over- indebtedness, and should take into consideration all necessary and relevant factors that could influence a consumer’s ability to repay the credit.
Amendment 97 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be done in the interest of the consumer
Amendment 98 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be done in the interest of the consumer, to prevent irresponsible lending practices and over- indebtedness, and should take into consideration
Amendment 99 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be done in the interest of the consumer, to prevent
source: 719.856
2022/03/16
IMCO
696 amendments...
Amendment 113 #
Proposal for a directive Recital 4 (4) Digitalisation has contributed to market developments that were not foreseen at the time when Directive 2008/48/EC was adopted. In fact, the rapid technological developments registered since the 2008 Directive have brought significant changes to the consumer credit market, both on the supply side and on the demand side, such as the emergence of new products and the evolution of consumer behaviour and preferences. Digitalisation has also brought wide range of reliable authentication options, including digital signature, voice authentication, face ID and others. Those options enable the digital approval and signing of credit contracts.
Amendment 114 #
Proposal for a directive Recital 6 (6) The de facto and de jure situation resulting from those national differences in some cases leads to distortions of competition among creditors in the Union and creates obstacles to the internal market. The situation restricts consumers' ability to benefit from a gradually increasing offer of cross-border credit, which is expected to further grow as a result of digitalisation. Those distortions and restrictions may in turn have consequences in terms of
Amendment 115 #
Proposal for a directive Recital 7 (7) In recent years, credit offered to consumers has evolved and diversified considerably. New credit products have appeared, in particular in the online environment, and their use continues to develop. This has raised legal uncertainty with regard to the application of the Directive 2008/48/EC to such new products. Practices such as the use of minicredits and long-term leases have experienced unprecedented growth in recent years, often leading to abuses and unfair commercial practices where consumers have been left in a precarious financial situation, or even heavily in debt, which they could have avoided if such practices were properly regulated and if contractual information were provided in a transparent, comprehensive and timely manner.
Amendment 116 #
Proposal for a directive Recital 9 (9) In accordance with Article 26 of the Treaty on the Functioning of the European Union (TFEU), the internal market comprises an area in which the free movement of goods and services and the freedom of establishment are ensured. The development of a more transparent and efficient legal framework for consumer credit should increase consumer trust and welfare and facilitate the development of cross-border activities.
Amendment 117 #
Proposal for a directive Recital 10 (10) In order to improve the functioning of the internal market for consumer credits, it is necessary to provide for a harmonised Union framework in a number of core areas. In view of the developing market in consumer credit, in particular in the online environment, and the increasing mobility of European citizens, forward-looking risk- oriented and proportionate Union legislation which is able to adapt to future forms of credit and which allows Member States the appropriate degree of flexibility in their implementation will help to create a level playing field for businesses.
Amendment 118 #
Proposal for a directive Recital 12 (12) It is important that consumers benefit from a high level of consumer protection, convenient and cost-efficient solutions. Thus, it should be possible for the free movement of credit offers to take place under optimum conditions for both those who offer credit and those who require it, with due regard to specific situations in the Member States.
Amendment 119 #
Proposal for a directive Recital 13 (13)
Amendment 120 #
Proposal for a directive 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.
Amendment 121 #
Proposal for a directive 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
Amendment 122 #
Proposal for a directive 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
Amendment 123 #
Proposal for a directive 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
Amendment 124 #
Proposal for a directive 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
Amendment 125 #
Proposal for a directive Recital 15 a (new) (15 a) Offers for environmentally sustainable consumer loans are currently limited across the EU. In order to enable environmentally sustainable consumer spending such as the purchase of electric vehicles, or energy-efficient home renovations, in line with the EU Commission’s renewed Strategy on Sustainable Finance, creditors should be encouraged to offer as part of their portfolios affordable environmentally sustainable consumer credit products and develop corresponding policies. For this purpose, the European Banking Authority should, after consulting the Platform on Sustainable Finance, submit a report to the European Parliament, to the Council and to the Commission on environmentally sustainable consumer credit products, including a proposal for a standardisation of different types of environmentally sustainable consumer credit products. The Commission should take the report into account in its first evaluation of this Directive and, where appropriate, submit proposals to harmonise environmentally sustainable consumer lending practices and ensure ample availability and affordability of environmentally sustainable consumer credit products across the Union. Member States should set up qualitative and where relevant, quantitative targets to ensure the development of environmentally sustainable credit products.
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 127 #
Proposal for a directive Recital 16 (16) Crowdfunding is increasingly a form of finance available to consumers, typically for small expenses or investments. Regulation (EU) 2020/1503 of the European Parliament and of the Council26 excludes from its scope crowdfunding services, including those facilitating the granting of credit, that are provided to consumers as defined in Directive 2008/48/EC. In this context, this Directive aims to complement Regulation (EU) 2020/1503 by
Amendment 128 #
Proposal for a directive Recital 20 (20) Agreements for the provision on a continuing basis of services or for the supply of goods of the same kind, where the consumer pays for them for the duration of their provision by means of instalments, may differ considerably, in terms of the interests of the contractual parties involved, and the modalities and performance of the transactions, from credit agreements covered by this Directive. Therefore, such agreements should not be regarded as credit agreements for the purposes of this Directive. Such agreement includes, for example, an insurance contract where the insurance is paid for in monthly instalments. Hiring and 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 should not be regarded as credit agreements for the purpose of this Directive
Amendment 129 #
Proposal for a directive Recital 20 (20) Agreements for the provision on a continuing basis of services or for the supply of goods of the same kind, where the consumer pays for them for the duration of their provision by means of instalments, may differ considerably, in terms of the interests of the contractual parties involved, and the modalities and performance of the transactions, from credit agreements covered by this Directive. Therefore, such agreements should not be regarded as credit agreements for the purposes of this Directive. Such agreement includes, for example, an insurance contract, where the insurance is paid for in monthly instalments, electronic communication bundles or energy contracts.
Amendment 130 #
Proposal for a directive Recital 24 (24) Information to consumers, such as pre-contractual information or general information, should be provided free of charge. Upon agreement between the creditor or the provider of crowdfunding credit services and the consumer and at the consumers’ request, any additional information or transmission of information can be charged.
Amendment 131 #
Proposal for a directive Recital 25 a (new) (25 a) This Directive is without prejudice to Regulation 2016/679 that applies to any processing of personal data carried out by creditors and credit intermediaries falling within the scope of this Directive.
Amendment 132 #
Proposal for a directive Recital 26 Amendment 133 #
Proposal for a directive 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 134 #
Proposal for a directive 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. This is without prejudice to the possibility for the provider of credit services to refuse to enter into a credit service agreement where justified by objective criteria.
Amendment 135 #
Proposal for a directive 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 Amendment 137 #
Proposal for a directive Recital 28 (28) Advertising tends to focus on one or several products in particular, while consumers should be able to make their decisions in full knowledge of the range of credit products on offer. In that respect, general information plays an important role in educating the consumer in relation to the broad range of products and services available and the key features thereof, such as the total cost of the credit and the total amount payable by the consumer. Consumers should therefore be able at all times to access general information on credit products available. This should be without prejudice to the obligation to provide consumers with personalised pre- contractual information.
Amendment 138 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services
Amendment 139 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services and certain items of standard information to be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way by means of a representative example. The standard information should be shown upfront and saliently, in a clear way and in an engaging format. It should be clearly legible and adapted to take into account the technical constraints of certain media such as mobile telephone screens. Temporary promotional conditions, such as a teaser rate with lower interest rate for the initial months of the credit agreement or crowdfunding credit services, should be clearly identified as such. Consumers should see all essential information at a glance, even when they watch it on the screen of a mobile telephone. The creditor and, where applicable, credit intermediary and provider of crowdfunding credit services’ telephone number and email address should also be communicated to the consumer to enable him or her to contact the creditor, the credit intermediary or provider of crowdfunding credit services quickly and efficiently. A ceiling should be provided where it is not possible to indicate the total amount of credit as the total sums made available, in particular where a credit agreement gives the consumer freedom of drawdown with a limitation with regard to the amount. The ceiling should indicate the upper limit of credit which can be made available to the consumer. In specific and justified cases, in order to improve consumer understanding of information disclosed in advertising of credit agreements or crowdfunding credit services where the medium used does not
Amendment 140 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services and certain items of standard information to be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way by means of a representative example. The standard information should be shown upfront and saliently, in a clear way and in an engaging format. It should be clearly legible and adapted to take into account the technical constraints of certain media such as mobile telephone screens and/or digital channels. Temporary promotional conditions, such as a teaser rate with lower interest rate for the initial
Amendment 141 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services and certain items of standard information to be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way by means of a representative example. The standard information should be shown
Amendment 142 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services and certain items of standard information to be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way by means of a representative example, with particular care being required to make such information accessible to older consumers with little knowledge of digital procedures. The standard information should be shown upfront and saliently, in a clear way and in an engaging format. It should be clearly legible and adapted to take into account the technical constraints of certain media such as mobile telephone screens. Temporary promotional conditions, such as a teaser rate with lower interest rate for the initial months of the credit agreement or crowdfunding credit services, should be clearly identified as such. Consumers should see all essential information at a glance, even when they watch it on the screen of a mobile telephone. The creditor and, where applicable, credit intermediary and provider of crowdfunding credit
Amendment 143 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services and certain items of standard information to be provided to consumers in order to enable
Amendment 144 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services and certain items of standard information to be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way
Amendment 145 #
Proposal for a directive Recital 29 a (new) Amendment 146 #
Proposal for a directive Recital 30 (30) In order to be able to make their decisions in full knowledge of the facts, consumers should receive adequate pre- contractual information, for careful consideration at their own leisure and convenience,
Amendment 147 #
Proposal for a directive 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,
Amendment 148 #
Proposal for a directive Recital 30 (30) In order to be able to make their decisions in full knowledge of the facts,
Amendment 149 #
Proposal for a directive 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,
Amendment 150 #
Proposal for a directive 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,
Amendment 151 #
Proposal for a directive 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
Amendment 152 #
Proposal for a directive Recital 31 (31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form.
Amendment 153 #
Proposal for a directive Recital 31 (31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form.
Amendment 154 #
Proposal for a directive Recital 31 (31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form.
Amendment 155 #
Proposal for a directive Recital 31 (31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form. To help consumers understand and compare offers,
Amendment 156 #
Proposal for a directive Recital 31 (31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form. To help consumers understand and compare
Amendment 157 #
Proposal for a directive Recital 31 (31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form. To help consumers understand and compare offers,
Amendment 158 #
Proposal for a directive 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
Amendment 159 #
Proposal for a directive 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
Amendment 160 #
Proposal for a directive 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
Amendment 161 #
Proposal for a directive 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.
Amendment 162 #
Proposal for a directive Recital 39 (39) Despite the pre-contractual information to be provided, the consumer may still need additional assistance in order to decide which credit agreement or crowdfunding credit services, within the range of products proposed, are the most appropriate for his or her needs and financial situation. Therefore, Member States should ensure that creditors and, where applicable, credit intermediaries and providers of crowdfunding credit services provide such assistance in relation to the credit products which they offer to the consumer, by providing adequate explanations about the relevant information in a easily understandable manner before the signing of the contract, including in particular the essential characteristics of the products proposed to the consumer in a personalised manner so that the consumer can understand the effects which they may have on his or her
Amendment 163 #
Proposal for a directive 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
Amendment 164 #
Proposal for a directive 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
Amendment 165 #
Proposal for a directive Recital 41 (41) As a general rule, tying practices should not be allowed unless the financial service or product offered together with the credit agreement or crowdfunding credit services could not be offered separately as it is a fully integrated part of the credit, for example in the event of an overdraft facility. While, taking into account proportionality considerations, creditors or providers of crowdfunding credit services should be able to require the consumer to have a relevant insurance policy in order to guarantee repayment of the credit or to insure the value of the security, the consumer should have the opportunity to choose his or her own insurance provider. This should not prejudice the credit conditions set by the creditor or the provider of crowdfunding credit services, provided that the insurance policy of that provider has an equivalent level of guarantee as the insurance policy proposed or offered by the creditor or providers of
Amendment 166 #
Proposal for a directive 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, Member States should prohibit unsolicited sales of credit, including non-
Amendment 167 #
Proposal for a directive 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, without prejudice to the creditor's possibility of making offers to consumers, unsolicited
Amendment 168 #
Proposal for a directive 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-
Amendment 169 #
Proposal for a directive Recital 44 a (new) (44 a) Consumers should be able to make free, autonomous and informed decisions or choices when using the service of a creditor. However, certain practices can exploit cognitive biases and prompt consumers to take certain decisions or opt for certain choices. Creditors should therefore be prohibited from deceiving or nudging consumers and from distorting or impairing his or her autonomy, decision-making or choice via the structure, design, function or manner of operation of their online interface nor via any other type of nudging.
Amendment 170 #
Proposal for a directive 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 may 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 and proportionally 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
Amendment 171 #
Proposal for a directive 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
Amendment 172 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be done in the interest of the consumer, to prevent irresponsible lending practices and over- indebtedness, and should take into consideration all necessary and relevant factors that could influence a consumer’s ability to repay the credit, as well as a consumer’s ability to repay the credit. That assessment, performed in accordance with the obligations laid down in this Directive, should not be understood as a right of the consumer to get credit or a duty of the provider to provide credit. Member States should be able to issue additional guidance on additional criteria and methods to assess a consumer’s creditworthiness, for example by setting limits on loan-to-value or loan-
Amendment 173 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be done in the interest of the consumer, to prevent irresponsible lending practices and over- indebtedness, and should take into consideration all necessary and relevant factors that could influence a consumer’s ability to repay the credit. The assessment should be proportionate considering the risk-based approach, data minimalisation principle and cost-effectiveness. Member States should be able to issue additional guidance on additional criteria and methods to assess a consumer’s creditworthiness, for example by setting limits on loan-to-value or loan-
Amendment 174 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be proportionate and be done in the interest of the consumer, to prevent irresponsible lending practices and over-
Amendment 175 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be done in the interest of the consumer and in keeping with the principle of proportionality, to prevent irresponsible lending practices and over-
Amendment 176 #
Proposal for a directive Recital 46 a (new) (46 a) Reasonable allowances to the consumers should be determined by the creditor for committed and other non- discretionary expenditures such as the consumers’ current obligations, including appropriate substantiation and consideration of the living expenses of the consumer, his/her household, future events during the term of the proposed credit agreement such as a reduction in income or, were applicable, an increase in the borrowing rate or negative change in the exchange rate, or deferred payments of principal or interest. In the case of variable rates, the maximum possible rate should not be higher than the cap applicable to the APRC.
Amendment 177 #
Proposal for a directive Recital 47 (47) The assessment of creditworthiness should be based on information defined by this Directive, including 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,
Amendment 178 #
Proposal for a directive 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 or on statistical data where this is proportionate vis-à-vis the loan value, duration or the characteristics of the credit. The European Banking Authority Guidelines on loan origination and monitoring
Amendment 179 #
Proposal for a directive 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
Amendment 180 #
Proposal for a directive 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
Amendment 181 #
Proposal for a directive 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.
Amendment 182 #
Proposal for a directive Recital 47 a (new) (47 a) Many people, particularly people diagnosed with cancer as children or adolescents, face unjust financial penalties for years or decades after their treatment has ended. The inability to access, for example, loans or insurance impacts people affected by cancer in practical ways regarding homeownership, travel, free movement and rebuilding their life after cancer. This Directive fully recognises this and introduces a “Right to be Forgotten” where Member States must fully ensure that people who have survived cancer either do not have to declare their diagnosis and/or can no longer be treated differently to people who have not had a cancer diagnosis when applying for and accessing financial products or services such as insurance products and/or loans. This should remove barriers to accessing financial services for people living beyond cancer, particularly those who finished treatment years or decades ago, including people diagnosed as children and adolescents who face many financial burdens associated with their past diagnosis.
Amendment 183 #
Proposal for a directive 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) (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 185 #
Proposal for a directive Recital 47 b (new) (47 b) Member States should implement this Directive in a manner that fully guarantees the “Right to be Forgotten” for cancer survivors. This implementation should include timeframes post-recovery after which a person no longer has to declare their cancer diagnosis. These timeframes should reflect the latest scientific evidence and be tailored by cancer type. The maximum timeframe should be no longer than 5 years for people diagnosed with cancer at any age.
Amendment 186 #
Proposal for a directive 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 be informed of this fact and have a right to obtain human
Amendment 187 #
Proposal for a directive 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 functioning of the automated processing used, including among others the main variables, the logic and risks involved
Amendment 188 #
Proposal for a directive 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
Amendment 189 #
Proposal for a directive 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
Amendment 190 #
Proposal for a directive 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 facilitate the cross-border access to private or public databases, in compliance 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,
Amendment 191 #
Proposal for a directive Recital 49 (49) To assess the credit status of a consumer, the creditor or the provider of crowdfunding credit services should have the ability to 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-
Amendment 192 #
Proposal for a directive 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
Amendment 193 #
Proposal for a directive Recital 49 a (new) (49 a) Creditors, providers of crowdfunding credit services and insurers should not take into account the medical history of people who have been affected by cancer. Currently, five Member States have national provisions to help specific groups of people affected by cancer, under certain circumstances, to access financial services, including insurance, without reference to the risk associated with cancer. Such provisions should be implemented in all Member States. To this end, Member States should define, with the support of medical, scientific and statistical experts, the conditions determining the right to access financial services, including insurance, without reference to the risk associated with cancer. Member States should also undertake to adopt measures to inform consumers of the existence of this right. The imposition of restrictive conditions in policies, which are not based on medical, scientific and statistical data, should be avoided whenever pre-existing conditions are disclosed.
Amendment 194 #
Proposal for a directive Recital 51 (51)
Amendment 195 #
Proposal for a directive Recital 54 (54) In order to ensure full transparency, the consumer should be provided with information concerning the borrowing rate, both at a pre-contractual stage and when the credit agreement or the agreement for the provision of crowdfunding credit services is concluded. During the contractual relationship, the consumer should further be informed of changes to the variable borrowing rate and changes to the payments caused thereby, at least 2 working days in advance. This is without prejudice to provisions of national law not related to consumer information which lay down conditions for, or prescribe the consequences of, changes, other than changes concerning payments, in borrowing rates and other economic conditions governing the credit, for instance rules providing that the creditor or the provider of crowdfunding credit services may change the borrowing rate only where there is a valid reason for such change or that the consumer may terminate the contract should there be a change in the borrowing rate or in other specific economic condition concerning the credit. Variable borrowing rates should not exceed the maximum annual percentage rate of charge caps defined by national law in accordance with the provision laid down in this Directive during the duration of a consumer credit contract.
Amendment 196 #
Proposal for a directive 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 197 #
Proposal for a directive Recital 55 (55) In case of a
Amendment 198 #
Proposal for a directive Recital 55 (55) In case of a significant overrun exceeding a period of one month, the creditor should present the consumer without delay with information on the overrun, including the amount involved, the borrowing rate and any applicable penalties, charges or interest on arrears applicable. In case of regular overrunning, the creditor should offer to the consumer advisory services, where available, to help consumers identifying less expensive alternatives, or redirect consumers towards debt advisory services, in order to prevent consumers from taking out loans from providers outside the legal credit market.
Amendment 199 #
Proposal for a directive 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 (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 201 #
Proposal for a directive 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. Hence, an absolute time limit for the withdrawal right is needed.
Amendment 202 #
(57) Where a consumer withdraws from a credit agreement or an agreement for the provision of crowdfunding credit services in connection with which the consumer has received goods, in particular from a purchase in instalments
Amendment 203 #
Proposal for a directive 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 to the creditor and engrossed by the latter. The consumer's right to a reduction in the total cost of the credit in the event of early repayment of the credit should include, in principle, all costs imposed on the consumer by the creditor. Other costs incurred by the consumer, such as payments to third parties, in particular credit intermediaries, are not affected by early repayment, regardless of whether they were made by the borrower directly or through the creditor to the third party. 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
Amendment 204 #
Proposal for a directive Recital 62 (62) The consumer should have the right to discharge his or her obligations before
Amendment 205 #
Proposal for a directive Recital 62 (62) The consumer should have the right to discharge his or her obligations before the date agreed in the credit agreement.
Amendment 206 #
Proposal for a directive 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 contrast, up-front costs which are fully exhausted at the time of granting of the loan and that corresponded to services effectively provided to the consumer should not be imposed on the consumer. In the case of early repayment the creditor should be entitled to a fair and objectively justified compensation for the
Amendment 207 #
Proposal for a directive 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.
Amendment 208 #
Proposal for a directive 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
Amendment 209 #
Proposal for a directive 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.
Amendment 210 #
Proposal for a directive 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
Amendment 211 #
Proposal for a directive 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.
Amendment 212 #
Proposal for a directive 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
Amendment 213 #
Proposal for a directive 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 214 #
Proposal for a directive Recital 69 (69) In order to increase the ability of consumers to make informed decisions about borrowing and managing debt responsibly, Member States should promote measures to support the education of consumers in relation to responsible borrowing and debt management in particular relating to consumer credit agreements, as well as general budget management. This obligation could be fulfilled taking into account the financial competence framework developed by the
Amendment 215 #
Proposal for a directive Recital 69 a (new) (69 a) Creditors have a key role to play in preventing over-indebtedness through the early detection and support of consumers experiencing or likely to experience financial difficulties. This is why creditors should have processes and policies in place for the early detection and monitoring of such consumers, combining internal warning systems and human analysis. A consumer should be considered in financial difficulty after two missed repayments.
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 (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
Amendment 218 #
Proposal for a directive 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;
Amendment 219 #
Proposal for a directive Recital 72 (72) Consumers facing difficulties to meet their financial commitments stand to benefit from specialised help on managing their debts. The objective of debt advisory services is to help consumers facing financial problems and guide them to repay, as far as possible, their outstanding debts, while maintaining a decent level of life and preserving their dignity. This personalised and independent assistance provided by professional operators which are not creditors, credit intermediaries, providers of crowdfunding credit services or credit servicers, may include legal counselling, money and debt management as well as social and psychological assistance. Member States should ensure that quality debt advisory services provided by independent professional operators are made available, directly or indirectly, and free of charge or at a reasonable cost, to consumers, and that where possible, consumers facing difficulties to repay their debts are referred to debt advisory services before
Amendment 220 #
Proposal for a directive Recital 76 (76) Assignment of the creditor's rights under a credit agreement or an agreement for the provision of crowdfunding credit services should not have the effect of placing the consumer in a less favourable position.
Amendment 221 #
Proposal for a directive 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
Amendment 222 #
Proposal for a directive Recital 79 a (new) (79 a) Data on the rate of defaults regarding consumer loans should be collected in order for the European Banking Authority and National Competent Authorities to be able to monitor the quality of consumer credit products offered in national markets and better detect irresponsible lending practices. Such data gathering exercise should be based on a common template introduced by the European Banking Authority with standardised data fields, and a common categorisation of consumer credit products in order to facilitate their comparison.
Amendment 223 #
Proposal for a directive 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 224 #
Proposal for a directive Recital 81 (81)
Amendment 225 #
Proposal for a directive 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
Amendment 226 #
Proposal for a directive 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
Amendment 227 #
Proposal for a directive Recital 81 a (new) (81 a) Current national rules on remedies for consumers differ significantly across the Union. Not all Member States ensure effective and proportionate remedies, including compensation for damage suffered by the consumer. Member States should ensure that consumers are granted effective and proportionate remedies where creditors, the credit intermediary or the provider of crowdfunding credit services have failed to comply with this Directive and have caused damage to consumers.
Amendment 228 #
Proposal for a directive 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) (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 230 #
Proposal for a directive Recital 87 (87) Member States should apply the measures necessary to comply with this Directive from [OP: please insert date: six months from the transposition deadline].
Amendment 231 #
Proposal for a directive Recital 87 (87) Member States should apply the measures necessary to comply with this Directive from [OP: please insert date:
Amendment 232 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 1 Amendment 233 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 1 Articles 1, 2 and 3, Articles 5 to 10, Articles 12 to 23, Articles 26, 27 and 28, Articles 30 to 33, Articles 35 to 37, and Articles
Amendment 234 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 1 Articles 1, 2 and 3, Articles 5 to 10, Articles 12 to 23, Articles 26
Amendment 235 #
Proposal for a directive 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 (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 237 #
Proposal for a directive Article 2 – paragraph 2 – point c (c) credit agreements involving a total amount of credit of less than EUR 500 or more than EUR 100 000;
Amendment 238 #
Proposal for a directive Article 2 – paragraph 2 – point c a (new) (c a) credit agreements where the credit is granted free of interest and without any other charges;
Amendment 239 #
Proposal for a directive Article 2 – paragraph 2 – point c b (new) (c b) credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable;
Amendment 240 #
Proposal for a directive 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) (f a) credit agreements where the credit is granted free of interest and without any other charges other than late payment fees;
Amendment 242 #
Proposal for a directive 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;
Amendment 243 #
Proposal for a directive 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 (g) credit agreements which relate to the deferred payment, free of interests and without any other charges, of an existing debt;
Amendment 245 #
Proposal for a directive Article 2 – paragraph 2 – point g a (new) (g a) credit agreements where the credit is granted free of interest and without any other charges;
Amendment 246 #
Proposal for a directive Article 2 – paragraph 2 – point h Amendment 247 #
Proposal for a directive 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 248 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) Amendment 249 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (j a) credit agreements for deferred debit products Low risk credit products are in scope of this Directive, but Articles 18, 30 and 31 do not apply to the provision of such products.
Amendment 250 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (j a) hiring or leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement;
Amendment 251 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (j a) hiring or leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement;
Amendment 252 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (j a) deferred debit card;
Amendment 253 #
Proposal for a directive Article 2 – paragraph 2 – point j b (new) (j b) deferred debit cards and deferred payments offered free of interest and charges to be paid less than 30 days from delivery of the good or service;
Amendment 254 #
Proposal for a directive Article 2 – paragraph 2 – point j b (new) (j b) credit agreements in the form of an overdraft facility and where the credit must be repaid in one month.
Amendment 255 #
Proposal for a directive Article 2 – paragraph 2 – point j b (new) (j b) deferred debit cards when provided with a bank account;
Amendment 256 #
Proposal for a directive Article 2 – paragraph 2 – point j c (new) (j c) credit agreements in the form of an overdraft facility where the credit has to be repaid within one month;
Amendment 257 #
Proposal for a directive Article 2 – paragraph 2 – point j c (new) (j c) overdraft facilities where the credit has to be repaid within one month, when linked to a bank account
Amendment 258 #
Proposal for a directive Article 2 – paragraph 2 – point j d (new) (j d) credit agreements where the credit is granted free of interest and without any other charges and credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable;
Amendment 259 #
Proposal for a directive Article 2 – paragraph 2 – point j e (new) (j e) crowdfunding services provided under the scope of Regulation (EU) 2020/1503;
Amendment 260 #
Proposal for a directive Article 2 – paragraph 2 – point j f (new) (j f) credit agreements provided by intermediaries and business for whom the provision of such credit agreements does not constitute their core business, and they are provided to consumers merely as payment option.
Amendment 261 #
Proposal for a directive Article 2 – paragraph 3 a (new) 3 a. A Member State may derogate from Article 2 (1) in respect of credit agreements involving a total amount of credit of less than EUR 200 or more than EUR 100 000. Member States shall notify the Commission of the use of a derogation. The Commission shall publish a list of those derogations.
Amendment 262 #
Proposal for a directive 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 263 #
Proposal for a directive Article 2 – paragraph 3 a (new) Amendment 264 #
Proposal for a directive Article 2 – paragraph 4 4. In the case of credit agreements in the form of overrunning, only Articles 1, 2
Amendment 265 #
Proposal for a directive Article 2 – paragraph 4 4. In the case of credit agreements in the form of overrunning, only Articles 1, 2 and 3, Article 25, Articles 35 and 36, and Articles 41 to 50 shall apply.
Amendment 266 #
Proposal for a directive Article 2 – paragraph 4 4. In the case of credit agreements in the form of overrunning,
Amendment 267 #
Proposal for a directive Article 2 – paragraph 4 a (new) 4 a. 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, only Article 1, Article 2, Article 3, Article 8(1), Article 8(2)(a) to (c), Article 18(8), Article 19, Article 30 and Article 37 shall 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 268 #
Proposal for a directive Article 2 – paragraph 4 a (new) 4 a. In case of credit agreements below the amount of EUR 200 and interest-free credits that have to be repaid within three months, only Articles 1, 2, 3, 19, 30 and 37 shall apply. Furthermore, the creditor shall disclose the annual percentage rate of charge at the pre-contractual and contractual stage and consult the databases referred to in article 19 to assess the credit worthiness of the consumer before granting the credit.
Amendment 269 #
Proposal for a directive Article 2 – paragraph 4 b (new) 4 b. In case of hiring and lease agreements where an obligation to purchase the object of the agreement is laid down either by the agreement itself or by any separate agreement, only Articles 1, Article 2, Article 3, Article 19, and Article 37 shall 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 270 #
Proposal for a directive Article 2 – paragraph 6 a (new) 6 a. Member States may determine that articles 8(2)points d to f, 10(3a), 10(8), 11(2a), 21(3 )and 29 shall not apply to the following credit agreements: credit agreements involving a total amount of credit less than EUR 200; credit agreements in the form of an overdraft facility and where the credit has to be repaid within three months; credit agreements where the credit is granted free of interest and without any other charges; credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable.
Amendment 271 #
Proposal for a directive Article 2 – paragraph 6 a (new) 6a. Only Articles 1, 2, 3, 19, 30 and 37 shall apply to credit agreements for amounts of less than or equal to EUR 200 and to credit agreements for amounts of less than or equal to EUR 3000 which do not provide for the payment of interest or other charges. In addition, the creditor shall indicate to the consumer the APR of the transaction in the advertisements and at the pre-contractual and contractual stage and shall comply with the provisions of Article 18, consulting, where appropriate, the databases referred to in Article 19.
Amendment 272 #
Proposal for a directive 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
Amendment 273 #
Proposal for a directive 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
Amendment 274 #
Proposal for a directive Article 3 – paragraph 1 – point 3 (3) ‘credit agreement’ means an agreement whereby a creditor grants or promises to grant to a consumer credit in the form of a
Amendment 275 #
Proposal for a directive Article 3 – paragraph 1 – point 3 (3) ‘credit agreement’ means an agreement whereby a creditor grants or promises to grant to a consumer credit in the form of
Amendment 276 #
Proposal for a directive Article 3 – paragraph 1 – point 3 (3) ‘credit agreement’ means an agreement whereby a creditor grants or promises to grant to a consumer credit in the form of a deferred payment, loan or other similar financial accommodation, except for agreements for the provision on a continuing basis of services or for the supply of goods of the same kind, where the consumer pays for such services or goods for the duration of their provision by means of instalments and except of hiring or leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement;
Amendment 277 #
Proposal for a directive Article 3 – paragraph 1 – point 3 a (new) (3 a) “Right to be Forgotten” means that, after a specified period of time, people who have survived cancer either do not have to declare their diagnosis, and/or can no longer be treated differently to people who have not had a cancer diagnosis when applying for and accessing financial products or services such as insurance and/or loans
Amendment 278 #
Proposal for a directive Article 3 – paragraph 1 – point 3 a (new) (3a) 'minicrédit' means any instant loan of small sums up to EUR 1 000 contracted for a short term equivalent to less than three months and managed as an advance against salary repaid when the borrower finally receives his or her income;
Amendment 279 #
(3 a) 'small value credit’ means a credit agreement involving a total amount of credit of up to EUR 200;
Amendment 280 #
Proposal for a directive Article 3 – paragraph 1 – point 3 b (new) (3a) 'long-term lease' means any operation enabling the transfer of the use of an asset from a lessor to a lessee in return for a lease payment without an option to purchase at the end of the lease term;
Amendment 281 #
Proposal for a directive 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 282 #
Proposal for a directive Article 3 – paragraph 1 – point 4 (4) ‘crowdfunding credit services’ means services provided by a crowdfunding platform to facilitate the granting of consumer credit which falls outside of the scope of Regulation (EU) 2020/1503;
Amendment 283 #
Proposal for a directive Article 3 – paragraph 1 – point 5 (5) ‘total cost of the credit to the consumer’ means all the costs, including interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement or crowdfunding credit services
Amendment 284 #
Proposal for a directive Article 3 – paragraph 1 – point 5 (5) ‘total cost of the credit to the consumer’ means all the costs, including interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement or crowdfunding credit services and which are known to the creditor, in the case of credit agreements, or to the crowdfunding credit services provider, in the case of crowdfunding credit services, except for notarial costs; costs in respect of ancillary services relating to the credit agreement or crowdfunding credit services are also included in the total cost of the credit to the consumer where, in addition, the conclusion of a contract regarding such ancillary services is compulsory in order to obtain the credit or to obtain it on the terms and conditions marketed as well as costs incurred for services and functions fundamentally similar to those performed by a notary;
Amendment 285 #
Proposal for a directive Article 3 – paragraph 1 – point 5 (5) ‘total cost of the credit to the consumer’ means all the costs, including interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement or crowdfunding credit
Amendment 286 #
Proposal for a directive Article 3 – paragraph 1 – point 5 a (new) (5 a) Short-term, interest-free (“STIF”) credit agreement means “a fixed-sum credit agreement between a consumer (borrower) and a creditor (lender) entered into in connection with the purchase of goods or services, where the credit is granted free of interest and without any other charges and credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable”.
Amendment 287 #
Proposal for a directive Article 3 – paragraph 1 – point 11 (11) ‘durable medium’ means any instrument, including paper or digital versions of documents, 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 288 #
Proposal for a directive 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 289 #
Proposal for a directive Article 3 – paragraph 1 – point 12 – introductory part Amendment 290 #
Proposal for a directive Article 3 – paragraph 1 – point 12 a (new) (12 a) ‘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.
Amendment 291 #
Proposal for a directive 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 292 #
Proposal for a directive Article 3 – paragraph 1 – point 18 Amendment 293 #
Proposal for a directive 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, at the request of the consumer, before the date for the final payment agreed in the credit agreement;
Amendment 294 #
Proposal for a directive 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 295 #
Proposal for a directive 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 296 #
Proposal for a directive 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 due date of the payment;
Amendment 297 #
Proposal for a directive Article 3 – paragraph 1 – point 25 (25) ‘debt advisory services’ means personalised assistance of a technical, legal or psychological nature provided by independent professional operators which are not creditors, credit intermediaries, providers of crowdfunding credit services or credit servicers as defined in Article 3, point (8) of Directive (EU) 2021/2167 in favour of consumers who experience or might experience difficulties in meeting their financial commitments;
Amendment 298 #
Proposal for a directive Article 3 – paragraph 1 – point 25 a (new) (25 a) ‘deferred debit’ means a deferred payment of an invoice whereby the trader gives its consumer more time to pay the invoice, free of interest and without any other charges, including penalty charges, as agreed between parties, as set out in the supplier’s invoice or as laid down by law, and executed within 30 days of the issuance of the invoice
Amendment 299 #
Proposal for a directive Article 3 – paragraph 1 – point 25 a (new) (25 a) ‘benchmark’ means any index by reference as defined in Article 3, section 1, point (3), of Regulation (EU) 2016/1011.
Amendment 300 #
Proposal for a directive Article 3 – paragraph 1 – point 25 a (new) (25 a) benchmark’ means any index by reference as defined in Article 3, section 1, point (3), of Regulation (EU) 2016/1011.
Amendment 301 #
Proposal for a directive Article 3 – paragraph 1 – point 25 b (new) (25 b) ‘financial difficulty’ means a situation whereby a natural person has missed two repayments.
Amendment 302 #
Proposal for a directive Article 3 – paragraph 1 – point 25 c (new) (25 c) ‘targeting of advertising’ means techniques of processing of personal data available to the sponsors of advertisements that are used to determine the potential audience of an advertisement, that is, the specific person or groups of persons that are and are not eligible to be delivered an advertisement based on information observed or inferred from them or revealed by them.
Amendment 303 #
Proposal for a directive Article 3 – paragraph 1 – point 25 d (new) (25 d) ‘amplification of advertising’ means automated techniques of processing of personal data employed by publishers or other providers of advertising services involved in the publishing and dissemination of advertisements to select the audience of an advertisement within the potential audience as defined by the sponsor of the advertisement.
Amendment 304 #
Proposal for a directive Article 3 – paragraph 1 a (new) ‘deferred debit’ is a payment instrument offering a deferred debit of not more than 40 days, repaid in full in one single payment, free of interest and incurring no other costs for the consumer except those linked to membership ancillary benefits and foreign exchange or other fees related to the manner of accessing the deferred debit facility.”
Amendment 305 #
Proposal for a directive Article 3 – paragraph 1 b (new) ‘low risk credit products’ means products where no interest is charged, there are no significant fees directly linked to the provision of the credit and revenue from late payment or default makes up in each financial year less than 1% of the total revenue generated by the product for the provider
Amendment 306 #
Proposal for a directive Article 4 – paragraph 1 1. For the purposes of this Directive, those Member States who convert the amounts expressed in euro into their national currency shall initially use in that conversion the exchange rate of Euro foreign exchange reference rates provided by the European Central Bank prevailing on the date of entry into force of this Directive.
Amendment 307 #
Proposal for a directive Article 5 – paragraph 1 Member States shall require that, when information is provided to consumers in accordance with this Directive, such information is provided without charge to
Amendment 308 #
Proposal for a directive Article 5 – paragraph 1 Member States shall require that, when information is provided to consumers in accordance with this Directive, such information is provided without charge and in a complete manner to the consumer.
Amendment 309 #
Proposal for a directive 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) 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 311 #
Proposal for a directive Article 6 Amendment 312 #
Proposal for a directive Article 6 Amendment 313 #
Proposal for a directive Article 6 – paragraph 1 Member States shall ensure that the conditions to be fulfilled for being granted a credit do not discriminate against consumers legally resident in the Union on ground of their nationality
Amendment 314 #
Proposal for a directive 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 315 #
Proposal for a directive Article 6 a (new) Article 6 a Environmentally sustainable consumer credit products 1. Member States shall set up qualitative and where relevant, quantitative targets to support the development and the integrity of creditors’ environmentally sustainable lending activities. 2. Member States shall ensure that independent and impartial one-stop shop platforms are set up, available both physically and online, to provide independent technical advice, assistance and support to consumers on environmentally sustainable lending. Such platforms may be the same as those defined in the Article 21 of the Energy Efficiency Directive. 3. Creditors shall inform consumers about the existence of such platforms when presenting them with offers for environmentally sustainable credit products, before the conclusion of a credit agreement. 4. By 31 December 2023, EBA shall, after consulting the Platform on Sustainable Finance established under Article 20 of Regulation (EU) 2020/852, submit a report to the European Parliament, to the Council and to the Commission on environmentally sustainable consumer credit products. That report shall, at least, consider: (a) the types of environmentally sustainable consumer credit products and the contractual conditions currently offered for sale across the EU; (b) the availability and affordability of these products in different member states; (c) the current use of such products in different member states; (d) a proposal for a standardisation of different types of environmentally sustainable consumer credit products.
Amendment 316 #
Proposal for a directive 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 317 #
Proposal for a directive 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 and, in the event that such misleading communications are made accessible, shall require their withdrawal. Wording in such advertising and marketing communications that may create false expectations for a consumer regarding the availability or the cost of a credit shall be prohibited.
Amendment 318 #
Proposal for a directive 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 total cost of a credit or, where applicable, the total amount payable by the consumer, shall be prohibited.
Amendment 319 #
Proposal for a directive 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 320 #
Proposal for a directive 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, complete, 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 shall be prohibited.
Amendment 321 #
Proposal for a directive Article 7 – paragraph 1 – subparagraph 1 (new) Advertising concerning credit agreements or crowdfunding credit services shall not be targeted to a natural person or a group of persons based on their behaviour, the tracking of their activities, profiling within the meaning of Article 4(4) of Regulation (EU)2016/679. Only standardised offers may be advertised.
Amendment 322 #
Member States shall ensure that the targeting and the amplification of advertising of credit agreements are not based on the processing of personal or inferred data.
Amendment 323 #
Proposal for a directive Article 7 – paragraph 1 b (new) Member States shall ensure that only standardised offers can be advertised.
Amendment 324 #
Proposal for a directive Article 7 – paragraph 1 c (new) Member States shall prohibit advertising for consumer credit products which: (a) incites over-indebted consumers to seek credit; (b) highlights the ease or speed with which credit can be obtained; (c) states that a promotion is conditional upon taking up credit; (d) specifies that outstanding credit contracts have little or no influence on the assessment of a credit application; (e) suggests that success, social achievement or specific skills can be acquired thanks to credit agreements; (f) offer “grace periods” for the repayment of credit instalments of more than three months
Amendment 325 #
Proposal for a directive Article 8 – paragraph 1 – introductory part 1. Member States shall require that advertising concerning credit agreements or crowdfunding credit services
Amendment 326 #
Proposal for a directive Article 8 – paragraph 1 – introductory part 1. Member States shall require that advertising concerning credit agreements or crowdfunding credit services
Amendment 327 #
Proposal for a directive Article 8 – paragraph 1 – subparagraph 1 Amendment 328 #
Proposal for a directive Article 8 – paragraph 1 – subparagraph 1 Amendment 329 #
Proposal for a directive Article 8 – paragraph 2 – introductory part 2. The standard information shall be easily legible or clearly audible, as appropriate, and adapted to the technical constraints of the medium used for advertising and shall, if feasible, specify in a clear, concise and prominent way, by means of a representative example,
Amendment 330 #
Proposal for a directive Article 8 – paragraph 2 – point a (a) where applicable, the borrowing rate, fixed or variable or both, together with particulars of any charges included in the total cost of the credit to the consumer;
Amendment 331 #
Proposal for a directive Article 8 – paragraph 2 – point c (c) where applicable, the annual percentage rate of
Amendment 332 #
Proposal for a directive 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 333 #
Proposal for a directive Article 8 – paragraph 2 – point f a (new) (f a) information regarding possible consequences of missed payments, including any interest or charges applicable for late payments
Amendment 334 #
Proposal for a directive 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 335 #
Proposal for a directive Article 8 – paragraph 2 – point f b (new) (f b) a prominent, clearly visible warning to make consumers aware that borrowing costs money.
Amendment 336 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 In specific and justified cases where the medium used to communicate the standard information referred to in the first subparagraph does not allow the information to be visually displayed, points (e) and (f) in that subparagraph shall not apply. In cases of website pop- ups/banners, social networks advertising, sms, and similar digital forms of advertising points (a), (e) and (f) in that subparagraph shall not apply and these information shall be included in a web page directly linked to such advertisements.
Amendment 337 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 a (new) In all other cases, information listed in points (c), (f) and (h) shall be displayed prominently and in a bigger format than all other information. The Commission shall adopt a delegated act to define, and where necessary amend, regulatory technical standards to stipulating the format and presentation of the information contained in points (c), (f) and (h), in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. The European Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the format and presentation of the information contained in points (c), (f) and (h).
Amendment 338 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 a (new) Amendment 339 #
Proposal for a directive Article 8 – paragraph 3 a (new) 3 a. Member States shall prohibit advertising for consumer credit products which: (a) incites over-indebted consumers to seek credit; (b) highlights the ease or speed with which credit can be obtained; (c) states that a promotion is conditional upon taking up credit; (d) specifies that outstanding credit contracts have little or no influence on the assessment’ of a credit application; (e) suggests that success, social achievement or specific skills can be acquired thanks to credit agreements; (f) offer “grace periods” for the repayment of credit instalments of more than three months
Amendment 340 #
Proposal for a directive 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 341 #
Proposal for a directive Article 8 – paragraph 3 a (new) 3a. Where the means used to communicate the standard information does not allow the information to be displayed visually in a simple manner, the consumer shall be able to access additional information through a hyperlink.
Amendment 342 #
Proposal for a directive Article 8 – paragraph 3 a (new) 3 a. When the medium used to communicate the standard information does not allow for the information to be visually displayed in a simple manner, the consumer should be able to access further information by means of clicking or swiping;
Amendment 343 #
Proposal for a directive 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) 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 346 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times on paper or on another durable medium, and that clauses that are clearly unfair to consumers are not imposed.
Amendment 347 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times electronically and, upon request of the consumer, on paper or on another durable medium.
Amendment 348 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times on electronic form, or upon request on paper or on another durable medium.
Amendment 349 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers using plain language by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times on
Amendment 350 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times in electronic form, on paper or on another durable medium.
Amendment 351 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times on
Amendment 352 #
Proposal for a directive Article 9 – paragraph 2 – point e Amendment 353 #
Proposal for a directive Article 9 – paragraph 2 – point e a (new) (e a) in the case of credits with a variable borrowing rate, a simulation of the impact on the cost of the credit of reasonable upward changes in the borrowing rate
Amendment 354 #
Proposal for a directive Article 9 – paragraph 2 – point k (k) a
Amendment 355 #
Proposal for a directive 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
Amendment 356 #
Proposal for a directive 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.
Amendment 357 #
Proposal for a directive 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
Amendment 358 #
Proposal for a directive 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
Amendment 359 #
Proposal for a directive 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
Amendment 360 #
Proposal for a directive 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
Amendment 361 #
Proposal for a directive 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
Amendment 362 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 Amendment 363 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 Amendment 364 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 Amendment 365 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 In case the pre-contractual information referred to in the first subparagraph is provided less than one day before the consumer is bound by the credit agreement or offer, or by any agreement or offer for the provision of crowdfunding credit services, Member States shall require that the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services send a reminder, on paper
Amendment 366 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 Amendment 367 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 In case the pre-contractual information referred to in the first subparagraph is provided less than one day before the consumer is bound by the credit agreement or offer, or by any agreement or offer for the provision of crowdfunding credit services, Member States shall require that the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services
Amendment 368 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 Amendment 369 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 a (new) No demands may subsequently be made on the consumer of the loan in respect of any information, cost, or requirement for an additional service not previously provided and not included in the contract documents.
Amendment 370 #
Proposal for a directive Article 10 – paragraph 2 2. The pre-contractual information referred to in paragraph 1 shall be provided on paper 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. In the process of providing pre-contractual information, special attention shall be given to the needs of persons with disabilities.
Amendment 371 #
Proposal for a directive Article 10 – paragraph 2 2. The pre-contractual information referred to in paragraph 1 shall be provided on
Amendment 372 #
Proposal for a directive Article 10 – paragraph 2 2. The pre-contractual information referred to in paragraph 1 shall be provided on paper or on another durable medium, whenever possible in digital form, 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 373 #
Proposal for a directive Article 10 – paragraph 2 2. The pre-contractual information referred to in paragraph 1 shall be provided by digital means or on paper 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 374 #
Proposal for a directive 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
Amendment 375 #
Proposal for a directive Article 10 – paragraph 3 – introductory part 3. The pre-contractual information referred to in paragraph 1 shall specify all of the following elements, displayed on the first page of the Standard European Consumer Credit Information form and in a prominent way and readable for the consumer:
Amendment 376 #
Proposal for a directive Article 10 – paragraph 3 – point a Amendment 377 #
Proposal for a directive Article 10 – paragraph 3 – point a (a) the total amount of credit; (b) the duration of the credit agreement or of the agreement for the provision of crowdfunding credit services; (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) costs in the case of late payments; (g) the type of credit;
Amendment 378 #
Proposal for a directive Article 10 – paragraph 3 – point a a (new) (a a) the borrowing rate, or all borrowing rates if different borrowing rates apply in different circumstances;
Amendment 379 #
Proposal for a directive Article 10 – paragraph 3 – point a b (new) (a b) costs in the case of late payments;
Amendment 380 #
Proposal for a directive Article 10 – paragraph 3 – point b Amendment 381 #
Proposal for a directive Article 10 – paragraph 3 – point c Amendment 382 #
Proposal for a directive Article 10 – paragraph 3 – point c (c) the total amount of credit
Amendment 383 #
Proposal for a directive Article 10 – paragraph 3 – point d Amendment 384 #
Proposal for a directive Article 10 – paragraph 3 – point d Amendment 385 #
Proposal for a directive Article 10 – paragraph 3 – point e Amendment 386 #
Proposal for a directive Article 10 – paragraph 3 – point f Amendment 387 #
Proposal for a directive Article 10 – paragraph 3 – point f (f) the borrowing rate, or all borrowing rates where different borrowing rates apply in different circumstances
Amendment 388 #
Proposal for a directive Article 10 – paragraph 3 – point f (f)
Amendment 389 #
Proposal for a directive Article 10 – paragraph 3 – point g Amendment 390 #
Proposal for a directive Article 10 – paragraph 3 – point g (g) the annual percentage rate of charge and the total amount payable by the consumer
Amendment 391 #
Proposal for a directive Article 10 – paragraph 3 – point g (g) the annual percentage rate of charge and the total amount payable by the consumer
Amendment 392 #
Proposal for a directive Article 10 – paragraph 3 – point h Amendment 393 #
Proposal for a directive Article 10 – paragraph 3 – point i Amendment 394 #
Proposal for a directive Article 10 – paragraph 3 – point j Amendment 395 #
Proposal for a directive Article 10 – paragraph 3 – point k Amendment 396 #
Proposal for a directive Article 10 – paragraph 3 – point l Amendment 397 #
Proposal for a directive Article 10 – paragraph 3 – point m (m) costs in the case of late payments, i.e. the interest rate applicable in the case of late payments and the arrangements for its adjustment, and, where applicable, any charges payable for default;
Amendment 398 #
Proposal for a directive Article 10 – paragraph 3 – point n Amendment 399 #
Proposal for a directive Article 10 – paragraph 3 – point n (n) a warning regarding the
Amendment 400 #
Proposal for a directive Article 10 – paragraph 3 – point n (n) a warning
Amendment 401 #
Proposal for a directive Article 10 – paragraph 3 – point n (n)
Amendment 402 #
Proposal for a directive Article 10 – paragraph 3 – point o Amendment 403 #
Proposal for a directive Article 10 – paragraph 3 – point p Amendment 404 #
Proposal for a directive Article 10 – paragraph 3 – point p (p) the existence of a right of withdrawal and its duration;
Amendment 405 #
Proposal for a directive Article 10 – paragraph 3 – point p (p) the existence or absence of a right of withdrawal;
Amendment 406 #
Proposal for a directive Article 10 – paragraph 3 – point q Amendment 407 #
Amendment 408 #
Proposal for a directive Article 10 – paragraph 3 – point s Amendment 409 #
Proposal for a directive Article 10 – paragraph 3 – point s (s) the consumer's right, as set out in paragraph 8, to be supplied,
Amendment 410 #
Proposal for a directive Article 10 – paragraph 3 – point t Amendment 411 #
Proposal for a directive Article 10 – paragraph 3 – point u Amendment 412 #
Proposal for a directive Article 10 – paragraph 3 – point v Amendment 413 #
Proposal for a directive Article 10 – paragraph 3 – point v a (new) (v a) the relevant databases that may be consulted
Amendment 414 #
Proposal for a directive Article 10 – paragraph 3 – subparagraph 1 a (new) Elements stipulated in letters (c), (d), (e), (f), (g) and (m) shall be provided on the front page of the Standard European Consumer Credit Information, visually separated and highlighted in comparison with other elements of the other elements.
Amendment 415 #
Proposal for a directive Article 10 – paragraph 3 a (new) Amendment 416 #
Proposal for a directive Article 10 – paragraph 4 Amendment 417 #
Proposal for a directive Article 10 – paragraph 4 Amendment 418 #
Proposal for a directive Article 10 – paragraph 4 Amendment 419 #
Proposal for a directive Article 10 – paragraph 4 Amendment 420 #
Proposal for a directive Article 10 – paragraph 4 Amendment 421 #
Proposal for a directive Article 10 – paragraph 4 – introductory part 4.
Amendment 422 #
Proposal for a directive Article 10 – paragraph 4 – introductory part 4.
Amendment 423 #
Proposal for a directive Article 10 – paragraph 4 – introductory part 4.
Amendment 424 #
Proposal for a directive Article 10 – paragraph 4 – point a Amendment 425 #
Proposal for a directive Article 10 – paragraph 4 – point b Amendment 426 #
Proposal for a directive Article 10 – paragraph 4 – point c Amendment 427 #
Proposal for a directive Article 10 – paragraph 4 – point c (c) the borrowing rate, or all borrowing rates if different borrowing rates apply in different circumstances; particularly highlighting the highest possible cost of the credit in the worst case for the consumer;
Amendment 428 #
Proposal for a directive Article 10 – paragraph 4 – point d Amendment 429 #
Proposal for a directive Article 10 – paragraph 4 – point e Amendment 430 #
Proposal for a directive Article 10 – paragraph 4 – point f Amendment 431 #
Proposal for a directive Article 10 – paragraph 4 – point f (f)
Amendment 432 #
Proposal for a directive 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 433 #
Proposal for a directive Article 10 – paragraph 4 – point f (f) co
Amendment 434 #
Proposal for a directive Article 10 – paragraph 4 – point f a (new) (f a) a comprehensive repayment schedule containing all payments and repayments over the lifetime of the contract, including those payments and repayments for any ancillary services relating to the credit agreement or crowdfunding credit services which are sold simultaneously, whereby payment and repayments, in case different borrowing rates apply in different circumstances, should be based on the worst possible scenario for the consumer;
Amendment 435 #
Proposal for a directive Article 10 – paragraph 4 – point f a (new) (f a) information about early repayment in accordance to Article 29;
Amendment 436 #
Proposal for a directive Article 10 – paragraph 4 – point f b (new) (f b) A note stating that, in accordance with Article 26, the consumer may withdraw from the credit agreement or the agreement for the provision of crowdfunding credit services without giving any reason within a period of 14 calendar days.
Amendment 437 #
Proposal for a directive Article 10 – paragraph 4 – point f b (new) (f b) the existence of a right of withdrawal.
Amendment 438 #
Proposal for a directive Article 10 – paragraph 5 Amendment 439 #
Proposal for a directive Article 10 – paragraph 5 Amendment 440 #
Proposal for a directive Article 10 – paragraph 5 – introductory part 5. Information displayed in the Standard European Consumer Credit Information form
Amendment 441 #
Proposal for a directive Article 10 – paragraph 5 – introductory part 5. Information displayed in the Standard European Consumer Credit Information form
Amendment 442 #
Proposal for a directive Article 10 – paragraph 5 – introductory part 5. Information displayed in the Standard European Consumer Credit Information form
Amendment 443 #
Proposal for a directive 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, using plain language and take into account the technical constraints of the medium on which it is displayed. Information shall be displayed
Amendment 444 #
Proposal for a directive Article 10 – paragraph 5 – introductory part 5. Information displayed in the Standard European Consumer Credit Information form
Amendment 445 #
Proposal for a directive 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
Amendment 446 #
Proposal for a directive 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
Amendment 447 #
Proposal for a directive 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
Amendment 448 #
Proposal for a directive Article 10 – paragraph 5 – subparagraph 1 Any additional information which the
Amendment 449 #
Proposal for a directive 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
Amendment 450 #
Proposal for a directive 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
Amendment 451 #
Proposal for a directive Article 10 – paragraph 5 – subparagraph 1 Any additional information which the creditor may provide to the consumer shall be clearly legible and given in a separate document which may be annexed to the Standard European Consumer Credit Information form
Amendment 452 #
Proposal for a directive Article 10 – paragraph 5 a (new) 5 a. The European Banking Authority (EBA) shall develop draft regulatory technical standards that specify the format and presentation of the information contained in points (c), (f) and (h). EBA shall submit those draft regulatory technical standards to the Commission by XXX. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the third subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. The European Banking Authority (EBA) shall develop draft regulatory technical standards to stipulate the format and presentation of the Standard European Consumer Credit Information form and in the Standard Consumer Credit Overview form to be submitted to the Commission by XX and reviewed every two years thereafter. Powers should be delegated to the European Commission to adopt and, where necessary amend, regulatory technical standards to stipulate the format and presentation of the Standard European Consumer Credit Information form and the Standard Consumer Credit Overview form in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 453 #
Proposal for a directive Article 10 – paragraph 6 Amendment 454 #
Proposal for a directive Article 10 – paragraph 7 Amendment 455 #
Proposal for a directive 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
Amendment 456 #
Proposal for a directive 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
Amendment 457 #
Proposal for a directive 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
Amendment 458 #
Proposal for a directive 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
Amendment 459 #
Proposal for a directive 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
Amendment 460 #
Proposal for a directive 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
Amendment 461 #
Proposal for a directive 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
Amendment 462 #
Proposal for a directive 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
Amendment 463 #
Proposal for a directive 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
Amendment 464 #
Proposal for a directive Article 10 – paragraph 8 8. Upon request from the consumer, the creditor and, where applicable, the credit intermediary or the provider of
Amendment 465 #
Proposal for a directive 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
Amendment 466 #
Proposal for a directive 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
Amendment 467 #
Proposal for a directive 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
Amendment 468 #
Proposal for a directive Article 10 – paragraph 10 Amendment 469 #
Proposal for a directive 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 or on another durable medium by means of the European Consumer Credit Information form set out in Annex III.
Amendment 470 #
Proposal for a directive 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 471 #
Proposal for a directive Article 11 – paragraph 1 1. For credit agreements referred to in
Amendment 472 #
Proposal for a directive Article 11 – paragraph 2 – point c Amendment 473 #
Proposal for a directive Article 11 – paragraph 2 – point d Amendment 474 #
Proposal for a directive Article 11 – paragraph 2 – point e Amendment 475 #
Proposal for a directive Article 11 – paragraph 2 – point i Amendment 476 #
Proposal for a directive 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 477 #
Proposal for a directive Article 11 – paragraph 3 Amendment 478 #
Proposal for a directive Article 11 – paragraph 3 Amendment 479 #
Proposal for a directive Article 11 – paragraph 3 Amendment 480 #
Proposal for a directive 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 481 #
Proposal for a directive Article 11 – paragraph 4 4. Information displayed in the European Consumer Credit Information form
Amendment 482 #
Proposal for a directive Article 11 – paragraph 4 4. Information displayed in the European Consumer Credit Information form
Amendment 483 #
Proposal for a directive Article 11 – paragraph 4 4. Information displayed in the European Consumer Credit Information form
Amendment 484 #
Proposal for a directive 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
Amendment 485 #
Proposal for a directive 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
Amendment 486 #
Proposal for a directive 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
Amendment 487 #
Proposal for a directive 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
Amendment 488 #
Proposal for a directive 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
Amendment 489 #
Proposal for a directive 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
Amendment 490 #
Proposal for a directive 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
Amendment 491 #
Proposal for a directive 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
Amendment 492 #
Proposal for a directive 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
Amendment 493 #
Proposal for a directive Article 12 – paragraph 1 – introductory part 1. Member States shall ensure that creditors and, where applicable, credit intermediaries and providers of crowdfunding credit services are required to provide adequate explanations to the consumer on the proposed credit agreements or crowdfunding credit services and any ancillary services that make it possible for the consumer to assess whether the proposed credit agreements or crowdfunding credit services and ancillary services are adapted to his or her needs and financial situation. Such explanations should be given before concluding the credit agreement. The explanations shall include the following elements:
Amendment 494 #
Proposal for a directive Article 12 – paragraph 1 – introductory part 1. Member States shall ensure that creditors and, where applicable, credit intermediaries and providers of crowdfunding credit services are required to provide adequate explanations to the consumer on the proposed credit agreements or crowdfunding credit services
Amendment 495 #
Proposal for a directive 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) 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 497 #
Proposal for a directive Article 12 – paragraph 1 a (new) 1 a. Member States shall require creditors and where applicable, credit intermediaries and providers of crowdfunding services, to document in what form and when such explanations were provided to the consumer.
Amendment 498 #
Proposal for a directive Article 12 – paragraph 2 Amendment 499 #
Proposal for a directive Article 13 Amendment 500 #
Proposal for a directive Article 13 – paragraph 1 Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services inform consumers when they are presented with a
Amendment 501 #
Proposal for a directive Article 13 – paragraph 1 Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services
Amendment 502 #
Proposal for a directive Article 13 – paragraph 1 Without prejudice to Regulation 2016/679, Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services inform consumers when they are presented with a personalised offer that is based on profiling or other types of automated processing of personal data.
Amendment 503 #
Proposal for a directive 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 504 #
Proposal for a directive Article 13 – paragraph 1 a (new) Such personalised offer shall not be based on personal data other than financially related data as defined in Article 18 paragraph 2. Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services communicate to the consumer who receive the offer which sources have been used and how these data have been weighted in the personalisation of the offer.
Amendment 505 #
Proposal for a directive Article 13 – paragraph 1 b (new) Member States shall prohibit discriminatory price optimisation practices when selling consumer credit products to consumers, in particular pricing which is based on individual price sensitivity.
Amendment 506 #
Proposal for a directive Chapter III – title III TYING AND BUNDLING PRACTICES, AGREEMENT FOR ANCILLARY SERVICES, ADVISORY SERVICES
Amendment 507 #
Proposal for a directive Article 14 – paragraph 1 1. Member States
Amendment 508 #
Proposal for a directive Article 14 – paragraph 1 1. Member States
Amendment 509 #
Proposal for a directive Article 14 – paragraph 2 Amendment 510 #
Proposal for a directive Article 14 – paragraph 2 – introductory part 2. By way of derogation from paragraph 1 and without prejudice to the application of competition law, Member States may allow creditors or providers of crowdfunding credit services to request the consumer, a family member or a close relation to the consumer to open or maintain a payment or a savings account, where the only purpose of such an account is one of the following:
Amendment 511 #
Proposal for a directive Article 14 – paragraph 3 Amendment 512 #
Proposal for a directive Article 14 – paragraph 3 Amendment 513 #
Proposal for a directive Article 14 – paragraph 3 3. By way of derogation from paragraph 1 and without prejudice to the application of competition law, Member States
Amendment 514 #
Proposal for a directive Article 14 – paragraph 3 3. By way of derogation from paragraph 1 and without prejudice to the application of competition law, Member States may allow tying practices where the creditor or the provider of crowdfunding credit services can demonstrate to the competent authority that the tied products or categories of product offered, on terms and conditions similar to each other, are
Amendment 515 #
Proposal for a directive Article 14 – paragraph 3 3. By way of derogation from paragraph 1 and without prejudice to the application of competition law, Member States may allow tying practices where the creditor or the provider of crowdfunding credit services can demonstrate to the competent authority that the tied products or categories of product offered, on terms and conditions similar to each other, are
Amendment 516 #
Proposal for a directive Article 14 – paragraph 3 3. By way of derogation from paragraph 1 and without prejudice to the application of competition law, Member States may allow tying practices where the creditor or the provider of crowdfunding credit services can demonstrate to the competent authority that the tied products or categories of product offered, on terms and conditions similar to each other, are
Amendment 517 #
Proposal for a directive Article 14 – paragraph 4 4. Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account proportionality considerations. In such cases, Member States shall ensure that the creditor or the provider of crowdfunding credit services is required to accept the insurance policy from a supplier different to his or her preferred supplier where such insurance policy has a level of guarantee equivalent to the one the creditor or the provider of crowdfunding credit services has proposed, without modifying the condition of the credit offering to the consumer. Under those circumstances, the insurance policy shall avoid imposing restrictive conditions, whenever specific requirements related to pre-existing medical conditions are fulfilled (such as the “right to be forgotten” criteria for cancer survivors). Member States shall guarantee that people cured of specific pathologies have equal access to insurance policies. For this purpose, Member States should define, with the support of medical, scientific and statistical experts, the conditions that determine the right to access financial services, including insurance, without reference to cancer, committing themselves to review these conditions periodically. Member States should also take measures to inform consumers of the existence of this right.
Amendment 518 #
Proposal for a directive Article 14 – paragraph 4 4. Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account proportionality considerations. In such cases,
Amendment 519 #
Proposal for a directive Article 14 – paragraph 4 4. Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account proportionality considerations. In such cases, Member States shall ensure that the creditor or the provider of crowdfunding credit services is required to accept the insurance policy from a supplier different to his or her preferred supplier where such insurance policy has a level of guarantee equivalent to the one the creditor or the provider of crowdfunding credit services has proposed, without modifying the condition of the credit offering to the consumer. In addition, creditors or providers of crowdfunding credit services should not be permitted to offer a relevant insurance policy related to the credit agreement of crowdfunding credit services before a 7-day cooling off period in order to ensure that the consumer is able to compare offers.
Amendment 520 #
Proposal for a directive Article 14 – paragraph 4 4. Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account proportionality considerations. In such cases, Member States shall ensure that the creditor or the provider of crowdfunding credit services is required to accept the insurance policy from a supplier different
Amendment 521 #
Proposal for a directive Article 14 – paragraph 4 a (new) 4 a. This article does not prohibit the tying of an overdraft facility with the consumer’s payment account.
Amendment 522 #
Proposal for a directive Article 15 – paragraph 2 2. The agreement of the consumer to the purchase of ancillary services presented through boxes shall be given by
Amendment 523 #
Proposal for a directive Article 15 – paragraph 2 – subparagraph 1 (new) Silence or inactivity in no case imply consent to constitute agreement within meaning of this Article.
Amendment 524 #
Proposal for a directive Article 15 – paragraph 2 a (new) 2 a. Member States shall ensure that consumers’ silence or inactivity cannot constitute an agreement for the purchase of ancillary services.
Amendment 525 #
Proposal for a directive Article 16 – paragraph 1 Amendment 526 #
Proposal for a directive Article 16 – paragraph 2 – introductory part 2. Member States shall
Amendment 527 #
Proposal for a directive Article 16 – paragraph 2 – introductory part 2. Member States shall require 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
Amendment 528 #
Proposal for a directive Article 16 – paragraph 3 – point c (c) consider a sufficiently large number of credit agreements or crowdfunding credit services in their product range and on that basis recommend a credit agreement or several credit agreements, or crowdfunding credit services from among that product range that is suitable to the consumer’s needs, financial situation and personal circumstances; non-tied intermediaries consider for that purpose a sufficiently large number of credit agreements or crowdfunding credit services available on the market and make the recommendation on that basis.
Amendment 529 #
Proposal for a directive Article 16 – paragraph 3 – point d (d) act in the best interests of the consumer by informing themselves about the consumer’s needs and circumstances and recommending suitable credit agreements;
Amendment 530 #
Proposal for a directive Article 16 – paragraph 3 – point d (d) act in the best interests of the consumer, with a view to minimising defaults and arrears;
Amendment 531 #
Proposal for a directive Article 16 – paragraph 3 – point d (d) act in the best interests of the consumer with a view to minimising defaults and arrears;
Amendment 532 #
Proposal for a directive Article 16 – paragraph 3 – point e (e) give the consumer a record on
Amendment 533 #
Proposal for a directive Article 16 – paragraph 4 – introductory part 4. Member States
Amendment 534 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 1 – introductory part Amendment 535 #
Amendment 536 #
Proposal for a directive Article 16 – paragraph 5 5. When advisory services are provided to the consumer, Member States shall require that creditors and, where applicable, credit intermediaries or providers of crowdfunding credit services to warn a consumer when a credit agreement or crowdfunding credit services may induce a specific risk for the consumer considering his or her financial situation.
Amendment 537 #
Proposal for a directive Article 16 – paragraph 5 5. Member States
Amendment 538 #
Proposal for a directive 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 539 #
Proposal for a directive Article 17 – title Ban on unsolicited granting of credit
Amendment 540 #
Proposal for a directive Article 17 – paragraph 1 Without prejudice to the creditor's possibility to advertise within the limitations set by Articles 7 and 8 of the present Directive, Member States shall prohibit any sale of
Amendment 541 #
Proposal for a directive Article 17 – paragraph 1 Member States shall prohibit any sale of credit to consumers, without their prior request and explicit agreement. This provision shall not apply to credit agreements concluded at point of sale to finance the purchase of a good or a service
Amendment 542 #
Proposal for a directive Article 17 – paragraph 1 Without prejudice to the creditor’s ability to make offers to consumers, Member States shall
Amendment 543 #
Proposal for a directive Article 17 – paragraph 1 Without prejudice to the possibility of marketing communication, Member States shall prohibit
Amendment 544 #
Proposal for a directive Article 17 – paragraph 1 Member States shall prohibit any
Amendment 545 #
Proposal for a directive 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) 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 547 #
Proposal for a directive Article 17 – paragraph 1 a (new) The provision in paragraph 1 shall not apply to credit agreements concluded at a point of sale.
Amendment 548 #
Proposal for a directive Article 17 a (new) Article 17 a Additional protection regarding online interfaces used Without prejudice to Directive (EU) 2019/2161, Directive 2005/29/EC and Council Directive 93/13/EEC, Member States shall adopt measures requiring that creditors, credit intermediary services and providers of crowdfunding credit services do not use the structure, design, function or manner of operation of their online interface nor any type of nudging in a way that could distort or impair consumers’ ability to make a free, autonomous and informed decision or choice
Amendment 549 #
Proposal for a directive 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, while 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 factors relevant to verifying the prospect of the consumer to meet his or her obligations under the credit
Amendment 550 #
Proposal for a directive 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
Amendment 551 #
Proposal for a directive 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
Amendment 552 #
Proposal for a directive 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 done in the interest of the consumer, taking into account the nature and the risks of the credit, 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. 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 553 #
Proposal for a directive 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
Amendment 554 #
Proposal for a directive 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
Amendment 555 #
Proposal for a directive Article 18 – paragraph 1 a (new) 1 a. Member States shall ensure that credit intermediaries accurately transmit to the creditor information obtained from the consumer so that the creditworthiness assessment can be carried out.
Amendment 556 #
Proposal for a directive Article 18 – paragraph 2 – introductory part 2. The assessment of creditworthiness shall be carried out on the basis of
Amendment 557 #
Proposal for a directive 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 558 #
Proposal for a directive Article 18 – paragraph 2 – introductory part 2. The assessment of creditworthiness shall be carried out on the basis of relevant and accurate information
Amendment 559 #
Proposal for a directive Article 18 – paragraph 2 – introductory part 2. The assessment of creditworthiness shall be carried out on the basis of credit scoring models and analysis of the customer's credit history based on information from own and external databases including debts registers. When the total amount of credit exceeds EUR 5 000 the assessment shall be carried out also 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 560 #
Proposal for a directive 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
Amendment 561 #
Proposal for a directive 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
Amendment 562 #
Proposal for a directive Article 18 – paragraph 2 – introductory part 2. The assessment of creditworthiness shall be carried out on the basis of
Amendment 563 #
Proposal for a directive Article 18 – paragraph 2 – introductory part 2. The assessment of creditworthiness shall be carried out on the basis of relevant and
Amendment 564 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 Amendment 565 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 Amendment 566 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 The information obtained in accordance with this paragraph shall be appropriately verified, where necessary through reference to independently verifiable
Amendment 567 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 The information obtained in accordance with this paragraph shall be appropriately verified, where necessary through reference to independently verifiable documentation or by using statistical methods within automated decision- making systems.
Amendment 568 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 The information obtained in accordance with this paragraph shall be appropriately verified, where necessary through reference to independently verifiable documentation or by using statistical methods within automated decision- making systems.
Amendment 569 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 The information obtained in accordance with this paragraph, where possible and necessary, shall be appropriately verified,
Amendment 570 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 a (new) Given that STIF credit agreements (as defined in Article 3) are a relatively new and rapidly expanding market, Member States shall impose additional reporting requirements on STIF credit providers licensed in their territory including on usage levels, default rates and late fee revenues accrued. Where default rates and late fees are found to be excessively high, Member States shall take additional steps to ensure the full compliance of the STIF credit provider with the conduct rules set out in Article 38 and require remedial measures as appropriate.
Amendment 571 #
Proposal for a directive 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 572 #
Proposal for a directive Article 18 – paragraph 2 a (new) 2 a. The information taken into account for the purpose of the creditworthiness assessment shall be necessary and proportionate to assess the repayment capacity of the consumer, in line with the data minimisation principle of Regulation (EU) 2016/679, and shall be relevant, up-to-date, complete and accurate.
Amendment 573 #
Proposal for a directive Article 18 – paragraph 2 a (new) 2 a. Member States shall ensure that the creditworthiness assessment and corresponding re-payment plans are tailored to the borrower’s specific needs and repayment capacity.
Amendment 574 #
Proposal for a directive Article 18 – paragraph 2 b (new) 2 b. The European Banking Authority (EBA) shall develop draft regulatory technical standards for the use of the information mentioned in paragraph 2 by the creditor and, where applicable, the provider of the crowdfunding credit services.
Amendment 575 #
Proposal for a directive 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 576 #
Proposal for a directive Article 18 – paragraph 2 c (new) 2 c. Data other than the economic or financial data listed in paragraph 2, and in particular data mentioned in Article 9(1) of Regulation (EU) n°2016/679 (GDPR), shall not be processed nor used to perform creditworthiness assessments.
Amendment 577 #
Proposal for a directive 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) 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 579 #
Proposal for a directive Article 18 – paragraph 2 d (new) 2 d. The information mentioned in paragraph 2 shall be obtained from relevant internal or external sources, including the consumer and, where necessary, but not exclusively, on the basis of a consultation of a database referred to in Article 19, and the consumer’s payment account, subject to the consumer’s consent as defined in Directive (EU) 2015/2366 on payment services in the internal market (PSD 2).
Amendment 580 #
Proposal for a directive Article 18 – paragraph 2 e (new) 2 e. Member States shall ensure that the creditworthiness assessment and corresponding repayment plans are tailored to the borrower’s specific profile and repayment capacity, including in the case of the most vulnerable consumers. In particular, where a creditor or a provider of crowdfunding credit services fulfils a social purpose as required by national law, the specificities of the loan such as its nature, maturity and interest rate, as well as the repayment plan should fit the borrowers’ specific profiles.
Amendment 581 #
Proposal for a directive Article 18 – paragraph 3 – introductory part 3. Member States shall also require that
Amendment 582 #
Proposal for a directive Article 18 – paragraph 3 – introductory part 3. Member States shall
Amendment 583 #
Proposal for a directive Article 18 – paragraph 3 a (new) 3 a. Member States shall guarantee that the right to be forgotten to all European patients 10 years after the end of their treatment, and up to five years after the end of treatment for patients whose diagnosis was made before the age of 18. Member States shall ensure equal access to credit for cancer survivors.
Amendment 584 #
Proposal for a directive 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 585 #
Proposal for a directive 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 to be met in the manner required under that agreement. However, a positive creditworthiness assessment should not constitute an obligation for the creditor to provide credit.
Amendment 586 #
Proposal for a directive Article 18 – paragraph 4 – introductory part 4. Member States shall ensure that the creditor or the provider of crowdfunding credit services is only able to make
Amendment 587 #
Proposal for a directive 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 is positive, meaning that it indicates that the obligations resulting from the credit agreement or the agreement for the provision of crowdfunding credit
Amendment 588 #
Proposal for a directive Article 18 – paragraph 4 – introductory part 4. Member States shall ensure that the creditor or the provider of crowdfunding credit services may only make
Amendment 589 #
Proposal for a directive 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
Amendment 590 #
Proposal for a directive Article 18 – paragraph 4 – introductory part 4. Member States shall ensure that the creditor or the provider of crowdfunding credit services
Amendment 591 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 Amendment 592 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 Amendment 593 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 Amendment 594 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 Notwithstanding the first subparagraphs, Member States may determine that creditors or the providers of crowdfunding credit services may exceptionally make credit available to consumers in specific and well justified circumstances also 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 not likely to be met in the manner required under that agreement
Amendment 595 #
Proposal for a directive 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
Amendment 596 #
Proposal for a directive 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 597 #
Proposal for a directive Article 18 – paragraph 4 a (new) 4 a. A positive creditworthiness assessment shall not oblige the creditor to provide credit.
Amendment 598 #
Proposal for a directive Article 18 – paragraph 5 Amendment 599 #
Proposal for a directive 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
Amendment 600 #
Proposal for a directive Article 18 – paragraph 6 Amendment 601 #
Proposal for a directive Article 18 – paragraph 6 – introductory part 6. Without prejudice to Regulation 2016/679, where the creditworthiness assessment involves the use of profiling or other automated processing of personal data, Member States shall ensure that the consumer has the right to
Amendment 602 #
Proposal for a directive Article 18 – paragraph 6 – introductory part 6. Where the creditworthiness assessment involves the use of profiling or other automated processing of personal data, Member States shall ensure that the creditor or provider of crowdfunding services informs the consumer of this fact, and that the consumer has the right to:
Amendment 603 #
Proposal for a directive Article 18 – paragraph 6 – introductory part 6. Where the creditworthiness assessment involves the use of profiling or other automated processing of personal data, Member States shall ensure th
Amendment 604 #
Proposal for a directive Article 18 – paragraph 6 – point a Amendment 605 #
Proposal for a directive Article 18 – paragraph 6 – point a Amendment 606 #
Proposal for a directive 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 607 #
Proposal for a directive Article 18 – paragraph 6 – point a (a) request and obtain human
Amendment 608 #
Proposal for a directive Article 18 – paragraph 6 – point b Amendment 609 #
Proposal for a directive Article 18 – paragraph 6 – point b Amendment 610 #
Proposal for a directive Article 18 – paragraph 6 – point b (b) request and obtain from the creditor
Amendment 611 #
Proposal for a directive Article 18 – paragraph 6 – point b (b) request and obtain from the creditor or the provider of crowdfunding credit services a
Amendment 612 #
Proposal for a directive 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
Amendment 613 #
Proposal for a directive Article 18 – paragraph 6 – point c Amendment 614 #
Proposal for a directive Article 18 – paragraph 6 – point c Amendment 615 #
Proposal for a directive Article 18 – paragraph 6 – point c Amendment 616 #
Proposal for a directive Article 18 – paragraph 6 – point c (c) express his or her point of view and
Amendment 617 #
Proposal for a directive Article 18 – paragraph 6 – point c (c)
Amendment 618 #
Proposal for a directive 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,
Amendment 619 #
Proposal for a directive 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
Amendment 620 #
Proposal for a directive 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
Amendment 621 #
Proposal for a directive 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
Amendment 622 #
Proposal for a directive Article 18 – paragraph 7 7. Member States shall ensure that
Amendment 623 #
Proposal for a directive 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 reason for rejection and, where applicable, of the fact that the assessment of creditworthiness is based on automated processing of data.
Amendment 624 #
Proposal for a directive 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
Amendment 625 #
Proposal for a directive 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
Amendment 626 #
Proposal for a directive Article 18 – paragraph 9 9. Member States whose legislation requires creditors or providers of crowdfunding credit services to assess the creditworthiness of consumers on the basis of a consultation of the relevant database may retain this requirement, but they ensure that the assessment of consumer creditworthiness is not discriminatory.
Amendment 627 #
Proposal for a directive Article 18 – paragraph 9 9. Member States whose legislation requires creditors or providers of crowdfunding credit services to assess the creditworthiness of consumers on the basis of a consultation of the relevant database may retain this requirement; however, the assessment shall not be based exclusively on a consumer’s credit history.
Amendment 628 #
Proposal for a directive Article 18 – paragraph 9 9. Member States
Amendment 629 #
Proposal for a directive Article 18 – paragraph 9 a (new) 9 a. A Member State may derogate from Article 18 in respect of credit agreements involving a total amount of credit of less than EUR 200, credit agreements where the credit is granted free of interest and without any other charges and credit agreements under the terms of which the credit has to be repaid within three months. Member States shall notify the Commission of the use of such derogation. The Commission shall publish a list of those derogations.
Amendment 630 #
Proposal for a directive Article 18 – paragraph 9 a (new) 9 a. In the case of open-ended credit or crowdfunding credit services, the relevance of the initial creditworthiness assessment shall be assessed by the creditor or provider of crowdfunding credit services at least every two years. Due adjustments to the repayment schedule shall be made accordingly.
Amendment 631 #
Proposal for a directive Article 18 – paragraph 9 a (new) 9 a. This article shall apply without prejudice to Regulation (EU) n°2016/679 (GDPR).
Amendment 632 #
Proposal for a directive Article 18 – paragraph 9 a (new) 9 a. Article 18 does not apply to leasing contracts.
Amendment 633 #
Proposal for a directive 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) 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 635 #
Proposal for a directive Article 19 – paragraph 1 a (new) 1 a. Without prejudice to paragraph 1, only creditors and providers of crowdfunding credit services which are subject to supervision by competent authorities and who are also providing their own information to a database shall have access to databases.
Amendment 636 #
Proposal for a directive Article 19 – paragraph 2 2. Paragraph 1 shall apply both to public and private credit databases.
Amendment 637 #
Proposal for a directive Article 19 – paragraph 3 3.
Amendment 638 #
Proposal for a directive Article 19 – paragraph 4 4. Where the credit application is rejected on the basis of a consultation of a database referred to in paragraph 1, Member States shall require that the creditor or the provider of crowdfunding credit services informs the consumer immediately and free of charge of the result of such consultation and of the details of the database consulted as well as the categories of data taken into account.
Amendment 639 #
Proposal for a directive 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 640 #
Proposal for a directive Article 19 – paragraph 4 a (new) 4 a. Member States shall ensure that efficient complaint procedures and out-of- court dispute resolution mechanisms are in place in order to facilitate consumers’ challenges to the content of databases, including information obtained through database searches by third parties.
Amendment 641 #
4 a. Not later than 12 months after entering into force of this Directive, the Commission shall produce guidelines and publish best practices as regards provision of database information to creditors.
Amendment 642 #
Proposal for a directive Article 19 – paragraph 4 b (new) 4 b. Database providers shall have processes in place to ensure that information contained in their databases is up-to-date and accurate. 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) 2016/679 (GDPR).
Amendment 643 #
Proposal for a directive Article 20 – paragraph 1 Amendment 644 #
Proposal for a directive Article 20 – paragraph 1 1. Member States shall require that credit agreements or agreements for the provision of crowdfunding credit services are drawn up on
Amendment 645 #
Proposal for a directive 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 646 #
Proposal for a directive Article 20 – paragraph 2 Amendment 647 #
Proposal for a directive Article 20 – paragraph 2 a (new) 2 a. Member States may introduce more lenient rules on agreements of 'small value credit'.
Amendment 648 #
Proposal for a directive Article 21 – paragraph 1 – point m (m) a written warning regarding the consequences of missing or late payments;
Amendment 649 #
Proposal for a directive Article 21 – paragraph 1 – point v a (new) (v a) the relevant contact details of debt- advisory services and a recommendation for the consumer to contact such services in case of re-payment difficulties.
Amendment 650 #
Proposal for a directive 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 651 #
Proposal for a directive Article 21 – paragraph 3 a (new) 3 a. Member States shall identify, among the elements listed in paragraph 1, those which, if absent or uncertain, shall lead to the nullity of the contract, those which can be replaced by law and those which extend the period for exercising the right of withdrawal defined by article 26.
Amendment 652 #
Proposal for a directive 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 653 #
Proposal for a directive Article 23 – paragraph 1 – introductory part 1. Member States shall require that the creditor or the provider of crowdfunding credit services inform the consumer of any change and the reason for change in the borrowing rate, on paper or another durable medium, before the change enters into force.
Amendment 654 #
Proposal for a directive Article 23 – paragraph 1 – introductory part 1. Member States shall require that the creditor or the provider of crowdfunding credit services inform the consumer of any change in the borrowing rate, on
Amendment 655 #
Proposal for a directive Article 23 – paragraph 2 – point c (c) the new reference rate is made publicly available in a timely manner and by appropriate means;
Amendment 656 #
Proposal for a directive Article 23 – paragraph 2 – point d (d) the information concerning the new reference rate is also available at the premises and on the website or mobile app of the creditor or of the provider of crowdfunding credit services.
Amendment 657 #
Proposal for a directive Article 23 – paragraph 2 – point d (d) the information concerning the new reference rate is also available at the premises and on the website of the creditor or of the provider of crowdfunding credit services.
Amendment 658 #
Proposal for a directive 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 659 #
Proposal for a directive 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
Amendment 660 #
Proposal for a directive 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
Amendment 661 #
Proposal for a directive 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, and the reasons for change before the change in question enters into force.
Amendment 662 #
Proposal for a directive 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 two working days before the change in question enters into force.
Amendment 663 #
Proposal for a directive 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 664 #
Proposal for a directive 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
Amendment 665 #
Proposal for a directive Article 24 – paragraph 2 – subparagraph 1 – point d (d) the information concerning the new reference rate is also available at the premises and on the website or mobile app of the creditor.
Amendment 666 #
Proposal for a directive 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) 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 668 #
Proposal for a directive Article 25 – paragraph 2 – introductory part 2. In the event of
Amendment 669 #
Proposal for a directive Article 25 – paragraph 2 – introductory part 2. In the event of a
Amendment 670 #
Proposal for a directive Article 25 – paragraph 2 – subparagraph 1 In addition, in case of regular overrunning, the creditor shall offer to the consumer advisory services, where available and at no cost, or redirect consumers towards debt advisory services.
Amendment 671 #
Proposal for a directive Article 25 – paragraph 2 – subparagraph 1 In addition, in case of regular overrunning, the creditor shall offer to the consumer advisory services, where available,
Amendment 672 #
Proposal for a directive Article 25 – paragraph 3 a (new) Amendment 673 #
Proposal for a directive 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 674 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 1 – point b (b) the day on which the consumer receives
Amendment 675 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 1 – point b (b) the day on which the consumer receives the contractual terms and conditions and information in accordance with Article
Amendment 676 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 1 a (new) Amendment 677 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 2 The deadline referred to in the first subparagraph shall be deemed to have been met if the notification referred to in paragraph 3, point (a), is dispatched by the consumer to the creditor of to the provider of crowdfunding credit services before that deadline expires. If the creditor or the provider of crowdfunding credit services has not provided the consumer with the information on the right of withdrawal in accordance with Article 21(1) paragraph b) , the withdrawal period shall expire 14 days plus 12 months after the day of the conclusion of the credit agreement or of the agreement for the provision of crowdfunding credit services.
Amendment 678 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 2 The deadline referred to in the first subparagraph shall be deemed to have been met if the notification referred to in paragraph 3, point (a), is dispatched by the consumer to the creditor of to the provider of crowdfunding credit services before that deadline expires. If the creditor or the provider of crowdfunding credit services has not provided the consumer with the information on the right of withdrawal in accordance with Article 21.1 p), the withdrawal period shall expire 6 months after the day of the conclusion of the credit agreement or of the agreement for the provision of crowdfunding credit services.
Amendment 679 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 2 The deadline referred to in the first subparagraph shall be deemed to have been met if the notification referred to in paragraph 3, point (a), is dispatched by the consumer to the creditor of to the provider of crowdfunding credit services before that deadline expires. The right of withdrawal referred to in the first subparagraph shall in any event lapse one year and 14 calendar days after the conclusion of the credit agreement or the agreement for the provision of crowdfunding credit services.
Amendment 680 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 2 a (new) The right of withdrawal referred to in the first subparagraph shall in any event lapse two years and 14 calendar days after the conclusion of the credit agreement or the agreement for the provision of crowdfunding credit services. Within this period, the right of withdrawal shall also lapse, when the contract has been fully completed by both parties. That right of withdrawal shall not lapse if the consumer has not been informed about his right of withdrawal at all.
Amendment 681 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 2 a (new) The right of withdrawal referred to in the first subparagraph shall in any event lapse one year and 14 calendar days after the conclusion of the credit agreement or the agreement for the provision of crowdfunding credit services. That right of withdrawal shall not lapse if the consumer has not been informed about his right of withdrawal at all.
Amendment 682 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 2 a (new) The withdrawal period shall expire 12 months after the end of the initial withdrawal period.
Amendment 683 #
Proposal for a directive Article 26 – paragraph 1 a (new) 1 a. In the case of a linked credit agreement for the purchase of a good with a return policy that ensures a full refund for a certain period of time exceeding 14 calendar days, the right of withdrawal shall be extended to match the duration of such return policy.
Amendment 684 #
Proposal for a directive Article 26 – paragraph 3 – point b (b) pay either to the creditor or the provider of crowdfunding credit services provider the capital and the interest accrued thereon from the date on which the credit was drawn down until the date on which the capital is repaid, without any
Amendment 685 #
Proposal for a directive Article 26 – paragraph 7 a (new) 7 a. The Commission is empowered to adopt delegated acts in accordance with Article 45 to develop a standardised one- page document that fulfils the information requirements provided for in Article 21 in order to facilitate the application of paragraph 1.
Amendment 686 #
Proposal for a directive Article 26 – paragraph 7 a (new) 7 a. The right of withdrawal expires at the latest one year and 14 days after the conclusion of the credit agreement or the contract for the provision of crowd- funding credit services.
Amendment 687 #
Proposal for a directive 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 t
Amendment 688 #
Proposal for a directive 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 consideration, except for up-front costs, which are fully exhausted at the time of granting of the loan and corresponded to services effectively provided to the consumer or to costs effectively incurred by creditor as well as third party costs. The up-front costs should be adequately identified and declared in the credit contract. In any case, costs that remunerate credit intermediaries activities or costs that 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 689 #
Proposal for a directive 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
Amendment 690 #
Proposal for a directive 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 consideration, except for the initial costs – which are completely exhausted when the loan is granted and comprise services actually provided to the consumer – and taxes. The upfront costs shall be properly identified and declared in the credit contract.
Amendment 691 #
Proposal for a directive 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 consideration, except for up-front costs, which are fully exhausted at the time of granting of the loan and corresponded to services effectively provided to the consumer. The up-front costs should be adequately identified and declared in the credit contract.
Amendment 692 #
Proposal for a directive 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, except for fees corresponding to services effectively provided to the consumer or to costs effectively incurred by the lender, as well as third party costs, shall be taken into consideration.
Amendment 693 #
Proposal for a directive 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
Amendment 694 #
Proposal for a directive 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 696 #
Proposal for a directive Article 29 – paragraph 4 Amendment 697 #
Proposal for a directive Article 29 – paragraph 4 – introductory part 4. By way of derogation from
Amendment 698 #
Proposal for a directive Article 29 – paragraph 4 – point a Amendment 699 #
Proposal for a directive Article 29 – paragraph 4 – point b Amendment 700 #
Proposal for a directive Article 29 – paragraph 4 – point b Amendment 701 #
Proposal for a directive 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 702 #
Proposal for a directive Article 30 – paragraph 2 – subparagraph 1 a (new) The annual percentage rate of charge must also take into account the costs and charges for any additional insurance or other financial products where the conclusion of a contract regarding such insurance or other financial product is compulsory in order to obtain the credit or to obtain it on the terms and conditions marketed;
Amendment 703 #
Proposal for a directive Article 30 – paragraph 4 4. In the case of credit agreements or agreements for the provision of crowdfunding credit services containing clauses that allow variations in the borrowing rate or variations in certain charges contained in the annual percentage rate of charge which make them unquantifiable at the time of calculation, the annual percentage rate of charge shall be calculated on the assumption that the borrowing rate and other charges will remain fixed in relation to the initial level and will remain applicable until the end of the credit agreement or of the agreement for the provision of crowdfunding credit services. the consumer shall be provided with two versions of the annual percentage rate of charge: (i) the first version shall be calculated on the assumption that the borrowing rate and other charges will remain fixed in relation to the initial level and will remain applicable until the end of the credit agreement or of the agreement for the provision of crowdfunding credit services, (ii) the second version shall be calculated on the assumption that the interest rate will suffer a significant increase throughout the duration of the credit agreement or the agreement for the provision of crowdfunding credit services.
Amendment 704 #
Proposal for a directive Article 31 Amendment 705 #
Proposal for a directive Article 31 Amendment 706 #
Proposal for a directive Article 31 – title Caps on
Amendment 707 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States shall introduce caps on
Amendment 708 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States shall introduce caps
Amendment 709 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States
Amendment 710 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. Member States
Amendment 711 #
Proposal for a directive Article 31 – paragraph 1 – introductory part 1. 1. Member States
Amendment 712 #
Proposal for a directive Article 31 – paragraph 1 – point a Amendment 713 #
Proposal for a directive Article 31 – paragraph 1 – point a Amendment 714 #
Proposal for a directive Article 31 – paragraph 1 – point b Amendment 715 #
Proposal for a directive Article 31 – paragraph 1 – point b Amendment 716 #
Proposal for a directive Article 31 – paragraph 1 – point b Amendment 717 #
Proposal for a directive Article 31 – paragraph 1 – point c Amendment 718 #
Proposal for a directive Article 31 – paragraph 1 – point c Amendment 719 #
Proposal for a directive Article 31 – paragraph 1 – subparagraph 1 (new) Those caps shall be based on averages for each credit product recorded on the market by the supervisory authorities of each Member State.
Amendment 720 #
Proposal for a directive Article 31 – paragraph 1 a (new) 1 a. A lower cap shall apply to socially and environmentally sustainable credit products.
Amendment 721 #
Proposal for a directive Article 31 – paragraph 2 2.
Amendment 722 #
Proposal for a directive Article 31 – paragraph 2 a (new) 2 a. Member States may introduce lower caps for environmentally sustainable consumer credit products.
Amendment 723 #
Proposal for a directive Article 31 – paragraph 2 a (new) 2 a. The European Commission shall make publicly available the caps introduced by Member States.
Amendment 724 #
Proposal for a directive Article 31 – paragraph 2 b (new) 2 b. By 31 December 2023, EBA shall submit a report to the European Parliament, to the Council and to the Commission on the implementation of the caps pursuant to paragraph 1 in the Member States. That report shall, at least, contain:(a) a comparison of the Member States’ methodologies to determine the size of the caps;(b) a comparison of the size of the caps across Member States;(c) an assessment of the effectiveness of the caps for the purpose of protecting consumers from excessive fees or charges;(d) based on the assessment in (c), a best practice approach for determining the size of caps.
Amendment 725 #
Proposal for a directive Article 32 – paragraph 1 – introductory part 1. Member States shall require that the creditor, the credit intermediary and the provider of crowdfunding credit services act honestly, responsibly, fairly, transparently and professionally and take account of the rights and interests of the consumers when carrying out any of the following activities:
Amendment 726 #
Proposal for a directive Article 32 – paragraph 1 – point e a (new) (e a) promoting the sale of goods or services, covered by a linked credit agreement
Amendment 727 #
Proposal for a directive Article 32 – paragraph 1 – point e a (new) (e a) advertising credit products.
Amendment 728 #
Proposal for a directive Article 32 – paragraph 2 Amendment 729 #
Proposal for a directive Article 32 – paragraph 3 – introductory part 3. Member States shall ensure that, when establishing and applying remuneration policies for staff responsible for the assessment of creditworthiness, creditors, that are credit institutions as defined in the MC-Directive 2014/17/EU , comply with the following principles in a way and to the extent that is appropriate to their size, internal organisation and the nature, scope and complexity of their activities:
Amendment 730 #
Proposal for a directive Article 32 – paragraph 3 – point a (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 or provokes negative impacts for consumers;
Amendment 731 #
Proposal for a directive Article 32 – paragraph 4 4. Member States shall ensure that where creditors, that are credit institutions as defined in the MC-Directive 2014/17/EU , credit intermediaries or providers of crowdfunding credit services provide advisory services the remuneration structure of the staff involved does not prejudice their ability to act in the consumer’s best interest and is not contingent on sales targets.
Amendment 732 #
Proposal for a directive Article 32 – paragraph 4 4. Member States shall ensure that where creditors, credit intermediaries or providers of crowdfunding credit services provide advisory services the remuneration structure of the staff involved does not prejudice their ability to act in the consumer’s best interest and is not contingent on sales targets. In order to achieve that goal, Member States
Amendment 733 #
Proposal for a directive 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 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 and consumer rights in the area of their trade. 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 734 #
Proposal for a directive Article 33 – paragraph 1 1. Member States shall ensure that creditors, that are credit institutions as defined in the MC-Directive 2014/17/EU , credit intermediaries and providers of crowdfunding credit services require their staff to possess and keep up-
Amendment 735 #
Proposal for a directive Article 33 – paragraph 1 1. Member States shall ensure that creditors, credit intermediaries and
Amendment 736 #
Proposal for a directive Article 33 – paragraph 2 2. Member States shall establish minimum knowledge and competence requirements for the staff of creditors, that are credit institutions as defined in the MC-Directive 2014/17/EU , of credit intermediaries and of providers of crowdfunding credit services.
Amendment 737 #
Proposal for a directive Article 33 – paragraph 2 2. Member States shall establish minimum knowledge and competence requirements for the staff of creditors, of credit intermediaries and of providers of crowdfunding credit services, including on environmentally sustainable lending, where relevant.
Amendment 739 #
Proposal for a directive 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
Amendment 740 #
Proposal for a directive 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 741 #
Proposal for a directive Article 34 – paragraph 1 – subparagraph 1 Amendment 742 #
Proposal for a directive Article 34 – paragraph 1 a (new) 1 a. 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. Member States shall also disseminate information regarding the guidance that consumer organisations and national authorities may provide to consumers.
Amendment 743 #
Proposal for a directive Article 34 – paragraph 2 2.
Amendment 744 #
Proposal for a directive Article 35 – paragraph 1 – introductory part 1. Member States shall
Amendment 745 #
Proposal for a directive Article 35 – paragraph 1 – introductory part 1. Member States shall require creditors to
Amendment 746 #
Proposal for a directive Article 35 – paragraph 1 – point b – point iv (iv)
Amendment 747 #
Proposal for a directive Article 35 – paragraph 1 – point b – point iv (iv)
Amendment 748 #
Proposal for a directive Article 35 – paragraph 1 – point b – point iv (iv)
Amendment 749 #
Proposal for a directive Article 35 – paragraph 2 2. The list of potential measures in paragraph 1, point (b), is without prejudice to
Amendment 750 #
Proposal for a directive Article 35 – paragraph 3 3. Member States
Amendment 751 #
Proposal for a directive Article 35 – paragraph 4 Amendment 752 #
Proposal for a directive Article 36 – paragraph 1 Member States shall ensure that independent debt advisory services are made available to consumers
Amendment 753 #
Proposal for a directive Article 36 – paragraph 1 Member States shall ensure that debt advisory services are made available to consumers free of charge and rendered by staff that is not in a situation of conflict of interest.
Amendment 754 #
Proposal for a directive Article 36 – paragraph 1 Member States shall ensure that debt advisory services are made available to consumers who experience or might experience difficulties in meeting their financial commitments.
Amendment 755 #
Proposal for a directive 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) 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 757 #
Proposal for a directive Article 36 – paragraph 1 a (new) For the purposes of fulfilling the obligations in paragraph 1, creditors shall have processes and policies in place for the early detection and monitoring of consumers experiencing or likely to experience financial difficulties.
Amendment 758 #
Proposal for a directive 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 759 #
Proposal for a directive Article 37 – paragraph 1 Member States shall ensure that creditors
Amendment 760 #
Proposal for a directive Article 37 – paragraph 1 Member States shall ensure that 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. No credit shall be provided by providers which are not under the supervision of a competent authority.
Amendment 761 #
Proposal for a directive Article 37 – paragraph 1 Member States shall
Amendment 762 #
Proposal for a directive Article 37 – paragraph 1 Member States shall ensure that 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
Amendment 763 #
Proposal for a directive Article 37 – paragraph 1 Member States shall ensure that any creditors, credit intermediaries and providers of crowdfunding credit services
Amendment 764 #
Proposal for a directive Article 37 – paragraph 1 a (new) By way of derogation from paragraph 1, Member States may not establish an authorization process when creditors and credit intermediaries only provide credit granted free of interest and without any other fees and/or charges, credit that has to be repaid within three months and only insignificant charges are payable, credits of low amount or credit as an ancillary service of the provision of goods and services.
Amendment 765 #
Proposal for a directive Article 37 – paragraph 1 a (new) An entity admitted, registered or authorised pursuant to previous paragraph prior to the entry into force of this Directive is considered admitted, registered or authorised for providing services according to this Directive for which it was authorised or registered according to national law.
Amendment 766 #
Proposal for a directive Article 37 – paragraph 1 a (new) The possibility to offer consumer credits shall be restricted to those entities that have obtained the authorization referred to in Article 37 (1).
Amendment 767 #
Proposal for a directive Article 37 – paragraph 1 b (new) Where an creditor and credit intermediary admitted, registered or authorised pursuant to national law applicable to services that are included in the scope of this Directive prior to the entry into force of this Directive, applies for admission, authorisation or registration as service provider under this Directive, the Member State shall not require that entity to provide information or documents which it has already submitted when applying for admission, authorisation or registration pursuant to national law, provided that such information or documents remain up-to-date and are accessible to the competent authority.
Amendment 768 #
This Article shall not apply to credit institutions as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 or to other financial institutions which under national law are subject to authorisation or registration requirements equivalent to those set out in this article.
Amendment 769 #
Proposal for a directive Article 37 – paragraph 1 c (new) Creditors and credit intermediaries may continue in accordance with the applicable national law to provide services that are included within the scope of this Directive until 30 June 2024 or until they are granted admission, authorisation or registration to provide services according to this Directive, whichever is sooner. Until 30 June 2024, Member States may have in place simplified admission, authorisation or registration procedures for creditors, credit intermediaries and crowdfunding service providers that, at the time of entry into force of this Directive, are authorised under national law to provide crowdfunding services.
Amendment 770 #
Payment institutions as defined in Article 4(4) of Directive (EU) 2015/2366 and electronic money institutions as defined in Article 2(1) of Directive 2009/110/EC are also exempt from the requirements set out in this provision in respect of the granting of credit related to payment services.
Amendment 771 #
Proposal for a directive Article 38 – paragraph 1 – point a (a) indicate, in advertising and documentation intended for consumers, the extent of their powers and whether they work as a tied or as an independent intermediary; Where the credit intermediary is tied to or works exclusively
Amendment 772 #
Proposal for a directive Article 38 – paragraph 1 – point c (c) reach an agreement with the consumer on any fees referred to in point (b) on
Amendment 773 #
Proposal for a directive Article 39 – paragraph 1 a (new) 1 a. The assignment to a third party of the creditor's rights under a credit agreement or an agreement for the provision of crowdfunding credit services, or of the agreement itself, shall require the explicit consent of the consumer.
Amendment 774 #
Proposal for a directive 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) 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 776 #
Proposal for a directive Article 39 – paragraph 2 a (new) 2 a. Member States shall expressly prohibit the assignment of credit which can no longer be recovered in court or where the legal basis of the credit can no longer be demonstrated.
Amendment 777 #
Proposal for a directive 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 778 #
Proposal for a directive Article 40 – paragraph 2 a (new) 2 a. The participation of creditors, credit intermediaries and providers of crowdfunding credit services in out-of- court dispute settlement mechanisms for household customers shall be mandatory unless the Member State demonstrates to the Commission that other mechanisms are equally effective.
Amendment 779 #
Proposal for a directive Article 41 – paragraph 8 a (new) 8 a. Member States may apply national legislation to grant product intervention powers to national competent authorities to withdraw products with a high default rate according to the data available through Article 41a
Amendment 780 #
Proposal for a directive Article 41 a (new) Article 41 a Data collection by competent authorities 1. National Competent Authorities of each Member State shall collect data on monthly default rates associated with different types of consumer credit products under the scope of this Directive, broken down by creditor and by sales channel. This data should be reported to the European Banking Authority in a standard reporting format. The European Banking Authority shall provide an annual report to the Commission on these default rates, which shall: (a) Be made publicly available; (b) Analyse the default rates of each category of credit product covered by the Directive for each Member State. 2. For this purpose, the European Banking Authority shall develop a draft typology of consumer credit products covered by the directive as well as draft regulatory technical standard to stipulate the standard reporting format for default rates under paragraph 1 for submission to the Commission by XX, which it shall review every two years thereafter. Powers are delegated to the European Commission to adopt and, where necessary amend, regulatory technical standards to stipulate the standard reporting format and default rates on the basis of the draft provided by the European Banking Authority. Those regulatory technical standards shall be adopted in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 781 #
Proposal for a directive Article 41 a (new) Article 41 a Data collection National competent authorities of each Member State shall collect monthly default rates associated with different types of consumer credit products relevant to the scope of this Directive and report that data to the EBA in a standard reporting format. The draft typology of the consumer credit products as well as the technical reporting standard shall be developed by the EBA. The EBA shall provide an annual, comprehensive report to the Commission on these default rates and make it publicly available.
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(
Amendment 783 #
Proposal for a directive 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 785 #
Proposal for a directive Article 44 – paragraph 1 1. Member States shall lay down the rules on penalties applicable to infringements of the national provisions adopted pursuant to this Directive and shall take all measures necessary to ensure that they are implemented. The penalties provided for shall be effective, proportionate and dissuasive. Member States shall notify those rules and of those measures to the Commission by [OP: please insert date -
Amendment 786 #
Proposal for a directive 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 1% and not more than 4% 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. Member states shall proportionally reduce the fine in case when the turnover of the enterprise comprises not only of providing consumer credits, but also of other activities.
Amendment 787 #
Proposal for a directive 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
Amendment 788 #
Proposal for a directive Article 44 – paragraph 2 2. Member States shall ensure that when penalties are to be imposed
Amendment 789 #
Proposal for a directive 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
Amendment 790 #
Proposal for a directive 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 791 #
Proposal for a directive Article 44 a (new) Article 44 a Remedies Member States shall ensure that consumers have access to proportionate and effective remedies, including compensation, in accordance with applicable national civil law, for damage suffered by the consumer and, where relevant, a price reduction or the termination of the contract. Those remedies shall be without prejudice to the application of other remedies available to consumers under Union or national law.
Amendment 792 #
Proposal for a directive Article 46 – paragraph 1 1. The Commission shall undertake, every five years and for the first time five years from the date of application, an evaluation of this Directive. The evaluation shall include an assessment of a) the thresholds laid down in Article 2(2), point c, and in Part II of Annex IV,
Amendment 793 #
Proposal for a directive Article 46 – paragraph 1 1. The Commission shall undertake, every
Amendment 794 #
Proposal for a directive 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 795 #
Proposal for a directive Article 46 – paragraph 1 a (new) 1 a. The evaluation shall take into account the report referred to in Article 6a(4). The Commission shall assess, and where appropriate, submit proposals to harmonise environmentally sustainable consumer lending practices and ensure ample availability and affordability of environmentally sustainable consumer credit products across the Union.
Amendment 796 #
Proposal for a directive Article 46 – paragraph 2 2. The Commission shall also monitor the effect of the existence of the regulatory choices referred to in Article 42 on the internal market and consumers. Given that STIF credit products (as defined in Article 3) are a relatively new and rapidly expanding market, it is appropriate that the Commission gives particular consideration in its review to the further development of this market and the evidence base regarding consumer harm, and to whether the treatment of such products under this Directive needs to be revised.
Amendment 797 #
Proposal for a directive Article 47 – paragraph 1 Directive 2008/48/EC is repealed with effect from [OP: please insert date -
Amendment 798 #
Proposal for a directive Article 47 – paragraph 2 Directive 2008/48/EC shall also continue to apply to credit agreements existing on [OP: please insert date -
Amendment 799 #
Proposal for a directive Article 47 – paragraph 3 However, Articles 23 and 24, Article 25(1), second sentence, Article 25(2) and Articles 28 and 39 of this Directive shall apply to all open-end credit agreements existing on [OP: please insert date -
Amendment 800 #
Proposal for a directive Article 48 – paragraph 1 – introductory part 1. Member States shall adopt and publish, by [OP: please insert date - 24 months from the date the Directive is adopted] at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions. They shall apply those measures from [OP: please insert date -
Amendment 801 #
Proposal for a directive Article 48 – paragraph 1 – subparagraph 1 Amendment 802 #
Proposal for a directive Article 48 – paragraph 1 – subparagraph 1 Amendment 803 #
Proposal for a directive Annex II Amendment 804 #
Proposal for a directive Annex II Amendment 805 #
Proposal for a directive Annex II Amendment 806 #
Proposal for a directive Annex II – paragraph 1 Amendment 807 #
Proposal for a directive Annex II – paragraph 2 Amendment 808 #
Proposal for a directive Annex II – paragraph 3 source: 719.857
2022/07/12
IMCO
231 amendments...
Amendment 1 #
Proposal for a directive Recital 7 (7) In recent years, credit offered to consumers has evolved and diversified considerably. New credit products have appeared, in particular in the online environment, and their use continues to develop. This has raised legal uncertainty with regard to the application of
Amendment 10 #
Proposal for a directive Recital 29 (29) Specific provisions should be laid down on advertising of credit agreements or crowdfunding credit services and certain items of standard information to be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way by means of a representative example. The standard information should be shown upfront and saliently, in a clear way and in an engaging format. It should be clearly legible and adapted to take into account the technical constraints of certain media such as mobile telephone screens and digital channels. Temporary promotional conditions, such as a teaser rate with lower interest rate for the initial
Amendment 100 #
Proposal for a directive Article 10 – paragraph 7 Amendment 101 #
Proposal for a directive Article 10 – paragraph 7 a (new) 7 a. In any event, if the agreement has been concluded at the consumer's request using a means of distance communication, the agreement and any other jointly provided document shall always be provided to the consumer in a form which allows their automated reading and legal assessment, and the evaluation of their compliance with this Directive, as well as with the Union legislation on unfair contractual terms and the protection of personal data.
Amendment 102 #
Proposal for a directive 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
Amendment 103 #
Proposal for a directive 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 or on any other durable medium chosen by the consumer by means of the European Consumer Credit Information form set out in Annex III. That information shall be clear and understandable. 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 104 #
Proposal for a directive Article 11 – paragraph 2 – point k a (new) (k a) a warning and explanation regarding the legal and financial consequences of missing or late payments, including related costs;
Amendment 105 #
Proposal for a directive Article 11 – paragraph 2 – point k b (new) (k b) a warning and explanation regarding the legal and financial consequences of non-compliance with the other commitments linked to the specific credit agreement or crowdfunding credit services;
Amendment 106 #
Proposal for a directive Article 11 – paragraph 2 – point o a (new) (o a) a comprehensive repayment schedule containing all payments and repayments over the duration of the contract, including payments and repayments for any ancillary services relating to the credit agreement or crowdfunding credit services which are sold simultaneously, whereby payments and repayments, in the event that different borrowing rates apply in different circumstances, are based on reasonable upward changes in the borrowing rate;
Amendment 107 #
Proposal for a directive Article 11 – paragraph 3 Amendment 108 #
Proposal for a directive Article 11 – paragraph 4 4. Information displayed in the
Amendment 109 #
Proposal for a directive Article 11 – paragraph 5 Amendment 11 #
Proposal for a directive Recital 29 a (new) (29 a) Standard information should be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way. The standard information should be shown upfront and saliently and in an engaging format.
Amendment 110 #
Proposal for a directive 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
Amendment 111 #
Proposal for a directive 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
Amendment 112 #
Proposal for a directive Article 12 – paragraph 1 – introductory part 1. Member States shall ensure that creditors and, where applicable, credit
Amendment 113 #
Proposal for a directive 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 114 #
Proposal for a directive Article 12 – paragraph 1 – subparagraph 1 (new) Member States may require creditors and where applicable, credit intermediaries and providers of crowdfunding services, to document in what form and when such explanations were provided to the consumer.
Amendment 115 #
Proposal for a directive Article 12 – paragraph 1 a (new) 1 a. Member States may require creditors and where applicable, credit intermediaries and providers of crowdfunding services, to document in what form and when such explanations were provided to the consumer.
Amendment 116 #
Proposal for a directive Article 12 – paragraph 2 – introductory part 2. Member States may, in duly justified cases, adapt the requirement referred to in paragraph 1 with regard to the manner in which the explanations shall be given and the extent
Amendment 117 #
Proposal for a directive Article 12 – paragraph 2 – point b Amendment 118 #
Proposal for a directive Article 13 – paragraph 1 Without prejudice to Regulation (EU) 2016/679, Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services inform consumers in a clear and unambiguous manner when they are presented with a personalised offer that is based on
Amendment 119 #
Proposal for a directive Article 13 – paragraph 1 Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services
Amendment 12 #
Proposal for a directive 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,
Amendment 120 #
Proposal for a directive Chapter III – title Amendment 121 #
Proposal for a directive Article 14 – paragraph 1 – subparagraph 1 (new) Member States shall require that if the consumer needs additional time to compare insurance offers before purchasing one, that consumer shall be given at least three days to compare them, without the offer being changed
Amendment 122 #
Proposal for a directive Article 14 – paragraph 3 Amendment 123 #
Proposal for a directive Article 14 – paragraph 4 4. Member States may allow creditors or providers of crowdfunding credit services to require the consumer to hold a relevant insurance policy related to the credit agreement or crowdfunding credit services, taking into account proportionality considerations. In such cases, Member States shall ensure that the creditor or the provider of crowdfunding credit services is required to accept the insurance policy from a supplier different to his or her preferred supplier where such insurance policy has a level of guarantee equivalent to the one the creditor or the provider of crowdfunding credit services has proposed, without modifying the condition of the credit offering to the consumer. Under those circumstances, the insurance policy shall avoid imposing restrictive conditions, whenever specific requirements relating to pre-existing medical conditions are fulfilled. Member States shall ensure that the right to be forgotten is complied with and that persons cured of relevant communicable and non-communicable diseases have equal access to insurance policies. Member States shall require that, if the consumer needs additional time to compare insurance offers before purchasing one, that consumer shall be given at least three days to compare them, without the offer being changed.
Amendment 124 #
Proposal for a directive Article 15 – paragraph 2 2. The agreement of the consumer to the purchase of ancillary services presented through boxes shall be given by an unambiguous 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 125 #
Proposal for a directive Article 15 – paragraph 2 a (new) 2 a. Silence or inactivity shall not imply consent to entering into an agreement within themeaning of this Article.
Amendment 126 #
Proposal for a directive Article 16 – paragraph 1 1. Member States shall
Amendment 127 #
Proposal for a directive Article 16 – paragraph 3 – point c (c) consider a sufficiently large number of credit agreements or crowdfunding credit services in their product range and on that basis recommend a credit agreement or several credit agreements, or crowdfunding credit services from among that product range that is suitable to the consumer’s needs, financial situation and personal circumstances; non-tied intermediaries consider for that purpose a sufficiently large number of credit agreements or crowdfunding credit services available on the market and make the recommendation on that basis;
Amendment 128 #
Proposal for a directive Article 16 – paragraph 3 – point d (d) act in the best interests of the consumer, with a view to minimising defaults and arrears by informing themselves about the consumer’s needs and circumstances and recommending suitable credit agreements;
Amendment 129 #
Proposal for a directive Article 16 – paragraph 4 – introductory part 4. Member States
Amendment 13 #
Proposal for a directive Recital 31 (31) Pre-contractual information should be provided through the Standard European Consumer Credit Information form. To help consumers understand and compare offers,
Amendment 130 #
Proposal for a directive Article 16 – paragraph 4 – subparagraph 2 Amendment 131 #
Proposal for a directive 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 States;
Amendment 132 #
Proposal for a directive Article 17 – paragraph 1 Without prejudice to the possibility (of creditors, credit intermediaries and providers of crowdfunding services) to advertise within the limitations set by Articles 7 and 8, Member States shall prohibit any sale of credit to consumers, without their prior request and explicit agreement.
Amendment 133 #
Proposal for a directive Article 17 – paragraph 1 – subparagraph 1 (new) This Article shall not apply to the offer of credit agreements at the point of sale to finance the purchase of a good or a service.
Amendment 134 #
Proposal for a directive 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 135 #
Proposal for a directive Article 18 – paragraph 1 a (new) 1 a. Member States shall ensure that credit intermediaries accurately transmit to the creditor information obtained from the consumer so that the creditworthiness assessment can be carried out.
Amendment 136 #
Proposal for a directive Article 18 – paragraph 2 – introductory part 2. The assessment of creditworthiness shall be carried out on the basis of relevant and accurate
Amendment 137 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph -1 (new) -1 The European Banking Authority (EBA) shall develop guidelines detailing how creditors and providers of crowdfunding credit services are to perform the creditworthiness assessment and on product governance. Those guidelines shall specify the type of data recommended to perform the creditworthiness assessment in accordance with the objective of this Article. The guidelines shall, inter alia, include a proportionate regime for the creditor, or where applicable, the provider of crowdfunding credit services to perform assessment of creditworthiness for small- value credits. When developing such guidelines, the EBA shall: (a) take into account the interest of the consumers and the protection against over-indebtedness; (b) take into account the types of credits offered in the Union and detail specific recommendations for specific credit offers if deemed necessary; (c) consult relevant public authorities, stakeholders as well civil society and consumer organisations. The EBA shall review such guidelines every two years.
Amendment 138 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 The information obtained in accordance with this paragraph, shall be appropriately verified, where necessary through reference to independently verifiable documentation or by using open banking in accordance with Directive (EU) 2015/2366/EU (Payment Service Directive 2).
Amendment 139 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 a (new) 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 ortientation and data collected from social networks shall not be processed or used to perform creditworthiness assessments.
Amendment 14 #
Proposal for a directive 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-
Amendment 140 #
Proposal for a directive Article 18 – paragraph 2 a (new) 2 a. The information taken into account for the purpose of the creditworthiness assessment shall be necessary and proportionate in accordance with the objective of this Article, in line with the data minimisation principle of Regulation (EU) 2016/679, and shall be relevant, up-to-date, complete and accurate.
Amendment 141 #
Proposal for a directive Article 18 – paragraph 2 b (new) 2 b. Member States shall require that the creditworthiness assessment and corresponding repayment plans are realistic and tailored to the borrower’s specific needs and repayment capacity.
Amendment 142 #
Proposal for a directive 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 the event of a breach of the above-mentioned provision. Consumers shall have access to proportionate and effective remedies including compensation for damage suffered as a result of such a breach. Those remedies shall be without prejudice to the application of other remedies available to consumers under Union or national law.
Amendment 143 #
Proposal for a directive Article 18 – paragraph 3 a (new) 3 a. 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 increase in the total amount of credit is granted.
Amendment 144 #
Proposal for a directive Article 18 – paragraph 3 b (new) 3 b. Member States shall ensure that the right to be forgotten is provided to all Union patients as from 10 years after the end of their treatment, and as from five years after the end of treatment for patients whose diagnosis was made before the age of 18. Member States shall ensure equal access to credit to all persons cured of relevant communicable and non- communicable diseases.
Amendment 145 #
Proposal for a directive Article 18 – paragraph 3 c (new) 3 c. 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 146 #
Proposal for a directive Article 18 – paragraph 4 – subparagraph 1 A positive creditworthiness assessment shall not oblige the creditor to provide credit. Notwithstanding the first subparagraph
Amendment 147 #
Proposal for a directive 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 in particular 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 148 #
Proposal for a directive Article 18 – paragraph 6 – introductory part 6. Where the creditworthiness assessment involves the use of profiling or other automated processing of personal data, Member States shall ensure that the creditor or provider of crowdfunding services informs the consumer of that fact and that the consumer has the right to:
Amendment 149 #
Proposal for a directive Article 18 – paragraph 6 – point a (a) request and obtain human
Amendment 15 #
Proposal for a directive Recital 39 (39) Despite the pre-contractual information to be provided, the consumer may still need additional assistance in order to decide which credit agreement or crowdfunding credit services, within the range of products proposed, are the most appropriate for his or her needs and financial situation. Therefore, Member States should ensure that creditors and, where applicable, credit intermediaries and providers of crowdfunding credit services provide such assistance in relation to the credit products which they offer to the consumer, by providing adequate explanations about the relevant information in an easily understandable manner before the signing of the agreement, including in particular the essential characteristics of the products proposed to the consumer in a personalised manner so that the consumer can understand the effects which they may have on his or her economic situation. Creditors and, where applicable, credit intermediaries and providers of crowdfunding credit services
Amendment 150 #
Proposal for a directive 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 (i) the logic and risks involved in the automated processing of personal data as well as its significance and effects on the decision; (ii) the categories of data processed as part of the assessment and the weighing of each category in the decision;
Amendment 151 #
Proposal for a directive Article 18 – paragraph 6 – point c (c) express his or her point of view and
Amendment 152 #
Proposal for a directive Article 18 – paragraph 6 – point c a (new) (c a) receive information about the procedure for reviewing the decision.
Amendment 153 #
Proposal for a directive Article 18 – paragraph 6 – subparagraph 1 (new) This Article shall apply without prejudice to Regulation (EU) 2016/679.
Amendment 154 #
Proposal for a directive 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
Amendment 155 #
Proposal for a directive 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
Amendment 156 #
Proposal for a directive Article 18 – paragraph 9 9. Member States
Amendment 157 #
Proposal for a directive Article 18 – paragraph 9 a (new) 9 a. In the case of open-ended credit or crowdfunding credit services, the validity of the initial creditworthiness assessment shall, if necessary, be reviewed by the creditor or provider of crowdfunding credit services at least every two years.
Amendment 158 #
Proposal for a directive Article 19 – paragraph 1 1. Each Member State shall in the
Amendment 159 #
Proposal for a directive Article 19 – paragraph 1 a (new) 1 a. 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) 2016/679 have access to the database.
Amendment 16 #
Proposal for a directive Recital 40 (40) As highlighted in the Commission Proposal for a Regulation laying down harmonised rules on artificial intelligence (Artificial Intelligence Act)31
Amendment 160 #
Proposal for a directive Article 19 – paragraph 1 b (new) 1 b. Access to databases shall be limited to creditors and providers of crowdfunding credit services who are also providing their own information to databases.
Amendment 161 #
Proposal for a directive Article 19 – paragraph 3 3. The databases referred to in paragraph 1 shall hold at least information on all of the consumers’ arrears in
Amendment 162 #
Proposal for a directive Article 19 – paragraph 4 4. Where the credit application is rejected on the basis of a consultation of a
Amendment 163 #
Proposal for a directive Article 19 – paragraph 4 a (new) 4 a. Database providers shall have processes in place to ensure that information contained in their publicly and privately managed databases is up-to- date and accurate. Member States shall ensure that consumers are notified within 30 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) 2016/679.
Amendment 164 #
Proposal for a directive Article 19 – paragraph 4 b (new) 4 b. National competent authorities shall conduct regular audits of the processes and information contained in databases used in their territory, to assess their compliance with Regulation (EU) 2016/679 and national legislation.
Amendment 165 #
Proposal for a directive Article 19 – paragraph 4 c (new) 4 c. Member States shall ensure that complaint procedures are in place in order to facilitate consumers’ challenges to the content of databases, including information obtained through the database searched by third parties.
Amendment 166 #
Proposal for a directive Article 19 – paragraph 4 d (new) 4 d. By {12 months after the date of entery into force of this Directive}, the Commission shall produce guidelines and publish best practices as regards the provision of database information to creditors.
Amendment 167 #
Proposal for a directive Article 20 – paragraph 1 1. Member States shall require that credit agreements or agreements for the provision of crowdfunding credit services are drawn up on paper or on any other durable medium chosen by the consumer and that all the contracting parties are provided with a copy of the credit agreement or of the agreement for the provision of crowdfunding credit services. Any modification of credit agreements or agreements for the provision of crowdfunding credit services shall be done only in writing on paper or on any other durable medium chosen by the consumer.
Amendment 168 #
Proposal for a directive Article 21 – paragraph 1 – point v a (new) (v a) the relevant contact details of debt advisory services and a recommendation for the consumer to contact such services in case of repayment difficulties
Amendment 169 #
Proposal for a directive Article 21 – paragraph 1 – subparagraph 1 The information referred to in the first subparagraph shall be clearly legible and adapted to 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. 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 17 #
Proposal for a directive Recital 41 (41) As a general rule, tying practices should not be allowed unless the financial service or product offered together with the credit agreement or crowdfunding credit services could not be offered separately as it is a fully integrated part of the credit, for example in the event of an overdraft facility. While, taking into account proportionality considerations, creditors or providers of crowdfunding credit services should be able to require the consumer to have a relevant insurance policy in order to guarantee repayment of the credit or to insure the value of the security, the consumer should have the opportunity to choose his or her own insurance provider. This should not prejudice the credit conditions set by the creditor or the provider of crowdfunding credit services, provided that the insurance policy of that provider has an equivalent level of guarantee as the insurance policy proposed or offered by the creditor or providers of crowdfunding credit services. Moreover, Member States should have the possibility to standardise, wholly or in part, the cover provided by insurance contracts in order to facilitate comparisons between different offers for consumers who wish to make
Amendment 170 #
Proposal for a directive Article 22 – paragraph 1 – introductory part Without prejudice to other obligations
Amendment 171 #
Proposal for a directive Article 23 – paragraph 1 – introductory part 1. Member States shall require that the creditor or the provider of crowdfunding credit services inform the consumer of any change in the borrowing rate, on paper or
Amendment 172 #
Proposal for a directive Article 23 – paragraph 2 – point c (c) the new reference rate is made publicly available in a timely manner by appropriate means;
Amendment 173 #
Proposal for a directive Article 23 – paragraph 2 – point d (d) the information concerning the new reference rate is also available: (i) at the premises of the creditor or of the provider of crowdfunding credit services; (ii) on the website of the creditor or the provider of crowdfunding credit services; and (iii) where the creditor or provider of crowdfunding credit services has a mobile application, via that mobile application.
Amendment 174 #
Proposal for a directive 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
Amendment 175 #
Proposal for a directive 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 any other durable medium chosen by the consumer, of increases in the borrowing rate or in any charges payable, at least 15 days before the change in question enters into force.
Amendment 176 #
Proposal for a directive Article 24 – paragraph 2 – subparagraph 1 – point d (d) the information concerning the new reference rate is also available: (i) at the premises of the creditor
Amendment 177 #
Proposal for a directive Article 24 – paragraph 2 a (new) 2 a. Member States shall require the creditor or, where applicable, the credit intermediary 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 least 30 days prior to the day when the actual reduction or cancellation of the overdraft facility takes effect.
Amendment 178 #
Proposal for a directive Article 24 – paragraph 2 b (new) 2 b. The creditor or, where applicable, the credit intermediary or the provider of crowdfunding credit services shall offer the consumer, against whom no forced collection proceedings have been initiated by the creditor or, where applicable, the credit intermediary or the provider of crowdfunding credit services, with no additional costs, the possibility to repay the amount by which the previous overdraft facility was reduced or the amount of cancelled previous overdraft facility, in 12 equal monthly instalments at the interest rate applicable to the current account overdraft facility. The first subparagraph shall apply whether or not the consumer has requested such a possibility of repayment in instalments. If the consumer has not been offered the possibility of repayment in instalments in accordance with the first subparagraph, the consumer shall not be obliged to accept the reduction or the cancellation of the current account overdraft facility.
Amendment 179 #
Proposal for a directive Article 25 – paragraph 1 Amendment 18 #
Proposal for a directive 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, without prejudice to the creditor’s possibility of advertising, unsolicited sale of credit, including non-
Amendment 180 #
Proposal for a directive Article 25 – paragraph 2 – introductory part 2. In the event of
Amendment 181 #
Proposal for a directive Article 25 – paragraph 2 – subparagraph 1 In addition, in case of regular overrunning, the creditor shall offer to the consumer advisory services, where available
Amendment 182 #
Proposal for a directive Article 25 – paragraph 3 a (new) 3 a. Member States shall require the creditor or, where applicable, the credit intermediary or the provider of crowdfunding credit services to notify the consumer in an agreed manner of each reduction or cancellation of the current account overrunning at least 30 days prior to the day when the actual reduction or cancellation of the overdraft facility takes effect.
Amendment 183 #
Proposal for a directive Article 25 – paragraph 3 b (new) 3 b. The creditor or, where applicable, the credit intermediary or the provider of crowdfunding credit services shall offer the consumer, against whom no forced collection proceedings have been initiated by the creditor or, where applicable, the credit intermediary or the provider of crowdfunding credit services, with no additional costs, the possibility to repay the amount by which the previous overdraft facility was reduced or the amount of cancelled previous overdraft facility, in 12 equal monthly instalments at the interest rate applicable to the current account overdraft facility. The first subparagraph shall apply whether or not the consumer has requested such a possibility of repayment in instalments. If the consumer has not been offered the possibility of repayment in instalments in accordance with the first subparagraph, the consumer shall not be obliged to accept the reduction or the cancellation of the current account overdraft facility.
Amendment 184 #
Proposal for a directive Article 26 – paragraph 1 – subparagraph 1 – point b (b) the day on which the consumer receives the contractual terms and conditions and information in accordance with Article
Amendment 185 #
Proposal for a directive Article 26 – paragraph 1 a (new) 1 a. In the case of a linked credit agreement for the purchase of a good with a return policy that ensures a full refund for a certain period of time exceeding 14 calendar days, the right of withdrawal shall be extended to match the duration of such return policy.
Amendment 186 #
Proposal for a directive Article 26 – paragraph 1 b (new) 1 b. The right of withdrawal referred to in the previous paragraphs shall in any event lapse one year and 14 calendar days after the conclusion of the credit agreement or the agreement for the provision of crowdfunding credit services. Within that period, the right of withdrawal shall also lapse, when the contract has been fully completed by both parties. The right of withdrawal shall not lapse if consumers have not been informed about their right of withdrawal.
Amendment 187 #
Proposal for a directive Article 26 – paragraph 3 – point a (a) notify either the creditor or the provider of crowdfunding credit services in accordance with the information given by the creditor or by the provider of crowdfunding credit services pursuant to Article 21(1), point (p), on paper or on any other durable medium chosen by the consumer within the deadline set out in paragraph 1;
Amendment 188 #
Proposal for a directive Article 26 – paragraph 7 a (new) 7 a. The Commission is empowered to adopt delegated acts in accordance with Article 45 supplementing this Directive by developing a standardised one-page document that fulfills the information requirements provided for in Article 21 in order to facilitate the application of paragraph 1 of this Article.
Amendment 189 #
Proposal for a directive 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 t
Amendment 19 #
Proposal for a directive 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
Amendment 190 #
Proposal for a directive Article 28 – paragraph 2 2. 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, for objectively justified reasons, terminate the consumer's right to draw down on an open-end credit agreement. The creditor or the provider of crowdfunding credit services shall inform the consumer of the termination and the reasons for it on paper or on any other durable medium chosen by the consumer, where possible before the termination and at the latest immediately thereafter, unless the provision of such information is prohibited by Union or national law or is contrary to objectives of public policy or public security.
Amendment 191 #
Proposal for a directive 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 consideration, except for up-front costs, which are fully exhausted at the time of granting the loan and correspond to services effectively provided to the consumer. The up-front costs should be adequately identified and declared in the credit agreement.
Amendment 192 #
Proposal for a directive Article 29 – paragraph 2 a (new) 2 a. The calculation of the compensation due to the creditor shall be transparent and shall be communicated to consumers in a comprehensible manner at the pre-contractual stage and in any event during the performance of the credit agreement.
Amendment 193 #
Proposal for a directive Article 29 – paragraph 3 – point b (b) the credit is granted in the form of an overdraft facility or overrunning;
Amendment 194 #
Proposal for a directive 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, that compensation shall 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 195 #
Proposal for a directive Article 31 – paragraph 2 a (new) 2 a. Member States may adopt prohibitions or limitations regarding specific charges or fees applied by creditors on their territory.
Amendment 196 #
Proposal for a directive Article 31 – paragraph 2 b (new) 2 b. The Commission shall make the caps introduced by Member States publicly available.
Amendment 197 #
Proposal for a directive Article 31 – paragraph 2 c (new) 2 c. By {Date of transposition + 12 months}, the EBA shall submit a report to the European Parliament, to the Council and to the Commission on the implementation of the caps pursuant to paragraph 1 in the Member States. That report shall, at least, contain: (a) a comparison of the Member States’ methodologies to determine the size of the caps; (b) a comparison of the level of the caps across Member States; (c) an assessment of the effectiveness of the caps for the purpose of protecting consumers from excessive fees or charges; (d) based on the assessment referred to in point (c) a best practice approach for determining the size of caps
Amendment 198 #
Proposal for a directive Article 32 – paragraph 1 – introductory part 1. Member States shall require that the creditor, the credit intermediary and the provider of crowdfunding credit services act honestly, responsibly, fairly, transparently and professionally and take account of the rights and interests of the consumers when carrying out any of the following activities:
Amendment 199 #
Proposal for a directive Article 32 – paragraph 1 – point a a (new) (a a) advertising credit products;
Amendment 2 #
Proposal for a directive Recital 9 (9) In accordance with Article 26 of the Treaty on the Functioning of the European Union (TFEU), the internal market
Amendment 20 #
Proposal for a directive Recital 46 (46) It is essential that the consumer’s ability and propensity to repay the credit is assessed and verified before a credit agreement or an agreement for the provision of crowdfunding credit services is concluded. That assessment of creditworthiness should be proportionate and done in the interest of the consumer, to prevent irresponsible lending practices and over-
Amendment 200 #
Proposal for a directive Article 32 – paragraph 1 – point e a (new) (e a) promoting the sale of goods or services covered by a linked credit agreement;
Amendment 201 #
Proposal for a directive Article 32 – paragraph 2 2. Member States shall ensure that the manner in which creditors remunerate their staff and credit intermediaries and the
Amendment 202 #
Proposal for a directive Article 32 – paragraph 2 2. Member States shall ensure that the manner in which creditors remunerate their staff and credit intermediaries and the manner in which credit intermediaries and the provider of crowdfunding credit services remunerate their staff do not impede compliance with the obligation set out in paragraph 1.
Amendment 203 #
Proposal for a directive Article 32 – paragraph 3 – point a (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
Amendment 204 #
Proposal for a directive Article 32 – paragraph 4 4. Member States shall ensure that where creditors, credit intermediaries or providers of crowdfunding credit services provide advisory services the remuneration structure of the staff involved does not prejudice their ability to act in the consumer’s best interest and is not contingent on sales targets. In order to achieve that goal, Member States may also ban commissions paid by the creditor to the credit intermediary.
Amendment 205 #
Proposal for a directive 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
Amendment 206 #
Proposal for a directive 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 and general budget management. 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 shall closely cooperate with relevant stakeholders, and in particular consumer organisations.
Amendment 207 #
Proposal for a directive Article 35 – paragraph 1 – introductory part 1. Member States shall require creditors to
Amendment 208 #
Proposal for a directive Article 35 – paragraph 1 – point b – point iv (iv)
Amendment 209 #
Proposal for a directive Article 35 – paragraph 3 3. Member States
Amendment 21 #
Proposal for a directive Recital 46 a (new) (46 a) Reasonable allowances to the consumers should be determined by the creditor for committed and other non- discretionary expenditures such as the consumers’ current obligations, including appropriate substantiation and consideration of the living expenses of the consumer, the consumer’s household, future events during the term of the proposed credit agreement such as a reduction in income or, where applicable, an increase in the borrowing rate or negative change in the exchange rate, or deferred payments of principal or interest. In the case of variable rates, the maximum possible rate should not be higher than the cap applicable to the annual percentage rate of charge.
Amendment 210 #
Proposal for a directive Article 35 – paragraph 4 Amendment 211 #
Proposal for a directive Article 36 – paragraph 1 Member States shall ensure that independent debt advisory services are made available to
Amendment 212 #
Proposal for a directive Article 36 – paragraph 1 – subparagraph 1 (new) Member States shall ensure that creditors systematically refer consumers experiencing or likely to experience financial difficulties to the nearest debt- advisory services available in their area.
Amendment 213 #
Proposal for a directive Article 36 – paragraph 1 a (new) The organisation or individuals providing debt advisory services shall be required to register through a simple procedure with the national competent authority.
Amendment 214 #
Proposal for a directive Article 36 – paragraph 1 b (new) The Commission shall, within two years of implementation of this Directive, present a report providing an overview of the availability of debt advisory services across Member States and identify best practices for the further development of such services.
Amendment 215 #
Proposal for a directive Article 36 – paragraph 1 c (new) For the purpose of fulfilling the obligations laid down in paragraph 1, creditors shall have processes and policies in place for the early detection and monitoring of consumers experiencing financial difficulties.
Amendment 216 #
Proposal for a directive Article 36 a (new) Article 36 a Debt collection Member States shall determine the practices which are in any event considered impermissible in the collection of debts. Such practices shall include, in particular, intimidation of consumers, the presentation of false or misleading legal information, and the making of excessive calls or the sending of excessive messages.
Amendment 217 #
Proposal for a directive Article 37 – paragraph 1 Member States shall ensure that creditors, credit intermediaries and providers of crowdfunding credit services
Amendment 218 #
Proposal for a directive Article 38 – paragraph 1 – point c (c) reach an agreement with the consumer on any fees referred to in point (b) on paper or
Amendment 219 #
Proposal for a directive 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
Amendment 22 #
Proposal for a directive 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
Amendment 220 #
Proposal for a directive Article 39 – paragraph 2 a (new) 2 a. The Commission is empowered to adopt delegated acts in accordance with Article 45 supplementing this Directive in respect of the format of the notification that creditor or the provider of crowdfunding credit services is obliged to provide to consumers in case of assignment of rights to a third party.
Amendment 221 #
Proposal for a directive Article 40 – paragraph 1 1. Member States shall ensure that consumers have access to adequate, prompt 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
Amendment 222 #
Proposal for a directive Article 40 – paragraph 2 a (new) 2 a. Member States shall make the participation of creditors, credit intermediaries and providers of crowdfunding credit services in out-of- court dispute settlement mechanisms for household customers mandatory, unless it is demonstrated by the Member States to the Commission that other mechanisms are equally effective.
Amendment 223 #
Proposal for a directive Article 41 – paragraph 8 a (new) Amendment 224 #
Proposal for a directive Article 41 a (new) Article 41 a Data collection The competent authorities shall by … {six months after the date of transposition} and every six months thereafter, collect monthly default rates associated with different types of consumers credit products relevant to the scope of this Directive and report that data to the Commission. The Commission shall draw up an annual, comprehensive report on those default rates and make it publicly available. The Commission may adopt an implementing act concerning the template and the format of the data reported in accordance with this Article.
Amendment 225 #
Proposal for a directive Article 42 – paragraph 2 2. Where a Member State makes use of the regulatory choices provided for in Article 2(5) and 2(6), Article 8(1), Article 8(2)(c), Article 20(2), Article 26(2) and Article 29(4), Article 43(3a) and Article 44(2a), 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 226 #
Proposal for a directive Article 43 – paragraph 3 a (new) 3 a. Member States may provide in their national law for a higher level of consumer protection than that laid down in Articles 24 and 25.
Amendment 227 #
Proposal for a directive Article 44 – paragraph 2 2. Member States shall ensure that when penalties are to be imposed
Amendment 228 #
Proposal for a directive Article 44 – paragraph 2 a (new) 2 a. In the case of systematic and repeated infringements of national provisions adopted pursuant to 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 with paragraph 2 cannot ensure the purpose of the penalty, and the infringement of those provisions have a disruptive effect on the market, Member States may, as a last resort, provide for the imposition of structural remedies.
Amendment 229 #
Proposal for a directive Article 44 a (new) Article 44 a Remedies Member States shall ensure that consumers have access to proportionate and effective remedies, including compensation, in accordance with applicable national civil law, for damage suffered by the consumer and, where relevant, a price reduction or the termination of the contract. Those remedies shall be without prejudice to the application of other remedies available to consumers under Union or national law.
Amendment 23 #
Proposal for a directive Recital 47 a (new) (47 a) The European Central Bank (ECB) supervises situations in which credit is offered after a negative creditworthiness assessment. The making available of such credit should remain possible but only in exceptional, specific and well-justified circumstances. The ECB supervision includes an arbitration process and monitoring by internal and external regulatory control processes.
Amendment 230 #
Proposal for a directive Article 46 – paragraph 1 1. The Commission shall undertake, every
Amendment 231 #
Proposal for a directive Article 46 – paragraph 1 a (new) 1 a. In the evaluation referred to in paragraph 1, the Commission shall also include an assessment of new forms of service providers participating in the consumer credit market with a special focus on digital trends, volumes and trends of the cross-border provision of credits per Member State, the costs of complying with this Directive for creditors and crowdfunding service providers differentiated according to size of companies and the number and amount of penalties imposed by national authorities in accordance with or in relation to this Directive classified by Member States. Member States may, where necessary, propose amendments to this Directive.
Amendment 24 #
Proposal for a directive Recital 47 b (new) (47 b) In order to respect the principle of proportionality, the European Banking Authority (EBA) should take into account the nature, duration, value, complexity and risks of the credit for the consumer when it develops the guidelines detailing how and based on which data creditors and providers of crowdfunding credit services perform the creditworthiness assessment.
Amendment 25 #
Proposal for a directive Recital 47 c (new) (47 c) In the case of open-ended credit or crowdfunding credit services, the relevance of the initial creditworthiness assessment should be assessed by the creditor or provider of crowdfunding credit services periodically. However, creditors and providers of crowdfunding credit services should not require consumers to provide information or documents, provided that consumers fulfil their contractual obligations.
Amendment 26 #
Proposal for a directive 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.
Amendment 27 #
Proposal for a directive 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
Amendment 28 #
Proposal for a directive Recital 50 (50) Where a decision to reject an application for credit is based on the consultation of a credit database, the creditor or the provider of crowdfunding credit services should inform the consumer of th
Amendment 29 #
Proposal for a directive Recital 54 a (new) (54 a) Overdraft facilities and overrunning are increasingly common forms of consumer credit. Therefore, there is a need to regulate those financial products in order to increase the level of consumer protection and avoid over- indebtedness. There is a danger that consumers will be put in an extremely difficult position if the creditors decide to request an immediate refund. Therefore, consumer rights in respect of overdraft facilities and overrunning should be laid down in this Directive.
Amendment 3 #
Proposal for a directive 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,
Amendment 30 #
Proposal for a directive Recital 55 (55) In case of a
Amendment 31 #
Proposal for a directive Recital 57 (57) Where a consumer withdraws from a credit agreement or an agreement for the provision of crowdfunding credit services in connection with which the consumer has received goods, in particular from a purchase in instalments
Amendment 32 #
Proposal for a directive 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, except for up-front costs, which are fully exhausted at the time of granting the loan and correspond to services effectively provided to the consumer. The up-front costs should be adequately identified and declared in the credit agreement. 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
Amendment 33 #
Proposal for a directive Recital 65 a (new) (65 a) To off-set the impact on economic operators of a lack of harmonisation of legal frameworks across the Union, the Commission should make available, in a concise and clear form, the legal frameworks of Member States, including fixed caps.
Amendment 34 #
Proposal for a directive Recital 69 (69) In order to increase the ability of consumers to make informed decisions about borrowing and managing debt responsibly, Member States should promote measures to support the education of consumers in relation to responsible borrowing and debt management in particular relating to consumer credit agreements, as well as general budget management. This obligation could be fulfilled taking into account the financial competence framework developed by the Union together with the Organisation for Economic Co-operation and Development (OECD). It is particularly important to provide guidance for consumers taking out consumer credit for the first time, and especially on digital tools. In that regard, the Commission should identify examples of best practices to facilitate the further development of measures to enhance consumers’ financial awareness. The Commission may publish such examples of best practices in coordination with similar reports drawn up in view of other Union legislative acts.
Amendment 35 #
Proposal for a directive Recital 69 a (new) (69 a) Creditors have a role to play in preventing over-indebtedness through the early detection and support of consumers experiencing financial difficulties. For that reason, creditors should have processes and policies in place for the detection and monitoring of such consumers.
Amendment 36 #
Proposal for a directive Recital 70 (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
Amendment 37 #
Proposal for a directive 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;
Amendment 38 #
Proposal for a directive Recital 72 (72) Consumers facing difficulties to meet their financial commitments stand to benefit from specialised help on managing their debts. The objective of debt advisory services is to help consumers facing financial problems and guide them to repay, as far as possible, their outstanding debts, while maintaining a decent level of life and preserving their dignity. This personalised and independent assistance provided by professional operators which are not creditors, credit intermediaries, providers of crowdfunding credit services or credit servicers, may include legal counselling, money and debt management as well as social and psychological assistance. Member States should ensure that debt advisory services provided by independent professional operators are made available, directly or indirectly, and free of charge, to consumers, and that where possible, consumers facing difficulties to repay their debts are referred to debt advisory services before
Amendment 39 #
Proposal for a directive Recital 78 (78) Consumers should have access to adequate, prompt 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
Amendment 4 #
Proposal for a directive Recital 15 a (new) (15 a) Financial products that encourage the green and digital transitions are currently limited across the Union. In order to increase consumer spending encouraging those transitions, creditors should be encouraged to offer as part of their portfolios affordable environmentally sustainable consumer credit products and to develop corresponding policies.
Amendment 40 #
Proposal for a directive Recital 79 a (new) (79 a) Data on the rate of defaults regarding consumer loans should be collected in order for the Commission to be able to monitor the quality of consumer credit products offered in national markets. Such data gathering should, in order to facilitate comparison, be based on a common template introduced by the Commission through an implementing act.
Amendment 41 #
Proposal for a directive 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 behavioural 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 42 #
Proposal for a directive 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
Amendment 43 #
Proposal for a directive Recital 81 a (new) (81 a) Current national rules on remedies for consumers differ significantly across the Union. Not all Member States provide consumers with effective and proportionate remedies, including compensation for damage suffered by the consumer. Member States should ensure that consumers are granted effective and proportionate remedies where the creditor, the credit intermediary or the provider of crowdfunding credit services has failed to comply with this Directive and has caused damage to consumers.
Amendment 44 #
Proposal for a directive Recital 86 a (new) (86 a) When transposing this Directive, Member States should ensure that the cost of such transposition is neither borne by consumers nor passed on to them.
Amendment 45 #
Proposal for a directive 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 Commission should actively monitor the situation on the market and propose a review of this Directive if new forms of actors appear whose business is not covered by this Directive.
Amendment 46 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 1 Articles 1, 2 and 3, Articles 5 to 10, Articles 12 to 23, Articles 26
Amendment 47 #
Proposal for a directive 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 a lien or secured by a right related to residential immovable property;
Amendment 48 #
Proposal for a directive Article 2 – paragraph 2 – point f a (new) (f a) credit agreements which relate to leasing agreements where an obligation to purchase the object of the agreement is not laid down either by the leasing agreement itself or by any separate agreement;
Amendment 49 #
Proposal for a directive Article 2 – paragraph 2 – point j a (new) (j a) deferred payments which are offered free of interest and charges and which have to be paid less than 45 days after delivery of the good or service.
Amendment 5 #
Proposal for a directive Recital 15 b (new) (15 b) Member States’ economic contexts vary substantially, within and outside the euro area, so national authorities should be allowed to include credit agreements involving a total amount of credit up to EUR 150 000 within the scope of this Directive if necessary to achieve the objectives of this Directive, including consumer protection.
Amendment 50 #
Proposal for a directive Article 2 – paragraph 2 – point j b (new) (j b) deferred debit cards provided by a credit or payment institution and linked to a payment account, with a defined maximum authorised monthly amount to be repaid within a month free of interest and with only limited charges linked to the provision of the payment service, provided that those cards are granted to consumers only after assessing their ability to reimburse in accordance with Article 18(1), (2) and (4) of the present directive and after ensuring that the consumer has received the pre- contractual information as referred to in Article 10(4).
Amendment 51 #
Proposal for a directive Article 2 – paragraph 3 a (new) 3 a. Notwithstanding paragraph 2, point (c), Member States may provide that this Directive also applies to credit agreements involving a total amount of credit of up to EUR 150 000.
Amendment 52 #
Proposal for a directive Article 2 – paragraph 4 4. In the case of credit agreements in the form of overrunning, only Articles 1, 2
Amendment 53 #
Proposal for a directive Article 2 – paragraph 5 – introductory part 5. Member States may determine that only Articles 1, 2 and 3, Articles 7 and 8, Article 11, Article 19, Article 20, Article 21(1), points (a) to (h) and (l), Article 21(3), Article 23, Article 25, Articles 28 to 5
Amendment 54 #
Proposal for a directive Article 2 – paragraph 6 a (new) 6 a. Member States may determine that Article 8(2), points (d) to (f), Article 10(3), point (a), Article 11(2) point (a), Article 21(3) and Article 29 shall not apply to the following credit agreements: (a) credit agreements involving a total amount of credit of less than EUR 200; (b) credit agreements where the credit is granted free of interest and without any other charges; (c) credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable.
Amendment 55 #
Proposal for a directive 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
Amendment 56 #
Proposal for a directive 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
Amendment 57 #
Proposal for a directive Article 3 – paragraph 1 – point 3 a (new) (3 a) ‘ancillary service’ means a service offered to the consumer in conjunction with the credit agreement;
Amendment 58 #
Proposal for a directive Article 3 – paragraph 1 – point 3 b (new) (3 b) 'small-value credit’ means a credit agreement involving a total amount of credit of up to EUR 200;
Amendment 59 #
Proposal for a directive Article 3 – paragraph 1 – point 11 (11) ‘durable medium’ means any instrument, including paper and interoperable, portable and machine- readable digital versions of documents, 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 6 #
Proposal for a directive Recital 16 (16) Crowdfunding is increasingly a form of finance available to consumers, typically for small expenses or investments. Regulation (EU) 2020/1503 of the European Parliament and of the Council
Amendment 60 #
Proposal for a directive Article 3 – paragraph 1 – point 13 (13) ‘pre-contractual information’ means the information that the consumer needs to be able to compare and understand different credit offers and take an informed decision on whether to conclude the credit agreement or the agreement for the provision of crowdfunding credit services;
Amendment 61 #
Proposal for a directive Article 3 – paragraph 1 – point 21 – point b a (new) (b a) the creditor or provider of crowdfunding services promotes the sale of goods or services, or the provider of goods or services uses the services of the creditor or provider of crowdfunding services in connection with the conclusion or preparation of the agreement for the supply of specific goods or the provision of specific services, or the credit agreement or the crowdfunding credit services are explicitly specified in the agreement for the supply of specific goods or the provision of specific services;
Amendment 62 #
Proposal for a directive 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 63 #
Proposal for a directive Article 3 – paragraph 1 – point 25 (25) ‘debt advisory services’ means personalised assistance of a technical, legal or psychological nature provided by independent professional operators which are not creditors, credit intermediaries, providers of crowdfunding credit services or credit services as defined in Article 3, point (8) of Directive (EU) 2021/2167, in favour of consumers who experience or might experience difficulties in meeting their financial commitments;
Amendment 64 #
Proposal for a directive Article 3 – paragraph 1 – point 25 a (new) (25 a) ‘Right to be forgotten’ means that persons who have survived relevant communicable and non-communicable diseases such as cancer do not have to declare their diagnosis as from 10 years after the end of their treatment, and as from five years after the end of treatment for patients whose diagnosis was made before the age of 18, and may no longer be treated differently to persons who have not had such a diagnosis when applying for and accessing financial products or services such as insurance and loans. For that purpose, Member States shall define their own lists of relevant communicable and non-communicable diseases, with the support of medical, scientific and statistical experts and with the consultation of all relevant stakeholders including patients’ organisations and relevant Union agencies (EMA, ECDC) in relation to which the ‘Right to be forgotten’ applies, committing themselves to review those lists periodically. Member States shall also take measures to inform consumers of the existence of this right;
Amendment 65 #
Proposal for a directive Article 3 – paragraph 1 – point 25 b (new) (25 b) ‘deferred payment’ means a deferred payment of an invoice whereby the trader gives the consumer additional time to pay the invoice, free of interest and without any other charges, including penalty charges, as agreed between parties, as set out in the supplier’s invoice or as laid down by law, and executed within 45 days of the issuance of the invoice;
Amendment 66 #
Proposal for a directive Article 3 – paragraph 1 – point 25 c (new) (25 c) ‘financial difficulties’ means a situation whereby a natural person has missed two repayments;
Amendment 67 #
Proposal for a directive Article 5 – paragraph 1 Member States shall require that, when
Amendment 68 #
Proposal for a directive Article 6 – paragraph 1 Member States shall ensure that the conditions to be fulfilled for being granted a credit do not discriminate against consumers legally resident in the Union on ground of their nationality or place of residence or on any ground as referred to in Article 21 of the Charter of Fundamental Rights of the European Union, when those consumers request, conclude or hold a credit agreement or crowdfunding credit services within the Union. Refusal to provide services in a Member State where the creditor or, where applicable, the credit intermediary or the provider of crowdfunding credit services does not conduct business shall not be considered discrimination.
Amendment 69 #
Proposal for a directive Article 6 a (new) Article 6 a Consumer credit products that support the digital and green transition 1. Without prejudice to Article 18, Member States shall encourage creditors or, where applicable, credit intermediaries or providers of crowdfunding credit services to develop and offer consumer credit products that support the digital and green transition. 2. By...(Date of transposition + 12 months), the Commission shall submit a report to the European Parliament and to the Council to assess the types of measures, tools and initiatives taken by Member States in accordance with paragraph 1.
Amendment 7 #
Proposal for a directive Recital 23 a (new) (23 a) When the provisions implementing this Directive are applied, special attention should be given to the needs of persons with disabilities.
Amendment 70 #
Proposal for a directive 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 total cost of a credit or, where applicable, the total amount payable by the consumer shall be
Amendment 71 #
Proposal for a directive Article 8 – paragraph 1 – introductory part 1. Member States shall require that advertising concerning credit agreements or crowdfunding credit services
Amendment 72 #
Proposal for a directive Article 8 – paragraph 1 – subparagraph 1 Amendment 73 #
Proposal for a directive Article 8 – paragraph 2 – point a (a) where applicable, the borrowing rate, fixed or variable or both, together with particulars of any charges included in the total cost of the credit to the consumer;
Amendment 74 #
Proposal for a directive Article 8 – paragraph 2 – point c (c) where applicable, the annual percentage rate of charge;
Amendment 75 #
Proposal for a directive Article 8 – paragraph 2 – point f a (new) (f a) a prominent, clearly visible warning to make consumers aware that borrowing costs money, using the words “Caution! Borrowing money costs money”.
Amendment 76 #
Proposal for a directive Article 8 – paragraph 2 – subparagraph 1 a (new) In all other cases, information listed in points (c) and (fa) of the first subparagraph shall be displayed prominently and in a larger format than all other information.
Amendment 77 #
Proposal for a directive Article 8 – paragraph 3 a (new) 3 a. When the medium used to communicate the standard information does not allow for the information to be visually displayed in a clear manner, the consumer shall be able to access further information by means of clicking, scrolling or swiping. For digital forms of advertising, that information shall be included in a web page directly linked to such advertisements and access to a credit offer shall only be possible after all the additional information to be contained in the advertising is provided to the consumer.
Amendment 78 #
Proposal for a directive Article 8 – paragraph 3 b (new) 3 b. The Commission may adopt implementing acts concerning the template and the format of the standard information referred to in paragraph 2. Those implementing acts shall be adopted in accordance with the advisory procedure referred to in Article [XY]. In any event, the list of the standard information to be provided under this Article shall not be extended by those implementing acts.
Amendment 79 #
Proposal for a directive Article 8 – paragraph 3 c (new) 3 c. Member States shall prohibit advertising for consumer credit products which: (a) incites over-indebted consumers to seek credit; (b) specifies that outstanding credit contracts or registered credit in databases have little or no influence on the assessment of a credit application; (c) suggests that success or social achievement can be acquired by obtaining credits;
Amendment 8 #
Proposal for a directive Recital 25 a (new) (25 a) This Directive should be without prejudice to Regulation (EU) 2016/679, which should apply to any processing of personal data carried out by creditors and credit intermediaries falling within the scope of this Directive.
Amendment 80 #
Proposal for a directive Article 8 – paragraph 3 d (new) 3 d. Member States may prohibit advertising for consumer credit products which: (a) highlights the ease or speed with which credit can be obtained; (b) states that a promotion is conditional upon taking up credit; (c) offers “grace periods” of more than three months for the repayment of credit instalments.
Amendment 81 #
Proposal for a directive Article 9 – paragraph 1 1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times on paper or on any other durable medium
Amendment 82 #
Proposal for a directive 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 clear and understandable 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.
Amendment 83 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 In case the pre-contractual information referred to in the first subparagraph is provided less than one day before the consumer is bound by the credit agreement or offer, or by any agreement or offer for the provision of crowdfunding credit services, Member States shall require that the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services send a reminder, on paper or on any other durable medium chosen by the consumer, to the consumer of the possibility to withdraw from the credit agreement or crowdfunding credit services and of the procedure to follow for withdrawing, in accordance with Article 26. That reminder shall be provided to the consumer,
Amendment 84 #
Proposal for a directive Article 10 – paragraph 2 2. The pre-contractual information referred to in paragraph 1 shall be provided on paper or on any other durable medium chosen by the consumer 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 85 #
Proposal for a directive Article 10 – paragraph 3 – point n (n) a warning
Amendment 86 #
Proposal for a directive Article 10 – paragraph 3 – point n a (new) (n a) a warning and explanation regarding the legal and financial consequences of non-compliance with the other commitments linked to the specific credit agreement or crowdfunding credit services;
Amendment 87 #
Proposal for a directive Article 10 – paragraph 3 – point p (p) the existence of a right of withdrawal and the duration of that right of withdrawal;
Amendment 88 #
Proposal for a directive Article 10 – paragraph 3 – point s (s) the consumer's right, as set out in paragraph 8, to be supplied, on request at any time, on a durable medium and 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 89 #
Proposal for a directive Article 10 – paragraph 3 – point v a (new) (v a) a comprehensive repayment schedule containing all payments and repayments over the duration of the contract, including those payments and repayments for any ancillary services relating to the credit agreement or crowdfunding credit services which are sold simultaneously, whereby payment and repayments, in the event that different borrowing rates apply in different circumstances, are based on reasonable upward changes in the borrowing rate;
Amendment 9 #
Proposal for a directive 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 as obliging a creditor, credit intermediary or provider of crowdfunding credit services to provide services in Member States in which they do not conduct business.
Amendment 90 #
Proposal for a directive Article 10 – paragraph 4 – introductory part 4.
Amendment 91 #
Proposal for a directive Article 10 – paragraph 4 – point c (c) the borrowing rate, or all borrowing rates if different borrowing rates apply in different circumstances; in the case of credits with a variable borrowing rate, a simulation of the impact on the cost of the credit of reasonable upward changes in the borrowing rate;
Amendment 92 #
Proposal for a directive Article 10 – paragraph 4 – point f (f)
Amendment 93 #
Proposal for a directive Article 10 – paragraph 4 – point f a (new) (f a) information about the right of withdrawal;
Amendment 94 #
Proposal for a directive Article 10 – paragraph 4 – point f b (new) (f b) information about early repayment in accordance with Article 29;
Amendment 95 #
Proposal for a directive Article 10 – paragraph 4 – subparagraph 1 (new) The information stated on the first page of the Standard European Consumer Credit Information form shall not be duplicated in the rest of the form.
Amendment 96 #
Proposal for a directive Article 10 – paragraph 5 – introductory part 5. Information displayed in the Standard European Consumer Credit Information form
Amendment 97 #
Proposal for a directive Article 10 – paragraph 5 – subparagraph -1 (new) -1 The Commission is empowered to adopt delegated acts in accordance with Article 45 supplementing this Directive in respect of the format and presentation of the Standard European Consumer Credit Information form.
Amendment 98 #
Proposal for a directive Article 10 – paragraph 5 – subparagraph 1 Any additional information which the creditor may provide to the consumer shall be clearly legible and given in a separate document which may be annexed to the Standard European Consumer Credit Information
Amendment 99 #
Proposal for a directive Article 10 – paragraph 6 source: 732.820
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History
(these mark the time of scraping, not the official date of the change)
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https://www.europarl.europa.eu/doceo/document/IMCO-AM-719857_EN.html
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