Directive 2008/48 / EC on consumer credit agreements

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Directive 2008/48 / EC

Title: Directive 2008/48 / EC of the European Parliament and of the Council of April 23, 2008 on consumer credit agreements and repealing Directive 87/102 / EEC of the Council
Designation:
(not official) 		Consumer Credit Directive
Scope: European Union
Legal matter: civil right
Procedure overview: European Commission
European Parliament
IPEX Wiki
Release date: May 22, 2008
Come into effect: June 11, 2008
To be
implemented in national law by: 		May 12, 2010
Implemented by: Law for the implementation of the consumer credit directive, the civil law part of the payment services directive and the reorganization of the regulations on the right of withdrawal and return (Germany);
Loan and Credit Law Amendment Act (Austria)
Reference: OJ L, No. 133, May 22, 2008, pp. 66-92
Full text Consolidated version (not official)
basic version
The regulation must have been implemented in national law.
Please note the information on the current version of legal acts of the European Union !

The Consumer Credit Directive applies to both lenders and borrowers. Almost all types of consumer loans between 200 and 75,000 euros are affected, i.e. classic installment loans (consumer loans), but also overdrafts. The prerequisite is that the loans are limited in time, i.e. have a contractually agreed term.

Are expressly unaffected by the rules mortgages (loans through a mortgage as mortgage or mortgage are covered). For these, the rules for specifying interest apply, but not for the new notice periods. Interest-free loans and development loans are completely excluded.

The regulations apply to all affected new contracts from June 11, 2010. Existing contracts are not affected.

More information, more specific interest rates for consumer loans

  • In advertising, it is only allowed to advertise with an interest rate that corresponds to at least two thirds of the business that has come about as a result of the advertisement. This 2/3 rule is regulated in Section 6a (3) of the Price Indication Ordinance (PAngV). The providers are therefore no longer allowed to advertise with a lure interest rate that only a few customers would receive.
  • Must be named
    • Borrowing rate
    • the net loan amount
    • the APR
  • In future, the borrowing rate must indicate whether it is bound, variable or combined and what other costs the customer would have to pay in the event of a contract being concluded.
  • Before the contract is concluded, the prospective loan applicant must be given a standardized form with all the relevant information on the loan offer. The aim is that the interested party can compare all offers more easily if the information is all given and is always in the same place with the same reference values ​​for all offers.
  • The consumer can request a repayment plan before concluding the contract
  • It must be made clear whether the provider is an intermediary or a product provider. Banks are not always product providers. Volksbank and Raiffeisenbanken, for example, only broker the easycredit installment loan from the team bank. The latter is therefore the product provider.
  • The commission that an intermediary receives for the loan brokerage must be shown.

Right of termination and early repayment penalty

Before the guideline came into force, customers were able to terminate their fixed-term installment loan agreements for the first time after 6 months with a notice period of 3 months. If contractually agreed, partial repayments were then also possible, often for a fee.

Now every borrower can request full or partial repayment of the loan at any time. For this, the lender may demand a prepayment penalty of up to 1% of the amount repaid early. For terms of up to 12 months, the prepayment penalty may amount to a maximum of 0.5%.

Withdrawal period and online contract

If the credit provider does not hand over the legally required documents for the conclusion of the contract, but submits them later, the withdrawal period is extended by this period.

Consumer loans can also be taken out online if they are signed by the borrower using a qualified electronic signature.

Implementation in national law

In Germany, the directive was transposed into national law by the law implementing the consumer credit directive , the civil law part of the payment services directive and the reorganization of the provisions on the right of withdrawal and return .

The law changes Directive 2008/48 / EC of the European Parliament and of the Council of April 23, 2008 on consumer credit agreements and repealing Directive 87/102 / EEC of the Council (consumer credit directive ) as well as the civil law part of Directive 2007/64 / EC of the European Parliament and of the Council of November 13, 2007 on payment services in the internal market, amending Directive 97/7 / EC, 2002/65 / EC, 2005/60 / EC and 2006/48 / EC and repealing Directive 97/5 / EG (Transfer Directive ) implemented in German law.

See also

Web links