103 Amendments of Adriana MALDONADO LÓPEZ related to 2021/0171(COD)
Amendment 123 #
Proposal for a directive
Recital 15
Recital 15
(15) A number of Member States have applied Directive 2008/48/EC to areas not covered by its scope to enhance the level of consumer protection. In fact, several of the credit agreements not falling within the scope of that Directive can be detrimental for consumers, including short-term high cost loans whose amount is typically lower than the minimum threshold of EUR 200 set out in Directive 2008/48/EC. In this context, and with the aim to ensure a high level of consumer protection and to facilitate the cross-border consumer credit market, the scope of this Directive should cover some agreements that were excluded from the scope of Directive 2008/48/EC, such as consumer credit agreements below the amount of EUR 200. Likewise, other potentially detrimental products, because of the high costs they entail or high fees in case of missed payments, should be covered by this Directive, albeit subject to a strict application of the principle of proportionality in order to avoid an undue administrative burden, to ensure increased transparency and better consumer protection, resulting in higher consumer confidence. To this extent, leasing agreements, credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month, and credit agreements where the credit is granted free of interest and without any other charges, including Buy Now Pay Later schemes, i.e. new digital financial tools that let consumers make purchases and pay them off over time, and credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable should not be excluded from the scope of application of this Directive. Moreover, all credit agreement up until EUR 100 000 should be included in the scope of application of this Directive. The upper threshold of credit agreements under this Directive should be increased to take into account indexation to adjust for the effects of inflation since 2008 and in coming years.
Amendment 140 #
Proposal for a directive
Recital 29
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 months of the credit agreement or crowdfunding credit services, should be clearly identified as such. Consumers should see all essential information at a glance, with further information made available on the consumer by clicking or swiping 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 allow to visually display it, such as in radio advertising or digital channels, the amount of information disclosed could be reduced. General and generic information should be provided through an appropriate medium which may include digital channels such as the undertaking's websites, etc. In addition, Member States should remain free to regulate information requirements in their national law regarding advertising of credit agreements or crowdfunding credit services which does not contain information on the cost of the credit.
Amendment 175 #
Proposal for a directive
Recital 46
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- indebtedness, and should take into consideration all necessary and relevant factors that could influence a consumer’s ability to repay 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- to-income ratios.
Amendment 252 #
Proposal for a directive
Article 2 – paragraph 2 – point j a (new)
Article 2 – paragraph 2 – point j a (new)
(j a) deferred debit card;
Amendment 293 #
Proposal for a directive
Article 3 – paragraph 1 – point 22
Article 3 – paragraph 1 – point 22
(22) ‘early repayment’ means the full or partial discharge of the consumer’s obligations under a credit agreement or crowdfunding credit services, at the request of the consumer, before the date for the final payment agreed in the credit agreement;
Amendment 298 #
Proposal for a directive
Article 3 – paragraph 1 – point 25 a (new)
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 301 #
Proposal for a directive
Article 3 – paragraph 1 – point 25 b (new)
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)
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 307 #
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
Member States shall require that, when information is provided to consumers in accordance with this Directive, such information is provided without charge to the consumer and regardless of the media used to provide it.
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)
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)
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 349 #
Proposal for a directive
Article 9 – paragraph 1
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 paper or on another durable mediua durable medium or in electronic form.
Amendment 351 #
Proposal for a directive
Article 9 – paragraph 1
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 anothera durable medium.
Amendment 353 #
Proposal for a directive
Article 9 – paragraph 2 – point e a (new)
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
Article 9 – paragraph 2 – point k
(k) a general warning concerning possible consequences of non-compliance with the commitments linked to the specific credit agreement or crowdfunding credit services, displayed at every stage of the purchasing process.
Amendment 355 #
Proposal for a directive
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. Member States shall require that the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services provide the consumer with thclear, understandable and comprehensible 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 in due time taking into account the characteristics of the credit agreement or offer and, in any case at least one day before he or she is bound by any credit agreement or offer, or by any agreement or offer for the provision of crowdfunding credit services. Member States may decide that such pre- contractual information shall be provided to the consumer up to four days before he or she is bound by any credit agreement or offer, for those categories of credit where a higher risk of over-indebtedness exists.
Amendment 368 #
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
Amendment 371 #
Proposal for a directive
Article 10 – paragraph 2
Article 10 – paragraph 2
2. The pre-contractual information referred to in paragraph 1 shall be provided on paper or on another durable mediuma durable medium (digitally by default, or on paper if requested 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 401 #
Proposal for a directive
Article 10 – paragraph 3 – point n
Article 10 – paragraph 3 – point n
(n) a warning regarding the consequences of missinged or late payments, including a simulation of related costs;
Amendment 404 #
Proposal for a directive
Article 10 – paragraph 3 – point p
Article 10 – paragraph 3 – point p
(p) the existence of a right of withdrawal and its duration;
Amendment 409 #
Proposal for a directive
Article 10 – paragraph 3 – point s
Article 10 – paragraph 3 – point s
(s) the consumer's right, as set out in paragraph 8, to be supplied, on requestat 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 413 #
Proposal for a directive
Article 10 – paragraph 3 – point v a (new)
Article 10 – paragraph 3 – point v a (new)
(v a) the relevant databases that may be consulted
Amendment 433 #
Proposal for a directive
Article 10 – paragraph 4 – point f
Article 10 – paragraph 4 – point f
(f) costs in the cansequences of missed ofr late payments, including a simulation of related costs;
Amendment 443 #
Proposal for a directive
Article 10 – paragraph 5 – introductory part
Article 10 – paragraph 5 – introductory part
5. Information displayed in the Standard European Consumer Credit Information form and in the Standard European Consumer Credit Overview form shall be consistent. It shall be clearly legible, using plain language and take into account the technical constraints of the medium on which it is displayed. Information shall be displayed in an adequate and suitable way on the different channels.
Amendment 471 #
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. For credit agreements referred to in Article 2(5) or (6), the pre-contractual information referred to in Article 10(1) shall, by way of derogation from paragraph 2 of that Article, be provided on paper or on another durable mediuma durable medium chosen by the consumer 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 493 #
Proposal for a directive
Article 12 – paragraph 1 – introductory part
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 497 #
Proposal for a directive
Article 12 – paragraph 1 a (new)
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 501 #
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
Member States shall require that creditors, credit intermediaries and providers of crowdfunding credit services inform consumersobtain consent of the consumer before they develop a personalised offer and inform them when they are presented with a personalised offer that is based on profiling or other types of automated processing of personal or inferred data.
Amendment 504 #
Proposal for a directive
Article 13 – paragraph 1 a (new)
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)
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
Chapter III – title
III TYING AND BUNDLING PRACTICES, AGREEMENT FOR ANCILLARY SERVICES, ADVISORY SERVICES AND, UNSOLICITED CREDIT SALES, AND ADDITIONAL PROTECTION REGARDING ONLINE INTERFACES
Amendment 509 #
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
Amendment 512 #
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
Amendment 516 #
Proposal for a directive
Article 14 – paragraph 3
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, aresult in a clear of benefit to the consumers taking due account of the availability and the prices of the relevant products offered on the market.
Amendment 520 #
Proposal for a directive
Article 14 – paragraph 4
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 conclude the sale of a relevant insurance policy related to the credit agreement before a 7-day cooling off period in order to ensure that the consumer is able to compare offers.
Amendment 524 #
Proposal for a directive
Article 15 – paragraph 2 a (new)
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 527 #
Proposal for a directive
Article 16 – paragraph 2 – introductory part
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 paper or anothera durable medium:
Amendment 531 #
Proposal for a directive
Article 16 – paragraph 3 – point d
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
Article 16 – paragraph 3 – point e
(e) give the consumer a record on paper or on anothera durable medium of the recommendation provided.
Amendment 533 #
Proposal for a directive
Article 16 – paragraph 4 – introductory part
Article 16 – paragraph 4 – introductory part
4. Member States mayshall 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.
Amendment 534 #
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1 – introductory part
Article 16 – paragraph 4 – subparagraph 1 – introductory part
Amendment 540 #
Proposal for a directive
Article 17 – paragraph 1
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 credit to consumers, without their prior request and explicit agreement. This provision 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 548 #
Proposal for a directive
Article 17 a (new)
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 550 #
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States shall require that, before concluding a credit agreement, or an agreement for the provision of crowdfunding credit services, the creditor or, where applicable, the provider of crowdfunding credit services makes ahas made a positive 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 account of factors relevant to: (i) 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. (ii) the risk to the consumer of not being able to meet his/her other obligations. The creditor shall make reasonable 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.
Amendment 555 #
Proposal for a directive
Article 18 – paragraph 1 a (new)
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 572 #
Proposal for a directive
Article 18 – paragraph 2 a (new)
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 574 #
Proposal for a directive
Article 18 – paragraph 2 b (new)
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 576 #
Proposal for a directive
Article 18 – paragraph 2 c (new)
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 579 #
Proposal for a directive
Article 18 – paragraph 2 d (new)
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)
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 587 #
Proposal for a directive
Article 18 – paragraph 4 – introductory part
Article 18 – paragraph 4 – introductory part
4. Member States shall ensure that the creditor or the provider of crowdfunding credit services only makes the credit available to the consumer where the result of the creditworthiness assessment is positive, meaning that it indicates that the obligations resulting from the credit agreement or the agreement for the provision of crowdfunding credit services are likely to be met in the manner required under that agreement.
Amendment 593 #
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 1
Article 18 – paragraph 4 – subparagraph 1
Amendment 607 #
Proposal for a directive
Article 18 – paragraph 6 – point a
Article 18 – paragraph 6 – point a
(a) request and obtain human interventionassessment on the part of the creditor or the provider of crowdfunding credit services to review the decision;
Amendment 625 #
Proposal for a directive
Article 18 – paragraph 8
Article 18 – paragraph 8
8. Where the parties agree to change the total amount of credit after the conclusion of the credit agreement, or the agreement for the provision of crowdfunding credit services, Member States shall ensure that the creditor or the provider of crowdfunding credit services is required to reassess the consumer’s creditworthiness on the basis of updated information before any significant increase in the total amount of credit is granted.
Amendment 638 #
Proposal for a directive
Article 19 – paragraph 4
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 644 #
Proposal for a directive
Article 20 – paragraph 1
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 anothera durable medium 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.
Amendment 646 #
Proposal for a directive
Article 20 – paragraph 2
Article 20 – paragraph 2
Amendment 649 #
Proposal for a directive
Article 21 – paragraph 1 – point v a (new)
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 654 #
Proposal for a directive
Article 23 – paragraph 1 – introductory part
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 another durable medium,a durable medium, at least 2 working days before the change enters into force.
Amendment 664 #
Proposal for a directive
Article 24 – paragraph 2 – introductory part
Article 24 – paragraph 2 – introductory part
2. Where a credit has been granted in the form of an overdraft facility, Member States shall require that the creditor informs the consumer, on paper or anothera 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 force.
Amendment 665 #
Proposal for a directive
Article 24 – paragraph 2 – subparagraph 1 – point d
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 668 #
Proposal for a directive
Article 25 – paragraph 2 – introductory part
Article 25 – paragraph 2 – introductory part
2. In the event of a significant overrunning exceeding a period of one month14 days, Member States shall require that the creditor informs the consumer without delay, on paper or on anothera durable medium, of all of the following:
Amendment 671 #
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
In addition, in case of regular overrunning, the creditor shall offer to the consumer advisory services, where available, orand redirect consumers towards debt advisory services.
Amendment 675 #
Proposal for a directive
Article 26 – paragraph 1 – subparagraph 1 – point b
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 Articles 20 and 21, if that day is later than the date referred to in point (a) of this subparagraph.
Amendment 679 #
Proposal for a directive
Article 26 – paragraph 1 – subparagraph 2
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 682 #
Proposal for a directive
Article 26 – paragraph 1 – subparagraph 2 a (new)
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)
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 685 #
Proposal for a directive
Article 26 – paragraph 7 a (new)
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 691 #
Proposal for a directive
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Member States shall ensure that the consumer is at any time entitled to early repayment. In such cases, the consumer shall be entitled to a reduction in the total cost of the credit, consisting of the interest and the costs for the remaining duration of the contract. When calculating that reduction, all the costs imposed on the consumer by the creditor shall be taken into 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 697 #
Proposal for a directive
Article 29 – paragraph 4 – introductory part
Article 29 – paragraph 4 – introductory part
4. By way of derogation from paragraph 2, Member States may provide that: the creditor is only entitled to the compensation referred to in paragraph 2 on the condition that the amount of the early repayment exceeds the threshold set out in national law, which shall not exceed EUR 10 000 within any period of 12 months.
Amendment 698 #
Proposal for a directive
Article 29 – paragraph 4 – point a
Article 29 – paragraph 4 – point a
Amendment 700 #
Proposal for a directive
Article 29 – paragraph 4 – point b
Article 29 – paragraph 4 – point b
Amendment 706 #
Proposal for a directive
Article 31 – title
Article 31 – title
Caps on interest rates,the annual percentage rate of charge and the total cost of the credit to the consumer
Amendment 707 #
Proposal for a directive
Article 31 – paragraph 1 – introductory part
Article 31 – paragraph 1 – introductory part
1. Member States shall introduce caps on one or more of the following:the annual percentage rate of charge. The European Banking Authority (EBA) shall conduct a stock-taking exercise of the annual percentage rates of charge caps applicable in various Member States and create a list of the main categories of consumer credit products on offer in each Member State. On the basis of this exercise, the EBA shall develop draft regulatory technical standards specifying the method for calculating the APRC caps. Member States shall ensure that caps are differentiated according to the different credit products, adapted to national specificities, based on market rates and periodically reviewed.
Amendment 713 #
Proposal for a directive
Article 31 – paragraph 1 – point a
Article 31 – paragraph 1 – point a
Amendment 714 #
Proposal for a directive
Article 31 – paragraph 1 – point b
Article 31 – paragraph 1 – point b
Amendment 718 #
Proposal for a directive
Article 31 – paragraph 1 – point c
Article 31 – paragraph 1 – point c
Amendment 720 #
Proposal for a directive
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
1 a. A lower cap shall apply to socially and environmentally sustainable credit products.
Amendment 726 #
Proposal for a directive
Article 32 – paragraph 1 – point e a (new)
Article 32 – paragraph 1 – point e a (new)
(e a) promoting the sale of goods or services, covered by a linked credit agreement
Amendment 728 #
Proposal for a directive
Article 32 – paragraph 2
Article 32 – paragraph 2
Amendment 730 #
Proposal for a directive
Article 32 – paragraph 3 – point a
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 732 #
Proposal for a directive
Article 32 – paragraph 4
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 mayshall also ban commissions paid by the creditor to the credit intermediary.
Amendment 738 #
Proposal for a directive
Article 34 – title
Article 34 – title
Financial information and education
Amendment 739 #
Proposal for a directive
Article 34 – paragraph 1 – introductory part
Article 34 – paragraph 1 – introductory part
1. Member States shall promote measures that support the education of consumers in relation to responsible borrowing and debt management, in particular in relation to consumer credit agreements. Clear and general information on the credit granting process shall be provided to consumers in order to guide them, in particular those who take out a consumer credit for the first time, and especially on digital toolsbudget management.
Amendment 741 #
Proposal for a directive
Article 34 – paragraph 1 – subparagraph 1
Article 34 – paragraph 1 – subparagraph 1
Amendment 742 #
Proposal for a directive
Article 34 – paragraph 1 a (new)
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 752 #
Proposal for a directive
Article 36 – paragraph 1
Article 36 – paragraph 1
Member States shall ensure that independent debt advisory services are made available to consumers., free of charge or at a reasonable price, and that adequate support is provided to debt- advice structures. 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 757 #
Proposal for a directive
Article 36 – paragraph 1 a (new)
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 759 #
Proposal for a directive
Article 37 – paragraph 1
Article 37 – paragraph 1
Member States shall ensure that creditors, and 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.that grant credits or acts as an intermediary of the credits as defined by this Directive are subject to an adequate authorisation process and to registration and supervision arrangements. The authorization process shall require at least: (i) good reputation of natural persons established as a credit intermediary, a creditor or a provider of crowdfunding credit services, and/or members of the board of a credit intermediary, a creditor or a provider of crowdfunding credit services, established as a legal person; (ii) insurance or comparable guarantee; (iii) appropriate level of knowledge and competence of natural persons established as a credit intermediary, creditors, and providers of crowdfunding credit services, and/or members of the board of a credit intermediary, a creditor or a provider of crowdfunding credit services, established as a legal person. Member States may not require the authorisation process described in this article for creditors that have already received authorisation under existing national procedures
Amendment 760 #
Proposal for a directive
Article 37 – paragraph 1
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 764 #
Proposal for a directive
Article 37 – paragraph 1 a (new)
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 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 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 772 #
Proposal for a directive
Article 38 – paragraph 1 – point c
Article 38 – paragraph 1 – point c
(c) reach an agreement with the consumer on any fees referred to in point (b) on paper or anothera durable medium before the conclusion of the credit agreement;
Amendment 776 #
Proposal for a directive
Article 39 – paragraph 2 a (new)
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 778 #
Proposal for a directive
Article 40 – paragraph 2 a (new)
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)
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 (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 788 #
Proposal for a directive
Article 44 – paragraph 2
Article 44 – paragraph 2
2. Member States shall ensure that when penalties are to be imposed in accordance with Article 21 of Regulation (EU) 2017/2394, they include the possibility either to impose fines through administrative procedures or to initiate legal proceedings for the imposition of fines, or both, the maximum amount of such fines being at least 4% of the creditor, the credit intermediary or the provider of crowdfunding credit services’ annual turnover in allthe Member States(s) concerned by the coordinated enforcement action.
Amendment 791 #
Proposal for a directive
Article 44 a (new)
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 793 #
Proposal for a directive
Article 46 – paragraph 1
Article 46 – paragraph 1
1. The Commission shall undertake, every fivthree years and for the first time fivthree years from the date of application, an evaluation of this Directive. The evaluation shall include an assessment of the thresholds laid down in Article 2(2), point c, and in Part II of Annex IV, and of the percentages used to calculate the compensation payable in the event of early repayment as referred to in Article 29, in the light of economic trends in the Union and the situation in the market concerned.
Amendment 802 #
Proposal for a directive
Article 48 – paragraph 1 – subparagraph 1
Article 48 – paragraph 1 – subparagraph 1