11 Amendments of Sharon BOWLES related to 2011/0062(COD)
Amendment 61 #
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 1 a (new)
Article 4 – paragraph 1 – subparagraph 1 a (new)
In view of the systemic risk that mortgages bring, the relevance of the property asset 'bubble' to both the financial crisis and the sovereign debt crisis, and the role of the EBA (European Banking Authority) and the ESRB (European Systemic Risk Board) in monitoring such issues, it is imperative that all mortgages be monitored and supervised.
Amendment 63 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1 – point i
Article 8 – paragraph 2 – subparagraph 1 – point i
(i) a warning, where applicable, concerning the risk of losin order to combat misleading high street advertisements which contribute to unwise borrowing, the immovable propertyrisk of foreclosure in the event of non- observance of the commitments linked to the credit agreement when the credit is secured by a mortgage or another comparable security commonly used in a Member State on residential immovable property or secured by a right related to residential immovable propershall be disclosed at some point in the advertisement, as well as the name of the supervisory authority.
Amendment 220 #
Proposal for a directive
Recital 22 a (new)
Recital 22 a (new)
(22a) Member States should ensure that measures are in place to facilitate the education of consumers in relation to credit agreements relating to residential property from the initial stages of the application for credit, particularly for first-time buyers.
Amendment 230 #
Proposal for a directive
Recital 25
Recital 25
(25) A negative creditworthiness assessment should indicate to the creditor that the consumer ismay be unable to afford the credit and as a consequence, the creditor should not grant the credit. Such a negative outcome may derive from a wide range of reasons, including but not limited to the consultation of a database or a negative credit score. It should be noted that different mortgage lenders have different risk appetites, and therefore a negative creditworthiness assessment is not always indicative of a poor financial situation, but simply reflects the willingness of the creditor to lend to the borrower at that particular time. A positive creditworthiness assessment should not constitute an obligation for the creditor to provide credit.
Amendment 276 #
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
The purpose of this Directive is to lay down a framework for certain aspects of the laws, regulations and administrative provisions of the Member States concerning credit agreements relating to residential immovable property for consumers, where the property is to be occupied by the consumer or a related person, and concerning certain aspects of the prudential and supervisory requirements for credit intermediaries and creditors.
Amendment 282 #
Proposal for a directive
Article 2 – paragraph 1 – introductory part
Article 2 – paragraph 1 – introductory part
1. This Directive shall apply to the following credit agreements where the property is to be occupied by the consumer or a related person:
Amendment 430 #
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 1 a (new)
Article 9 – paragraph 1 – subparagraph 1 a (new)
Amendment 462 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
Member States shall ensure that the creditor and, where applicable, the credit intermediary, without undue delay after the consumer has given the necessary information on his needs, financial situation and preferences in accordance with Article 14, provides the consumer with the personalised information needed to compare the credits available on the market, assess their implications and take an informed decision on whether to conclude a credit agreement. Such information, on paper or on another durable medium, shall be provided by means of the European Standardised Information Sheet (‘ESIS’), as set out in Annex II. Where a substantially similar version of the ESIS already exists in a Member State, a transition period for standardisation shall be allowed.
Amendment 474 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2
Article 9 – paragraph 2 – subparagraph 2
Member States shall ensure that when an offer binding on the creditor is provided to the consumer, it shall be accompanied by an ESIS. In such circumstances, Member States shall ensure that the credit agreement cannot be concluded until the consumer has had sufficient time to compare the offers, assess their implications and take an informed decision on whether to accept an offer, regardless of the means of conclusion of the contract. The period of reflection after the offer shall be no less than 14 working days and includes the time during which a right of withdrawal is granted where Member States allow the contract to be concluded before expiry of the reflection period. The consumer may voluntarily waive this reflection period in order to complete the contract more quickly.
Amendment 595 #
Proposal for a directive
Article 14 – paragraph 3 a (new)
Article 14 – paragraph 3 a (new)
3 a. Creditors and credit intermediaries shall not discriminate against consumers whose income, or part of their income, is in a stable EU currency different to that of the host country. When applying for a loan in a different country, creditors shall allow for evidence being provided in a different currency. Should the currency of the consumer's income change during the lifetime of the loan, the creditor may ask for further evidence of creditworthiness, but they shall not automatically refuse the consumer credit. This does not prevent reasonable currency risk from being taken into account.
Amendment 675 #
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 1
Article 18 – paragraph 2 – subparagraph 1
Member States may provide that the exercise of the right referred to in paragraph 1 is subject to certain conditions. Such conditions may include time limitations on the exercise of the right, different treatment depending on the type of the borrowing rate, or restrictions with regard to the circumstances under which the right may be exercised. Member States may also provide that the creditor should be entitled to fair and objectively justified compensation which is reasonable and does not greatly exceed costs, for potential costs and losses directly linked to early repayment of the credit. In any event, if the early repayment falls within a period for which the borrowing rate is fixed, exercise of the right may be made subject to the existence of a special interest on the part of the consumer.