BETA

28 Amendments of Sari ESSAYAH related to 2011/0062(COD)

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 2 – paragraph 1 – introductory part

1. This Directive shall apply to ~~the following credit agreements~~:

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 2 – paragraph 1 – point a

(a) Credit agreements the purpose of which is to acquire or retain rights in land or residential immovable property and which are secured either by a mortgage or by another comparable security commonly used in a Member State on residential immovable property or secured by a right related to residential immovable property.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 2 – paragraph 1 – point b

~~(b) Credit agreements the purpose of which is to acquire or retain property rights in land or in an existing or projected residential building.~~deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 2 – paragraph 1 – point c

(c) Credit agreements the purpose of which is the renovation of the residential immovable property a person owns or aims to acquire, which are not covered by Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008.deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 2 – paragraph 1 a (new)

1a. Member States shall decide to apply either the provisions of this Directive or Directive 2008/48/EC to the following credit agreements: (a) credit agreements for other purposes than provided for in paragraph 1 which are secured either by a mortgage or by another comparable security commonly used in a Member State on residential immovable property or secured by a right related to residential immovable property (b) credit agreements in excess of 75.000 EUR the purpose of which is the renovation of the residential immovable property a person owns or aims to acquire.

2011/10/06
Committee: ECON

Proposal for a directive
Article 6 – paragraph 1 – point a

(a) The staff of creditors and credit intermediaries possess an appropriate level of knowledge and competence in relation to the offering or granting of credit agreements within the meaning of Article 2, or the activity of credit intermediation as defined in Article 3(e). Where the conclusion of a credit agreement includes an ancillary service related to it, in particular insurance or investment services, they shall also possess appropriate knowledge and competence in relation to that ancillary service in order to satisfy the requirements set out in Article 19 of Directive 2004/39/EC and Article 4 of Directive 2002/92/EC.deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 6 – paragraph 1 – point b

(b) The natural persons within the management of ~~creditors and~~ credit intermediaries who are responsible for ~~or have a role in~~ the intermediation, or advice ~~or approval of the~~regarding credit agreement,s possess appropriate knowledge and ~~compet~~experience in relation to credit agreements. The management of credit intermediaries shall see after that the personnel has an appropriate level of knowledge and competence for their tasks.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 6 – paragraph 4

~~4. Powers are~~ delegated to the Commission in accordance with Article 26 and subject to the conditions of Articles 27 and 28, to specify the requirements provided in paragraph 1 and 2 of this Article, and in particular, the necessary requirements for appropriate knowledge and competence.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1 – point i

(i) a warning, where applicable, concerning the risk of losing the immovable property 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 property.deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 8 – paragraph 4

~~4. Powers are~~ delegated to the Commission in accordance with Article 26 and subject to the conditions of Articles 27 and 28, to further specify the list of standard information items to be included in advertising. In particular, the Commission, when adopting such delegated acts shall amend, where necessary, the list of the standard information items laid down in paragraphs 2(a) to (i) of this Article.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 9 – paragraph 1 – subparagraph 2 – point k

~~(k) details on how to obtain information on tax relief on credit agreement interest or other public subsidies.~~deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
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~~In good time before the consumer is bound by any credit agreement or offer, the creditor and, where applicable, the credit intermediary shall, on the bases of the credit terms and conditions offered by the creditor and the information received from the consumer 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.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
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.deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 9 – paragraph 3 – subparagraph 1

~~Powers are~~ delegated to the Commission in accordance with Article 26 and subject to the conditions of Articles 27 and 28, to amend the standard information items laid down in paragraph 1 of this Article and the content and format of the ESIS set out in Annex II.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 9 – paragraph 3 – subparagraph 2 – introductory part

~~In particular, such~~ delegated acts shall, where necessary: (a) amend the list of the standard information items laid down in paragraph 1 of this Article; (b) delete any of the information items laid down Annex II; (c) make additions to the list of information items laid down in Annex II; (d) amend the presentation of the contents of the ESIS as laid down in Annex II; (e) elaborate on the instructions for the completion of the ESIS as laid down in Annex II.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 10 – paragraph 3

~~3. Powers are~~ delegated to the Commission in accordance with Article 26 and subject to the conditions of Articles 27 and 28, to update the list of information items on credit intermediaries to be provided to the consumer, as laid down in paragraph 1 of this Article. In particular, the Commission, when adopting such delegated acts shall amend, where necessary, the information items laid down in paragraph 1 of this Article.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 11 – paragraph 1

Member States shall ensure that creditors and, where applicable, credit intermediaries provide adequate explanations to the consumer ~~on the proposed credit agreement(s) and any ancillary service(s),~~ in order to place the consumer in a position enabling him to assess whether the proposed credit agreement~~s are~~ is adapted to his needs and to his financial situation~~. An adequ~~, where appropriate by explanation shall include the provision of personalised information on the characteristics of the credits on offer, without however formulating any recommendation. Creditors and, where applicable, credit intermediaries shall accurately assess the level of knowledge and experience with credit of the consumer by any means necessary so as to enable the creditorining the pre-contractual information to be provided in accordance with Article 9(2), the essential characteristics of the products proposed and the specific effects they may have on the consumer, including the consequences of default in payment by the consumer. Member States may adapt the manner by which and the extent to which such assistance is given, as well as by whom it is given, to the particular circumstances orf the ~~intermediary to determine the level of explanati~~situation in which the credit agreement is offered, the persons to ~~be given to the consumer and adjust such explanations accordingly~~whom it is offered and the type of credit offered.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 11 – paragraph 2

Such adequate explanations shall include an explanation of the information and terms included in the pre-contractual information to be provided in accordance with Articles 9 and 10 and of the consequences that concluding the credit agreement may have for the consumer, including in the event of default in payment by the consumer.deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 14 – paragraph 2 – point a

~~(a) Where the assessment of the consumer's creditworthiness results in a negative prospect for his ability to repay the credit over the lifetime of the credit agreement, the creditor refuses credit.~~deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 14 – paragraph 2 – point e

(e) Without prejudice to the general right of access contained in Article 12 of the Directive 95/46/EC, where the application is rejected on the basis of an automated decision or a decision based on methods such as automated credit scoring, the creditor informs the consumer immediately and without charge and that the creditor explains the logic involved in the automated decision to the consumer.deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 14 – paragraph 2 – point f

~~(f) The consumer has the opportunity to request for the decision to be reviewed manually.~~deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 14 – paragraph 4

4. Further to assessing a consumer's creditworthiness, Member States shall ensure that creditors and credit intermediaries obtain the necessary information regarding the consumer's personal and financial situation, his preferences and objectives and consider a sufficiently large number of credit agreements from their product range in order to identify products that are not unsuitable for the consumer given his needs, financial situation and personal circumstances. Such considerations shall be based on information that is up to date at that moment in time and on reasonable assumptions as to the consumer's situation over the term of the proposed credit agreement.deleted

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 14 – paragraph 5

~~5. Powers are~~ delegated to the Commission in accordance with Article 26 and subject to the conditions of Articles 27 and 28, to specify and amend the criteria to be considered in the conduct of a creditworthiness assessment as laid down in paragraph 1 of this Article and in ensuring that credit products are not unsuitable for the consumer as laid down in paragraph 4 of this Article.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 16 – paragraph 2

~~2. Powers are~~ delegated to the Commission in accordance with Article 26 and subject to the conditions of Articles 27 and 28, to define uniform credit registration criteria and data processing conditions to be applied to the databases referred to in paragraph 1 of this Article. In particular, such delegated acts shall define the registration thresholds to be applied to such databases and shall provide for agreed definitions for key terms used by such databases.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 18 – paragraph 1

1. Member States shall ensure that the consumer has a statutory or contractual right to discharge fully or partially his obligations under a credit ~~agreement prior to the expiry of that~~ agreement. In such cases, he shall be entitled to a reduction in the total cost of the credit, such a reduction consisting of the interest and the costs for the remaining duration of the contract.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 19 – paragraph 1

1. Credit intermediaries shall be duly authorised ~~to carry out the activities set out in Article 3(e) by~~or registered with a competent authority as defined in Article 4 in their home Member State to carry out the activities set out in Article 3 (e). Such authorisation or registration shall be granted on the basis of requirements established in the home Member State of the credit intermediary and shall include the fulfilment of the ~~professional~~ requirements laid down in Article 20s 6 and 21. What is later on provided for regarding authorisation, applies to registration.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 26 – paragraph 1

1. The powers to adopt delegated acts referred to in Article~~s 6(4), 8(4), 9(3), 10(3), 14(5) and 16(2~~ 12(5) shall be conferred on the Commission for an indeterminate period of time following the entry into force of this Directive.

2011/10/06
Committee: ECON

Sari ESSAYAH, Sirpa PIETIKÄINEN

Proposal for a directive
Article 27 – paragraph 1

1. The delegation of powers referred to in Article~~s 6(4), 8(4), 9(3), 10(3), 14(5) and 16(2~~ 12(5) may be revoked at any time by the European Parliament or by the Council.

2011/10/06
Committee: ECON