13 Amendments of Peter SIMON related to 2011/0062(COD)
Amendment 255 #
Proposal for a directive
Recital 32 a (new)
Recital 32 a (new)
(32a) Consumers shall have the right to discharge their obligations under a credit agreement prior to the expiry of that agreement. In the case of credit agreements with a fixed borrowing rate, Member States may make the exercise of that right contingent on the existence of a valid interest on the part of the consumer, for example the sale of the item of immovable property on grounds of a change in personal circumstances (e.g. moving house, loss of employment, illness or divorce). The wish to pay a lower borrowing rate shall not in itself be deemed to constitute a valid interest.
Amendment 259 #
Proposal for a directive
Recital 32 b (new)
Recital 32 b (new)
(32b) Compensation payments in the event of early repayment must be objectively justified and calculated in a readily understandable way. The factors taken into account in such calculation must include possible advantages to the creditor, for example if the repayment is made at a time when market conditions favour the creditor.
Amendment 302 #
Proposal for a directive
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
(ba) ‘Start-up loans’ granted to a restricted customer segment, under statutory conditions and for a general interest purpose, free of interest, at a rate of interest lower than that prevailing on the market or at rates of interest no higher than those prevailing on the market.
Amendment 329 #
Proposal for a directive
Article 3 – paragraph 1 – point l a (new)
Article 3 – paragraph 1 – point l a (new)
(la) 'Compensation payment' means compensation for objectively justified costs, calculated in a readily understandable way, that are directly linked to early repayment of credit, including any loss of interest, if the repayment falls within a period for which the borrowing rate is fixed. In calculating the compensation payment, possible benefits for the creditor shall be taken into account, for example if the repayment is made at a time when market conditions are favourable to the creditor.
Amendment 347 #
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
Member States shall designate the competent authorities empowered to ensure the national implementation and enforcement of this Directive and shall ensure that they are granted all the powers and resources necessary for the efficient and effective performance of their duties.
Amendment 470 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2
Article 9 – paragraph 2 – subparagraph 2
Member States shall ensure that wthen an offer binding on the creditor is provi credit agreement can only be concluded toif 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 been provided in a durable medium with an offer binding on the creditor and has had sufficient time to compare it with other offers, obtain third party advice if necessary and assess theirits implications and take an informed decision on whether to accept anthe offer, regardless of the means of conclusion of the contract, or if the consumer has been granted an adequate right of withdrawal following the conclusion of the agreement. In the case of a pre-contractual period of reflection, this shall be no less than 14 working days after the offer has been made.
Amendment 656 #
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States shall ensure that the consumer has a statutory or contractualthe right to discharge his obligations under a credit agreement prior to the expiry of that agreement. In suchthe 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 remain of credit agreements with a fixed borrowing rate, Member States may make the exercise of that right subject to the existence of a legitimate interest on the part of the consumer (for example the sale of the item of immovable property), in which connection the wish to pay a lower borrowing duration of the contrace shall not in itself be deemed to constitute a legitimate interest.
Amendment 670 #
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 1
Article 18 – paragraph 2 – subparagraph 1
Member States may providshall ensure that in the exercise of the right referred to context of early repayment the followin g 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 for potential costs 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 consumerrinciples are observed: (a) no penalties may be imposed; (b) in the case of credit agreements with a fixed borrowing rate, the creditor may, if appropriate, demand a compensation payment. The compensation payment must be objectively justified and calculated in a readily understandable way, in which connection only costs directly linked to early repayment of the credit, including loss of interest, may be claimed and, if appropriate, due account must be taken of benefits for the creditor in the form of favourable market conditions at the time repayment is made; (c) Member States may limit or rule out compensation payments; (d) in the case of credit agreements with a variable borrowing rate, compensation payments shall be ruled out; (e) the consumer must be informed prior to the conclusion of the agreement of the conditions governing early repayment and the method of calculating possible compensation payments.
Amendment 677 #
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 2
Article 18 – paragraph 2 – subparagraph 2
Amendment 696 #
Proposal for a directive
Article 18 d (new)
Article 18 d (new)
Article 18d Payment flexibility Member States shall ensure that creditors allow consumers to make payments which exceed the amount required by the amortisation structure of the loan contained in the credit agreement without penalty so that consumers subsequently have the right to redeem the payments scheduled in accordance with the amortisation structure up to the value by which they have previously exceeded the required amount. In the case of credit agreements with a fixed borrowing rate, Member States shall ensure that the repayment flexibility arrangements are not used to avoid making compensation payments which may be required to the creditor.
Amendment 701 #
Proposal for a directive
Article 18 c (new)
Article 18 c (new)
Article 18 c Switching of creditor 1. Member States may foresee that creditors can transfer credit agreements or portfolios of credit agreement to other financial institutions but only with the clear consent of the consumer and only as long as the loan conditions are not altered to the disadvantage of the consumer. This paragraph shall be without prejudice to Article 122a of Directive 2006/48/EC. Member States shall ensure that mortgages portfolios are transferable to a new lender without registration of a new mortgage deed for each loan in the transferred portfolio. 2. Unless in the case of credit agreements with a fixed rate, Member States shall ensure that consumers also have the right to transfer a credit agreement to a new creditor which is prepared to accept the transfer and which makes a binding offer to the consumer provided that (a) the binding offer significantly improves the economic conditions for the consumer either by an improvement of at least 100 basis points in the interest rate or by an extension or reduction of more than a third in the length of the repayment period for the outstanding debt; (b) the creditor refuses to make a binding offer before the expiry of the offer made by the new creditor which at least matches the terms of the binding offer made by the new creditor; and (c) the creditor receives adequate compensation where appropriate according to national law. Member States shall ensure in such cases that the compensation does not constitute a penalisation of the consumer and that once a credit agreement has been in force for five years the compensation shall not be higher than 1 % of the outstanding debt.
Amendment 706 #
Proposal for a directive
Article 18 a (new)
Article 18 a (new)
Amendment 708 #
Proposal for a directive
Article 18 b (new)
Article 18 b (new)
Article 18b Registers of credit agreements related to residential immovable property 1. Member States shall ensure that the commencement, modification or termination of any credit agreement located in their territory is reported to a register designated by the Member State. 2. Such reports shall contain at least the following information: (a) the EMKI; (b) the identification of the residential immovable property to which the credit agreement relates; (c) the amount of the loan; (d) the maturity of the loan; (e) the currency in which the loan is denominated; (f) the creditor who granted the credit; (g) the consumer who has taken out the loan. 3. This information must be available on a centralised basis to the parties to the agreement, credit intermediaries and creditors who are directly involved, holders of rights under the agreement or to the item of immovable residential property in question and the competent authorities. If loans are securitised or sold on, with the consent of the current creditor potential buyers shall be given access to information relevant to them. 4. Member States shall ensure that the consumer's personal rights are safeguarded.