Credit Agreements For Consumers Research Articles

Момент заключения договора потребительского кредита

The article deals with the problem of determination of the moment of conclusion of a consumer credit agreement in comparison with a consumer loan agreement, and presents the results of the analysis of the conditions on the moment of conclusion of the agreement offered by Russian banks. The study showed that banks use both a consensual and a real contract model. The author answers the question of which model is acceptable.

Debt Counseling from the Directive No. 2023/2225 on Credit Agreements for Consumers and Perspectives for Transposition

The present research aims at analysing the regulation of debt advice at European level contained in Directive 2023/2225. The research reveals, at this date, at the national level, the lack of express regulation for the conduct of independent, impartial counselling of people in debt or about to become in debt. The research also identifies that the only category of counselling known and regulated at the national level, where credit is the main source of indebtedness, is consumer counselling by creditors and credit intermediaries. The regulation of independent debt advice under Directive 2023/2225 has yet to be transposed at the national level. The challenge of identifying the entity/entities that will provide independent debt advice is the one to which this study responds, and has profound social-economic implications, as this category of advice is a solution to prevent over-indebtedness

Euro-Conform Interpretation of Slovak Consumer Credit Act – Endless Saga Bound to End?

Summary Protection of individual rights arising from EU law is to a great extent in the hands of national courts. Their role is underlined in cases of imperfect implementation of a directive, where individuals are left at mercy of a euro-conform interpretation. Euro-conform interpretation is not limitless, as, for instance, it shall not be contra legem. However, when exactly is the interpretation contra legem, i.e. impossible? This article shows how intricate euro-conform interpretation may be, using the example of Directive 2008/48/EC on consumer credit agreements, a piece of law much discussed by the ECJ in preliminary rulings. Even if the proper way of interpretation is shown by the Supreme Court of a Member State, individuals may still find it difficult, even impossible, to enforce their rights arising from EU law. The aim of this article is to show how the euro-conform interpretation works in practice.

Smjernice u postlisabonskom europskom međunarodnom privatnom pravu

Smjernice u postlisabonskom europskom međunarodnom privatnom pravu

A GENERAL OVERVIEW OF THE DEFINITION AND SCOPE OF CONSUMER CREDIT AGREEMENTS IN ENGLISH LAW VIA CCA 1974

İkinci Dünya Savaşı sonrasında dünya üzerinde tüketim oranında büyük bir artış meydana gelmiştir. İnsanların sürekli bir şeyler tüketmeye odaklanması, bazı durumlarda yeterli finansal güce sahip olamamaları ile sekteye uğramaya başlamıştır. Bu noktada insanlar ihtiyaçlarını gidermek için farklı finansal destekler aramışlardır. Buna bağlı olarak nakit para ve diğer finansal ödünç yollarını içerecek şekilde krediler için sözleşmeler yapılmaya başlanmıştır. Bilgi ve deneyimleri kredi veren ile karşılaştırılamayacak düzeyde olan, kendi kişisel ihtiyaçları için sözleşme ilişkisi içerisine girmeye çalışan kredi alan konumundaki tüketiciler, tüketici kredisi sözleşmelerinde kredi veren karşısındaki konumlarının güçlendirilmesi adına hukuk eliyle korunmaya ihtiyaç duymaktadırlar. Tüketici kredisi sözleşmeleri kapsamında tüketicilere kanun ile koruma sağlayan ilk hukuk sistemlerinden biri İngiliz Hukuku olmuştur. İngiliz Hukunda yer alan düzenlemelerin bu alanda ortaya konan ilk örneklerden olması nedeniyle, bu çalışma tüketici kredisi sözleşmelerinin İngiliz Hukukundaki genel tanımını ve kapsamını açıklamayı ve buna bağlı olarak Türk Hukuku uygulaması ile genel bir değerlendirme yaparak iki hukuk sisteminde tüketici kredisi sözleşmeleri kapsamında tüketicinin korunması amacını tartışmayı amaçlamaktadır.

Prawo konsumenta do obniżenia całkowitego kosztu kredytu konsumenckiego – zarys problemu

The purpose of the article is to present the issues related to qualifying the costs of a consumer credit, such as commission and fees, to costs associated with the loan period, and thus subject to reduction in the event of early loan repayment. Based on the research, a thesis was formulated that for the correct transposition and implementation of EU law, it is required to ensure the possibility of reducing all costs of a consumer loan, therefore the above costs should be considered related to the loan period and should be proportionally reduced.
 Methodology: For the purposes of the research, the legal-dogmatic and analytical methods were used. The jurisprudence of Polish courts and the Court of Justice of the European Union was analyzed. The adopted time horizon of the study covered the period from 12/05/2010 to 31/12/2020. The judgments published in the resources of Lex and Legalis Legal Information Systems and the Portal of Judgments of Common Courts as at 31/12/2020 were taken into account.
 Results of the research: It was found that the judicature largely adopted a broad approach to the problem presented, even before the judgment of the CJEU in case C-383/18, which confirms the thesis adopted for the purposes of the article. Consequently, consumers who have concluded a consumer credit agreement are entitled to a proportional reduction to all costs they had to incur in connection with the concluded agreement. In particular, these are incidental, one-off costs such as commission and preparation fee, which are subjected to reduction.

ევროკავშირის N2008/48/EC დირექტივის იმპლემენტაციისას წარმოშობილი პრობლემატიკა

Since the Association Agreement, the countries have been obliged to implement a number of laws, and the implementation of the implementation in different ways has caused many problems and legislative differences. This paper discusses the problems arising during the implementation of the Directive of the European Parliament and Council N2008 / 48 / EC "On consumer credit agreements", both in Georgian and in other countries and in international law. The article presents the problems that have arisen during the development of the Directive and the international strategies that annually announce certain shortcomings and issue recommendations for solutions. In addition to international strategies, the Action Plan for European Integration of the Parliament of Georgia for 2018-20201 is discussed, according to which the problems are not only evident at the implementation stage, but also indicate a general malfunction of the executive structure and imperfect staff. The plan shows the low quality of compliance with international standards, and as for the directives, their novelty is clearly felt in the Georgian legislation and, therefore, it needs to amend a number of norms. It is noteworthy that legislative novelty is also problematic in practice, and we still find scarcely solutions where the dispute is resolved by consumer law. In addition to Georgian law, this problem is also mentioned in international practice, for example in relation to certain terms, which are given in a very broad definition in the Directive. In particular, their uncertainty leads to their own interpretation by states and judges, which ultimately leads to different practices. Such a difference is detrimental not only to the customer, who is not required to be aware of the essence of the norms, but also he can not understand how the dispute can be resolved and can not even understand what words can be used by the parties to the contract, obligations.

Zur Ersetzung des CHF-Libor durch den SARON Compound Index SAR3MC in laufenden

LIBOR interest rates will no longer be available from the end of 2021; this also applies to the 3M CHF-LIBOR, which is often used in practice in the context of sliding interest rate clauses. In a study carried out for the Bank and Insurance Department of the Austrian Chamber of Commerce Jankowitsch/Pichler examined the question of whether there are other comparable index values that could take the place of the 3M CHF-LIBOR. According to their findings, the SARON Compound Index SAR3MC is the primary substitute value. This paper examines from a legal point of view whether the 3M CHF-LIBOR can be replaced by SAR3MC in consumer credit agreements.

Considerations regarding the Particularities of Credit Agreements for Consumers relating to Immovable Property according to the Provisions of Government Emergency Ordinance no. 52/2016

As part of the transposition procedure into the national legislation of Directive 2014/17/EU on credit agreements for consumers relating to real estate immovable properties, was adopted Government Emergency Ordinance no. 50/2010 on credit agreements for consumers. The provisions of the normative acts are should apply exclusively for: credit agreements for consumers who sell immovable property, credit agreements secured by mortgages on real estate property and credits agreements involving a legal right related to residential immovable property. A credit agreement for consumers is the agreement through which a creditor grants or promises to grant to a consumer a credit to acquire an immovable residential property in the form of a deferred payment, loan or any other similar accommodation. According to the law, residential immovable property means the land or an existing or projected building that is the object of a real estate investment. The real estate investment may consist in: acquiring the property rights in a residential immovable property through legal acts by onerous title, improving a residential immovable property, refurbishing, rehabilitating, consolidating or extending it etc. The study of the normative acts mentioned above presents theoretical and practical interest from the general perspective of consumer protection and, in particular, through the economic and legal importance of the material object of credit agreements, respectively the residential immovable property. This paper is structured in three parts: “The Consumer Credit – an Overview”, “Credit Agreements Secured by a Mortgage” and “Credit Agreements for Consumers Relating to Residential Immovable Property”.The legal approach ends with conclusions.

Добросовестность как критерий оценки действий контрагента заемщика по договору потребительского кредитования

Добросовестность как критерий оценки действий контрагента заемщика по договору потребительского кредитования

Postanowienia Ustawy z dnia 23 marca 2017 r. o kredycie hipotecznym oraz o nadzorze nad pośrednikami kredytu hipotecznego i agentami oraz rekomendacji S Komisji Nadzoru Finansowego a zapobieganie kryzysom bankowości hipotecznej

On 23 March 2017, the Act on mortgage credit and supervision of mortgage credit intermediaries and agents was passed, which implements Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010. The Act on mortgage credit under examination contains consumer protection standards for mortgage banking services, which can pursue objectives and perform macro-prudential functions in the fi nancial system. The Act also provides for the supervision of mortgage intermediaries and their agents providing mortgage credit services, rightly considering that since this is a matter of macro-prudential substance and capable of having an impact on fi nancial stability, a comprehensive supervision of the activities of mortgage intermediaries and agents is justifi ed. The aim of the study is to (i) examine the provisions of the Act on mortgage credit from the perspective of its macro-prudential content; (ii) reconstruct this potentially macro-prudential content; (iii) assess the regulatory arrangements for credit intermediaries and residential immovable property agents adopted by the Act; and (iv) address the issue, relevant to the theory of fi nancial market law, of the interference between private and public law rules in terms of their macro-prudential content and macro-prudential policy. It is also intended to perform a comparison of the provisions of the Act on mortgage credit with selected recommendations of Recommendation S of the Financial Supervision in order to assess their macro-prudential nature and the appropriateness of the regulatory solutions adopted by means of an act or by means of national soft banking law to which Recommendation S belongs.

GENEZIS OF LEGAL REGULATION OF CREDIT RELATIONS IN THE CONDITIONS OF TRANSITIVE ECONOMY OF UKRAINE

The purpose of the paper is to analyze the genesis of credit legal relationship as the notion in Civil law as well as historical transformations of its legal regulation at the different stages of Ukraine’s development. The survey is based on the use of a comparative method, the application of which allows us to compare Ukrainian laws with international crediting standards. The theoretical and practical recommendations on the improvement of law implementation and legal credit regulation are made. Results of the survey showed that the domestic legislation regulates the relations of consumer lending are more perfect in the field of consumer rights protection in comparison with other countries of the post-Soviet area. As for the EU countries, the legal regulation and practical application of the credit institution used by the participants in civilian circulation to meet their economic needs is deprived of those gaps existing in the domestic legal system. In particular, it is a question of the uncertainty in the Ukrainian legislation of issues related to the use of misleading advertising by banks concerning lending conditions, incomplete disclosure of information, difficulties encountered in assessing the borrower's creditworthiness, the status of a credit intermediary, establishing unfair terms of consumer credit agreements, imposing by banks and other institutions of additional and related services, lack of equal requirements to creditors, etc. The change in the political and economic situation in Ukraine directly influenced the legislator's approach to the legal regulation of credit relations. The transition of social relations to the market economy has led to increased acquisition by the subjects of the civilian turnover of goods and services on credit. However, the current legal credit regulation does not always meet the requirements of practice. Ukrainian legislation has legal acts that regulate lending relations, but foreign practice of the separate credit institution has already deprived of those gaps that Ukrainian legal system still need to fill up. In order to eliminate the problems of legal consumer credit regulation it is necessary to bring the legislation of Ukraine into conformity with the best international practice.

The Right of Reflection and Comparison in Mortgage Loan Agreements according to Directive 2014/17/UE and Its Recent Implementation in Spanish Legislation

Objective: This article analyses and critically assesses the new Spanish rules regarding the consumer’s right of reflection previous to concluding a credit agreement for residential immovable property. It also looks at how it makes consumer protection more effective.Research Design & Methods: The article is based on, first, a critical analysis of the Spanish regulation and the existing literature and, second, on a comparison between the European and the Spanish regulation of this institution.Findings: Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property obliges Member States to specify a time period of at least seven days during which the consumer will have sufficient time to compare offers, assess their implications and make an informed decision before entering into a credit agreement. Following a lengthy delay, the Directive was implemented in Spanish legislation on 15 March, through Law 5/2019 on credit agreements relating to residential immovable property. The Directive admits the right of reflection to be articulated as a period of reflection before a credit agreement is concluded, as a period of withdrawal after the conclusion of the credit agreement or a combination of the two. Spanish legislation has chosen the first option but it does not fully respect all the requirements of the Directive.Implications / Recommendations: A period of reflection prior to the conclusion of a mortgage loan agreement is an essential instrument for consumer self-protection because it allows consumers to analyse pre-contractual information in depth, to compare offers, to assess the implications of each offer, and to make an informed decision. It likewise benefits banks and other lenders because it reduces consumer claims, and even benefits the mortgage loan market itself as it increases overall competence. Adequate regulation of this right is essential to sufficiently protect borrowers.Contribution: This article analyses the deficiencies of the Spanish regulation on the right of reflection and formulates proposals for reform.

Transparency of (Pre-)Contractual Information in Consumer Credit Agreements: Is Consistency the Missing Key?

This article shows that there is a lack of consistency in the interpretation of the meaning and scope of the obligation of traders to provide transparent pre-contractual and contractual information on consumer credit to consumers in EU law. On the basis of an analysis of transparency requirements prescribed by the Unfair Contract Terms Directive and the Consumer Credit Directive, differences in the understanding of transparency are highlighted. While the transparency test under the Unfair Contract Terms Directive focuses on the question of comprehensibility of credit information, the transparency test under the Consumer Credit Directive focuses on the format, position, length and font size of information. Consequently, the transparency of the same information provided in the course of concluding a consumer credit agreement could be evaluated differently on the basis of these two directives. This lack of consistency in the interpretation of transparency might pose a particular problem for national enforcement authorities. In the example of Croatia, it is demonstrated that the lack of guidance and consistency in the interpretation of various transparency requirements in the area of consumer credit at the EU level leaves space for national enforcement authorities to develop their own understanding of transparency. Where national enforcement authorities develop a narrower approach to transparency, consumers can be deprived of the protection guaranteed by EU law. In areas such as consumer credit, where the obligation of the transparent provision of information is the main tool of consumer protection and market integration, ensuring greater consistency in the interpretation of the content of this obligation is the key to ensuring its effectiveness.

PERLINDUNGAN HUKUM TERHADAP BANK ATAS PERJANJIAN KREDIT KONSUMSI BAGI ORANG ASING

Since 2005 the rule of Bank Indonesia is already issued a policy about consumer credit facilities in order to get a place or a home for foreign people who live in Indonesia, but it is not enough to make all the bank that took place in Indonesia give that facilities. One of the reasons discrepancy of a number banks to give that credit facilities to foreign people is because the risk in case there is a failure or the person is not fulfilling the obligation. Considering the debtor is a foreigner, while the object of the guarantee is a land with a right of use that has a limited period, and until now there is still no regulations from both the Indonesian government and from Bank Indonesia that specifically provide protection against banks on consumer credit facilities for foreigners. In this paper, the writer will discuss the effort of legal protection that can be done by the Bank are preventive effort and repressive effort. Preventive legal protection efforts undertaken by banks is with credit agreements. Repressive legal protection effort, if the foreign debtors can not fulfill the obligation one of them is to stop the consumer credit agreement.

Legal Analysis on the Policy of Home Ownership Requirements for Foreigners in the Consumer Credit Agremeent of Syariah Bank in Indonesia

The study examines the normative policy on the ownership rules of residential homes for foreigners in the credit agreement consumption of Syariah banks in Indonesia. This policy has existed since 2005. However, it does not make all Syariah banks in Indonesia provide credit facilities to foreigners since there is no specific implementing regulation and legal protection for the banks in the case of finance arrears caused by the practice which can disrupt their liquidity and profitability. Considering this, the article analyses the legal protection for Islamic banks, both in preventive and repressive context, in providing credit facilities for foreigners, so that they all can facilitate loans without any fears and risks. This becomes necessary as it can contribute to Indonesia’s economic growth. It argues that the law should cover this matter, through both preventive and restrictive measures, in which the law should prevent the practice from causing finance arrears through musyārakah contract. The results of this study confirm that there is legal protection that has been regulated by Bank Indonesia for Syariah Bank in giving credit to a foreigner.Keywords: Legal Policy, Syariah Bank, Foreigners, Consumer Credit Agreement

The Directive on the Credit Agreements for Consumers relating to Residential Immovable Property (Directive 2014/17): A Regulatory Explanation and a Private Law Analysis

With the devastation wrought by the 2008 ‘property market bubble’ still fresh in the mind on one hand, and a spate of recent enthusiasm manifested in the ‘rush to the property ladder’ on the other, the newly enacted Directive 2014/17 seeks to strike a middle ground of reasonableness in the delicate and sensitive matter of the security granted by the buyer of a residential property. Against this background, the present contribution analyses, first and foremost, the norms of a regulatory nature introduced by the new EU piece of legislation and the attempt to shape a new category of consumer. Among these precepts, attention is particularly afforded to the principle, of a public nature, prescribing that the bank’s assessment to grant a mortgage shall be prevailingly based on the ability of the mortgagor to repay the debt, rather than on the expected (but undemonstrated) burgeoning future value of the property. Furthermore, the discussion focuses on the private law principles introduced by the Directive. Among these is the onus lying on the bank to provide adequate information about the terms and conditions of the mortgage. More interestingly, the directive at stake derogates from, and goes beyond, the notion of prohibition of ‘agreement of forfeiture’ existing in some civil law jurisdictions. This novelty, the ancillary legal provisions of art 28 of Directive 2014/17 as well as their impact on the system of civil proceedings and foreclosure existing in each country, provide fertile ground for a legal and comparative analysis.

El crédito responsable

El principio de crédito responsable se manifiesta a través de una serie de conductas recogidas en las Directivas 2008/48/CE de crédito al consumo, y 2014/17/UE de crédito hipotecario. Sin embargo, el contenido del principio difiere de una Directiva a otra. En la Directiva 2008/48/CE observamos un enfoque reducido del principio, mientras que en la Directiva 2014/17/UE, el contenido se amplía incluyendo un mayor número de conductas.

The Implementation of the EU Mortgage Credit Directive – on the Necessity of a Legislative Amendment

The Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property (Mortgage Credit Directive) was complemented by new regulations regarding the assessment of customers’ creditworthiness through the Act Implementing the Mortgage Credit Directive and Amending Accounting Rules (Gesetz zur Umsetzung der Wohnimmobilienkreditrichtlinie und zur Änderung handelsrechtlicher Vorschriften) of 11 March 2016 in the law of obligations (Section 505a ff. Bürgerliches Gesetzbuch, BGB) and the regulatory law (Section 18a Kreditwesengesetz). Firstly, the dangers of the ‘extraordinary’ monetary policy of the ECB to the real estate market and a possible connectivity regarding the regulatory initiative are indicated. The contribution describes the purpose of the Directive, compares the new principles of creditworthiness assessment with the previous practice and analyses the consequences for banks and potential borrowers. It closes with a critical assessment of the EU wide regulation in this field and specifies approaches concerning a different German implementation in accordance with the Directive.

Credit Intermediation under the 2014 European Mortgage Credit Directive: a Call for Targeted Rules on Intermediary Remuneration

AbstractIn February 2014 the European legislator adopted a directive on credit agreements for consumers relating to residential immovable property, which had to be implemented by the member states by March 2016. This paper starts with some fundamentals on the policy objectives underlying this so-called „Mortgage Credit Directive” (MCD) and further provides an overview of the specific regulatory framework that has been developed for credit intermediaries. This serves as the starting point for an assessment of the level of consumer protection that has been established while regulating the activities of credit intermediaries. Particular risks for credit intermediaries’ clients stem from incentives caused by the way in which they are traditionally remunerated by consumers and/or creditors. Whereas information disclosure obligations included in the MCD are an insufficient means to mitigate some potentially harmful consequences of intermediary compensation, the authors argue for the introduction of targeted remuneration regulation.