Following on the European Parliament vote in December 2013, the Council adopted today the Mortgage Credit directive, including all amendments voted by the European Parliament. It will become a legislative act as soon as published in the Official Journal of the European Union.
Eurodiaconia welcome this directive as it provides a high degree of consumer protection. It sets out principles for marketing and advertising, and obligations for pre-contractual information, as well as requirements for information concerning credit intermediaries and for information on the borrowing rate. Provisions require the creditor to assess the creditworthiness of the consumer, as well as disclosure obligations on the part of the consumer.
Member states will have two years to transpose the directive into their national laws, regulations and administrative provisions.
More information:
Main amendements adopted and text of the directive (page 1 to 240)
Statements by Member States on the adoption of the directive