Reform of consumer credit, the timetable for implementation

Since 1 September 2010, the reform of consumer credit is partly entered into force, with the new rules on advertising credit. The same measures on the FICP and over-indebtedness entered into force on 1 November 2010. The rest of the new provisions on credit take place in 2011 in two stages. April 1, 2011, changes on the wear rate applicable. Then on 1 May 2011, a series of measures will take effect:

• Extending the scope of the credit to the consumption of 21 500 euros to 75,000 euros;
• The requirement to train vendors;
• The obligation to inform the borrower (through a form of pre-contractual information and contractual);
• The establishment of thresholds for redemption of loans;
• Strengthening the duties and responsibilities of the lender (with the obligation of a study of customer's creditworthiness);
• The content and delivery of the credit agreement (the withdrawal period, prepayment, APR ...)
• Supervision of revolving credit.