DIRECTIVE (EU) 2023/2225 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 18 October 2023
on credit agreements for consumers and repealing Directive 2008/48/EC
CHAPTER I
GENERAL PROVISIONS
Article 1
Subject matter
Article 2
Scope
Article 3
Definitions
Article 4
Conversion of amounts expressed in euro into national currency
Article 5
Obligation to provide information free of charge to consumers
Article 6
Non-discrimination
CHAPTER II
INFORMATION TO BE PROVIDED PRIOR TO THE CONCLUSION OF THE CREDIT AGREEMENT
Article 7
Advertising and marketing of credit agreements
Article 8
Standard information to be included in advertising of credit agreements
Article 9
General information
Article 10
Pre-contractual information
Article 11
Pre-contractual information with regard to credit agreements referred to in Article 2(6) or (7)
Article 12
Adequate explanations
Article 13
Personalised offers on the basis of automated processing
CHAPTER III
TYING AND BUNDLING PRACTICES, INFERRED AGREEMENT, ADVISORY SERVICES AND UNSOLICITED GRANTING OF CREDIT
Article 14
Tying and bundling practices
Article 15
Inferred agreement for the conclusion of any credit agreement or the purchase of ancillary services
Article 16
Advisory services
Article 17
Ban on unsolicited granting of credit
CHAPTER IV
ASSESSMENT OF CREDITWORTHINESS AND DATABASE ACCESS
Article 18
Obligation to assess the creditworthiness of the consumer
Article 19
Databases
CHAPTER V
FORM AND CONTENT OF CREDIT AGREEMENTS
Article 20
Form of the credit agreement
Article 21
Information to be included in the credit agreement
CHAPTER VI
MODIFICATIONS OF THE CREDIT AGREEMENT AND CHANGES IN THE BORROWING RATE
Article 22
Information regarding the modification of the credit agreement
Article 23
Changes in the borrowing rate
CHAPTER VII
OVERDRAFT FACILITIES AND OVERRUNNING
Article 24
Overdraft facilities
Article 25
Overrunning
CHAPTER VIII
WITHDRAWAL, TERMINATION AND EARLY REPAYMENT
Article 26
Right of withdrawal
Article 27
Linked credit agreements
Article 28
Open-end credit agreements
Article 29
Early repayment
CHAPTER IX
ANNUAL PERCENTAGE RATE OF CHARGE AND MEASURES TO LIMIT RATES AND COSTS
Article 30
Calculation of the annual percentage rate of charge
Article 31
Measures to limit borrowing rates, annual percentage rates of charge or total costs of credit to the consumer
CHAPTER X
CONDUCT OF BUSINESS OBLIGATIONS AND REQUIREMENTS FOR STAFF
Article 32
Conduct of business obligations when providing credit to consumers
Article 33
Knowledge and competence requirements for staff
CHAPTER XI
FINANCIAL EDUCATION AND SUPPORT TO CONSUMERS IN FINANCIAL DIFFICULTIES
Article 34
Financial education
Article 35
Arrears and forbearance measures
Article 36
Debt advisory services
CHAPTER XII
CREDITORS AND CREDIT INTERMEDIARIES
Article 37
Admission, registration and supervision of non-credit institutions and non-payment institutions
Article 38
Specific obligations for credit intermediaries
CHAPTER XIII
ASSIGNMENTS OF RIGHTS AND DISPUTE RESOLUTION
Article 39
Assignment of rights
Article 40
Out-of-court dispute resolution
CHAPTER XIV
COMPETENT AUTHORITIES
Article 41
Competent authorities
CHAPTER XV
FINAL PROVISIONS
Article 42
Level of harmonisation
Article 43
Imperative nature of this Directive
Article 44
Penalties
Article 45
Exercise of the delegation
Article 46
Review and monitoring
Article 47
Repeal and transitional provisions
Article 48
Transposition
Article 49
Entry into force
Article 50
Addressees
ANNEX I
STANDARD EUROPEAN CONSUMER CREDIT INFORMATION
(1)
Key information
Part I
[Always on the first page of the form]:
Creditor Where applicable Credit intermediary |
[Identity] [Identity] |
||||||
Total amount of credit This means the ceiling or the total sums made available under the credit agreement. |
|
||||||
Duration of the credit agreement |
|
||||||
The borrowing rate or, where applicable, different borrowing rates which apply to the credit agreement |
[%
|
||||||
Annual percentage rate of charge (APR) This is the total cost expressed as an annual percentage of the total amount of credit. The APR is there to help you compare different offers. |
|
||||||
Total amount you will have to pay This means the amount of borrowed capital plus interest and possible costs related to your credit. |
[Sum of total amount of credit and total cost of credit to the consumer] |
||||||
Where applicable The credit is granted in the form of a deferred payment for specific goods or specific services or is linked to the supply of specific goods or the provision of specific services Name of good/service Cash price |
|
||||||
Costs in the case of late payments |
You will be charged [… (applicable interest rate and arrangements for its adjustment and, where applicable, default charges)] for late payments. |
Part II
[If following elements cannot be displayed in a prominent way on one page, they shall be displayed in the first part of the form on the second page]:
Instalments and, where appropriate, the order in which instalments will be allocated |
You will have to pay the following: [The amount, number and frequency of payments to be made by the consumer] Interest and/or charges will be payable in the following manner: |
Warning regarding the consequences of missing or late payments Missing or late payments could have severe consequences for you (e.g. forced sale) and make it more difficult for you to obtain credit in the future. |
|
Right of withdrawal You have the right to withdraw from the credit agreement within a period of 14 calendar days. |
Yes/no |
Early repayment You have the right to repay the credit early at any time fully or partially. Where applicable The creditor is entitled to compensation in the case of early repayment. |
Yes |
Creditor Geographical address Telephone number Email address Web address (*1) |
|
Where applicable Credit intermediary Geographical address Telephone number Email address Web address (*1) |
|
Additional information about the credit agreement
1.
Description of the main features of the credit product
The type of credit |
|
The conditions governing the drawdown This means how and when you will obtain the money. Where applicable Other drawdown mechanisms for the relevant type of credit agreement may result in higher annual percentage rates of charge |
[Where the credit agreement provides different ways of drawdown with different charges or borrowing rates and the creditor uses the assumption set out in Part II, point (b), of Annex III, include an indication that other drawdown mechanisms for the relevant type of credit agreement may result in higher annual percentage rates of charge] |
Where applicable Sureties required This is a description of the security to be provided by you in relation to the credit agreement. |
[Kind of sureties] |
Where applicable Repayments do not give rise to immediate amortisation of the capital. |
|
Where applicable The price was personalised on the basis of automated decision-making. |
|
2.
Costs of the credit
Where applicable The different borrowing rates that apply to the credit agreement |
[%
|
||||||||||
Representative example illustrating the annual percentage rate of charge (APR) and the total amount payable by the consumer |
[% A representative example mentioning all the assumptions used for calculating the annual percentage rate of charge to be set out here] |
||||||||||
Is it compulsory, in order to obtain the credit or to obtain it on the terms and conditions marketed, to take out
If the costs of these services are not known by the creditor, they are not included in the APR. |
Yes/no [if yes, specify the kind of insurance] Yes/no [if yes, specify the kind of ancillary service] |
||||||||||
Related costs |
|||||||||||
Where applicable Charges for maintaining one or more accounts which are required for recording both payment transactions and drawdowns |
|
||||||||||
Where applicable Amount of costs for using a specific means of payment (e.g. a credit card) |
|
||||||||||
Where applicable Any other costs deriving from the credit agreement |
|
||||||||||
Where applicable Conditions under which the abovementioned costs related to the credit agreement can be changed |
|
||||||||||
Where applicable Obligation to pay notarial fees |
|
3.
Other important legal aspects
Where applicable The creditor is entitled to compensation in the case of early repayment |
[Determination of the compensation (calculation method) in accordance with the provisions implementing Article 29 of Directive (EU) 2023/2225 of the European Parliament and of the Council(2)] |
Consultation of a database The creditor must inform you immediately and without charge of the result of consulting a database, if a credit application is rejected on the basis of such a consultation. |
|
Right to a draft credit agreement You have the right, upon request, to obtain a copy of the draft credit agreement free of charge. This provision applies if the creditor is willing, at the time of your request, to proceed to the conclusion of the credit agreement with you. |
|
Where applicable The period of time during which the creditor is bound by the pre-contractual information |
The information contained in this form is valid from […] until […]. |
Concerning redress You have the right to access an out-of-court complaint and redress mechanism |
[The out-of-court complaint and redress mechanism for the consumer and how to access it] |
Warning regarding the legal and financial consequences of non-compliance Non-compliance with the commitments linked to the credit agreement other than late or missed payments could have severe consequences for you. |
|
Repayment schedule |
[Repayment schedule containing all payments and repayments to be made by the consumer over the duration of the credit agreement, including the payments for any ancillary services] |
4.
Additional information in the case of the distance marketing of financial services
|
|
||
Where applicable Representative of the creditor in your Member State of residence Address Telephone number Email address Web address (*2) |
[Identity] [Geographical address to be used by the consumer] |
||
Where applicable Registration |
[The trade register in which the creditor is entered and their registration number or an equivalent means of identification in that register] |
||
Where applicable The supervisory authority |
|
||
|
|
||
Where applicable Exercise of the right of withdrawal |
[Practical instructions for exercising the right of withdrawal indicating, inter alia, the period for exercising the right, the address to which notification of exercise of the right of withdrawal should be sent and the consequences of not exercising the right of withdrawal] |
||
Where applicable The law taken by the creditor as the basis for the establishment of relations with you before the conclusion of the credit agreement |
|
||
Where applicable Clause stipulating the law applicable to the credit agreement and/or the competent court |
[Relevant clause to be set out here] |
||
Where applicable Language regime |
Information and contractual terms will be supplied in [specific language]. With your consent, we intend to communicate in [specific language/languages] for the duration of the credit agreement. |
ANNEX II
EUROPEAN CONSUMER CREDIT INFORMATION
(1)
Consumer credit offered by certain credit organisations (Article 2(6) of Directive (EU) 2023/2225 of the European Parliament and of the Council
(2)
)
Debt conversion (Article 2(7) of Directive (EU) 2023/2225)
Key information
Part I
[Always on the first page of the form]:
Creditor Where applicable Credit intermediary |
[Identity] [Identity] |
||||||
The total amount of credit This means the ceiling or the total sums made available under the credit agreement. |
|
||||||
The duration of the credit agreement |
|
||||||
The borrowing rate or, where applicable, different borrowing rates which apply to the credit agreement |
[%
|
||||||
Annual percentage rate of charge (APR) This is the total cost expressed as an annual percentage of the total amount of credit. The APR is there to help you compare different offers. |
|
||||||
The total amount you will have to pay This means the amount of borrowed capital plus interest and possible costs related to your credit. |
[Sum of total amount of credit and total cost of credit to the consumer] |
||||||
Where applicable The credit is granted in the form of a deferred payment for specific goods or specific services or is linked to the supply of specific goods or the provision of specific services Name of good/service Cash price |
|
||||||
Costs in the case of late payments |
You will be charged [… (applicable interest rate and arrangements for its adjustment and, where applicable, default charges)] for late payments. |
Part II
[If the following elements cannot be displayed in a prominent way on one page, they shall be displayed in the first part of the form on the second page]:
Instalments and, where appropriate, the order in which instalments will be allocated |
You will have to pay the following: [The amount, number and frequency of payments to be made by the consumer] Interest and/or charges will be payable in the following manner: |
Warning regarding the consequences of missing or late payments Missing or late payments could have severe consequences for you (e.g. forced sale) and make it more difficult for you to obtain credit in the future. |
|
Right of withdrawal |
Yes/no |
Early repayment You have the right to repay the credit early at any time fully or partially. Where applicable The creditor is entitled to compensation in the case of early repayment. |
|
Creditor Geographical address Telephone number Email address Web address (*1) |
|
Where applicable Credit intermediary Geographical address Telephone number Email address Web address (*1) |
|
Additional information about the credit agreement
1.
Description of the main features of the credit product
The type of credit |
|
Where applicable Indication that the consumer may be requested to repay the amount of the credit in full at any time |
|
Where applicable The price was personalised on the basis of automated decision-making. |
|
2.
Costs of the credit
Where applicable The different borrowing rates that apply to the credit agreement |
[%
|
||||||||
Representative example illustrating the annual percentage rate of charge (APR) and the total amount payable by the consumer |
[% A representative example mentioning all the assumptions used for calculating the annual percentage rate of charge to be set out here] |
||||||||
Where applicable Costs Where applicable The conditions under which those costs may be changed |
[The costs applicable from the time the credit agreement is concluded] |
3.
Other important legal aspects
Termination of the credit agreement |
[The conditions and procedure for terminating the credit agreement] |
Where applicable The creditor is entitled to compensation in the case of early repayment |
[Determination of the compensation (calculation method) in accordance with the provisions implementing Article 29 of Directive (EU) 2023/2225] |
Consultation of a database The creditor must inform you immediately and without charge of the result of consulting a database, if a credit application is rejected on the basis of such a consultation. |
|
Where applicable The period of time during which the creditor is bound by the pre-contractual information |
The information contained in this form is valid from […] until […]. |
Concerning redress You have the right to access an out-of-court complaint and redress mechanism. |
[The out-of-court complaint and redress mechanism for the consumer and how to access it] |
Warning regarding the legal and financial consequences of non-compliance Non-compliance with the commitments linked to the credit agreement other than late or missed payments could have severe consequences for you. |
|
Repayment schedule |
[Repayment schedule containing all payments and repayments to be made by the consumer over the duration of the contract, including those payments for any ancillary services] |
4.
Additional information in the case of the distance marketing of financial services
|
|
||
Where applicable Representative of the creditor in your Member State of residence Address Telephone number Email address Web address (*2) |
[Identity] [Geographical address to be used by the consumer] |
||
Where applicable Registration |
[The trade register in which the creditor is entered and their registration number or an equivalent means of identification in that register] |
||
Where applicable The supervisory authority |
|
||
|
|
||
Where applicable Exercise of the right of withdrawal |
[Practical instructions for exercising the right of withdrawal indicating, inter alia, the withdrawal period, the address to which notification of exercise of the right of withdrawal should be sent and the consequences of not exercising the right of withdrawal] |
||
Where applicable The law taken by the creditor as a basis for the establishment of relations with you before the conclusion of the credit agreement |
|
||
Where applicable Clause stipulating the law applicable to the credit agreement and/or the competent court |
[Relevant clause to be set out here] |
||
Where applicable Language regime |
Information and contractual terms will be supplied in [specific language]. With your consent, we intend to communicate in [specific language/languages] for the duration of the credit agreement. |
ANNEX III
I. The basic equation expressing the equivalence of drawdowns on the one hand and repayments and charges on the other.
– X |
is the APR, |
– m |
is the number of the last drawdown, |
– k |
is the number of a drawdown, thus 1 ≤ k ≤ m, |
– Ck |
is the amount of drawdown k, |
– tk |
is the interval, expressed in years and fractions of a year, between the date of the first drawdown and the date of each subsequent drawdown, thus t1 = 0, |
– m’ |
is the number of the last repayment or payment of charges, |
– l |
is the number of a repayment or payment of charges, |
– Dl |
is the amount of a repayment or payment of charges, |
– sl |
is the interval, expressed in years and fractions of a year, between the date of the first drawdown and the date of each repayment or payment of charges. |
II. The additional assumptions for calculating the APR shall be as follows.
ANNEX IV
Correlation table
Directive 2008/48/EC |
This Directive |
Article 1 |
Article 1 |
Article 2(1) |
Article 2(1) |
– |
|
Article 2(2), points (a), (b) and (c) |
Article 2(2), points (a), (b) and (c) |
Article 2(2), point (d) |
Article 2(2), point (g) |
Article 2(2), points (e) and (f) |
– |
Article 2(2), points (g), (h), (i), (j), (k) and (l) |
Article 2(2), points (d), (e), (f), (i), (j) and (k) |
Article 2(2a) |
Article 2(3) |
Article 2(3) |
– |
Article 2(4), (5) and (6) |
Article 2(4), (6) and (7) |
Article 3, points (a), (b) and (c) |
Article 3, points 1, 2 and 3 |
– |
Article 3, point 4 |
Article 3, points (d) and (e) |
Article 3, points 18 and 19 |
Article 3, point (f) |
Article 3, point 12 |
Article 3, points (g), (h), (i), (j), (k), (l) and (m) |
Article 3, points 5, 6, 7, 8, 9, 10 and 11 |
Article 3, point (n) |
Article 3, point 20 |
– |
Article 3, points 13, 14, 15, 16, 17, 18, 21 and 22 |
– |
Article 5 |
– |
Article 6 |
– |
Article 7 |
Article 4 |
Article 8 |
– |
Article 9 |
Article 5(1) |
Article 10(1), (3), (5) and (6) |
Article 5(2) |
Article 10(7) |
Article 5(4) |
Article 10(8) |
Article 5(5) |
Article 10(9) |
Article 5(6) |
Article 12(1), points (a), (b) and (c), and Article 12(2) |
Article 6(1) and (3) |
Article 11(1), (2) and (4) |
Article 6(2) |
– |
Article 6(4) |
Article 11(6) |
Article 6(5) |
– |
Article 6(6) |
Article 11(7) |
Article 6(7) |
– |
Article 7 |
Article 10(10) and Article 11(8) |
– |
Article 13 |
Article 8 |
Article 18 |
– |
Article 14 |
– |
Article 15 |
– |
Article 16 |
– |
Article 17 |
Article 9 |
Article 19 |
Article 10(1) |
Article 20 |
Article 10(2), 10(3) and 10(4) |
Article 21 |
Article 10(5) |
– |
Article 11a |
Article 22 |
Article 11 |
Article 23 |
Article 12 |
Article 24 |
Article 13 |
Article 28 |
Article 14 |
Article 26 |
Article 15 |
Article 27 |
Article 16 |
Article 29 |
Article 17 |
Article 39 |
Article 18 |
Article 25 |
Article 19 |
Article 30 |
– |
Article 31 |
– |
Article 32 |
– |
Article 33 |
– |
Article 34 |
Article 16a |
Article 35 |
– |
Article 36 |
Article 20 |
Article 37 |
Article 21 |
Article 38 |
– |
Article 41 |
Article 22 |
Articles 42 and 43 |
Article 23 |
Article 44 |
Article 24 |
Article 40 |
Article 24a |
Article 45 |
Article 26 |
Article 42(2) |
Article 27(1) |
Article 48 |
Article 27(2) |
Article 46 |
Article 28 |
Article 4 |
Article 29 |
Article 47 |
Article 30 |
Article 47 |
Article 31 |
Article 49 |
Article 32 |
Article 50 |
Annex I |
Annex III |
Annex II |
Annex I |
Annex III |
Annex II |
– |
Annex IV |