European Union: Entry into force with grace period of Credit Directive including consumer protection regulations

On 19 November 2023, the Consumer Credit Directive, including consumer protection measures, entered into force, 20 days after its publication in the Official Journal of the European Union. The Directive aims to ensure that consumers can make an informed choice when applying for credit and have easy access to necessary information and the total cost of the credit. In particular, the Directive will require entities to present information clearly on digital devices and will also apply to loans excluded previously from the 2008 Directive, including loans below EUR 200, loans offered through crowd-lending platforms and buy-now-pay-later products. Member states are required to transpose the Directive by 20 November 2025 and implement the measures by 20 November 2026.