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Description

Issued Commission proposal for a Directive on consumer credits outlining consumer protection regulations

On 30 June 2021, the European Commission presented a proposal for a Directive of the European Parliament and the Council on consumer credits to repeal and replace Directive 2008/48/EC on credit agreements for consumers. The aim of the proposal is to ensure a higher level of consumer protection in the granting of consumer credit and to promote the market within the EU for such credit through a harmonised legal framework, especially because increasing digitalisation has led to changes in the consumer credit market in the way that lending and borrowing occurs through faster, simplified procedures online. The proposed Directive does not apply to crowdfunding credit, deferred payments, deferred debit cards, or hiring or leasing agreements with no obligation or option to purchase.

Original source

Scope

Policy Area
Other operating condition
Policy Instrument
Consumer protection regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
supranational
Government Branch
executive
Government Body
central government

Complete timeline of this policy change

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2021-06-30
under deliberation

On 30 June 2021, the European Commission presented a proposal for a Directive of the European Parli…

2022-12-02
under deliberation

On 2 December 2022, the European Council and European Parliament reached a provisional agreement on…