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.
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