Directive 2008/48/EC of 23 April 2008 on credit agreements for consumers

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1 Directive 2008/48/EC of 23 April 2008 on credit agreements for consumers Agenda for the EU Serbia Explanatory Screening Meeting, Brussels, 04 December 2014 Unit JUST.E.4 European Commission

2 Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, , p. 66) (also known as Consumer Credit Directive, CCD) is the main source of EU consumer credit law. CCD was adopted on 23 April 2008 and had to be transposed by EU Member States by 11 June 2010.

3 CCD has been several times corrected (Corrigendum, OJ L 207, 11/08/2009, p ; Corrigendum, OJ L 199, 31/07/2010, p ; Corrigendum, OJ L 234, 10/09/2011, p ) and amended (Commission Directive 2011/90/EU, OJ L 296, 15/11/2011, p ). A codified version of CCD is available at : :EN:PDF.

4 CCD provides for a fully harmonised legal framework in the field of consumer credit. Full harmonisation is necessary to ensure that all consumers in EU enjoy a high and equivalent level of protection and to contribute to the establishment of a genuine internal market. CCD is a full harmonisation directive, unlike its predecessor, Council Directive 87/102/EEC of 22 December 1986 for the approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit.

5 Full harmonisation means that, insofar as CCD contains harmonised provisions, EU Member States may not maintain or introduce in their national law provisions diverging from those laid down in CCD. It should only apply where there are provisions harmonised in CCD. Where no such harmonised provisions exist, EU Member States should remain free to maintain or introduce national legislation. With regard to some provision there are legal choices available to the Member States. Those choices are listed in art. 27.

6 CCD contains harmonised provisions, inter alia, on: Standard information to be included in advertising of credit agreements (Art. 4); Right of the consumer to receive standard pre-contractual information (Art. 5 and 6); Information to be included in credit agreements (Art. 10); Right of the consumer to withdraw from the credit agreement without giving any reason (right of withdrawal, Art. 14); Right of the consumer to discharge fully or partially his obligations under the credit agreement at any time (right to early repayment, Art. 16).

7 CCD available information Website of CCD: redit_directive/index_en.htm It contains: European Commission's guidelines of 8 May 2012 on the application of CCD in relation to costs and the annual percentage rate of charge (SWD(2012) 128 final) mer_credit_directive_swd2012_128_en.pdf And simulator for the calculation of APR

8 European Parliament's study of 16 January 2012 on the implementation of CCD (IP/A/IMCO/ST/ ) ad.html?languagedocument=en&file=66271 European Parliament's resolution of 20 November 2012 on the implementation of CCD (2012/2037(INI)) //EP//TEXT+TA+P7-TA DOC+XML+V0//EN

9 CCD evaluation report On 14 May 2014 the Commission adopted a report on implementation of the CCD: plementation_report_en.pdf It was based on 2 studies: - on the European consumer credit market - on the legal choices used by the Member States Both studies are published on CCD website

10 Thank you for your attention!