# Directive 2008/48/EC (Consumer Credit Directive) — credit agreements for consumers URL: https://consilena.com/coverage/laws/ksrc_614nqfgb5x0aayv7 - Jurisdiction: European Union - Type: Directive - Identifier: 32008L0048 - Current as of: 23 April 2008 - Provisions: 32 - Official text: https://eur-lex.europa.eu/eli/dir/2008/48/oj > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions - **Information to be supplied to the Commission**: Where a Member State makes use of any of the regulatory choices referred to in Article 2(5) and 2(6), Article… - **Addressees**: This Directive is addressed to the Member States. - **Database access**: 1. Each Member State shall in the case of cross-border credit ensure access for creditors from other Member States to databases used in that… - **Overrunning**: 1. In the case of an agreement to open a current account, where there is a possibility that the consumer is allowed an overrun, the agreement shall… - **Standard information to be included in advertising**: 1. Any advertising concerning credit agreements which indicates an interest rate or any figures relating to… - **Information to be included in credit agreements**: 1. Credit agreements shall be drawn up on paper or on another durable medium. All the contracting parties shall… - **Pre-contractual information**: 1. In good time before the consumer is bound by any credit agreement or offer, the creditor and, where applicable, the credit… - **Right of withdrawal**: 1. The consumer shall have a period of 14 calendar days in which to withdraw from the credit agreement without giving any reason. That… - **Obligation to assess the creditworthiness of the consumer**: 1. Member States shall ensure that, before the conclusion of the credit agreement, the creditor… - **Repeal**: Directive 87/102/EEC shall be repealed with effect from 12 May 2010. - **Exemptions from the pre-contractual information requirements**: Articles 5 and 6 shall not apply to suppliers of goods or services acting as credit intermediaries… - **Entry into force**: This Directive shall enter into force on the 20th day following its publication in the Official Journal of the European Union. - **Regulation of creditors**: Member States shall ensure that creditors are supervised by a body or authority independent from financial institutions, or regulated… - **Linked credit agreements**: 1. Where the consumer has exercised a right of withdrawal, based on Community law, concerning a contract for the supply of goods or… - **Out-of-court dispute resolution**: 1. Member States shall ensure that adequate and effective out-of-court dispute resolution procedures for the settlement of… - **Committee procedure**: 1. The Commission shall be assisted by a Committee. 2. Where reference is made to this paragraph, Article 5a(1) to (4) and Article 7 of… - **Open-end credit agreements**: 1. The consumer may effect standard termination of an open-end credit agreement free of charge at any time unless the parties have… - **Early repayment**: 1. The consumer shall be entitled at any time to discharge fully or partially his obligations under a credit agreement. In such cases, he shall… - **Conversion of amounts expressed in euro into national currency**: 1. For the purposes of this Directive, those Member States who convert the amounts expressed in… - **Pre-contractual information requirements for certain credit agreements in the form of an overdraft facility and for certain specific credit agreements**: 1. In… - **Assignment of rights**: 1. In the event of assignment to a third party of the creditor's rights under a credit agreement or the agreement itself, the consumer… - **Information concerning the borrowing rate**: 1. Where applicable, the consumer shall be informed of any change in the borrowing rate, on paper or another durable… - **Penalties**: Member States shall lay down the rules on penalties applicable to infringements of the national provisions adopted pursuant to this Directive and… - **Obligations in connection with credit agreement in the form of an overdraft facility**: 1. Where a credit agreement covers credit in the form of an overdraft… - **Calculation of the annual percentage rate of charge**: 1. The annual percentage rate of charge, equating, on an annual basis, to the present value of all… - **Transitional measures**: 1. This Directive shall not apply to credit agreements existing on the date when the national implementing measures enter into force. 2… - **Transposition**: 1. Before 12 May 2010 Member States shall adopt and publish the provisions necessary to comply with this Directive. They shall forthwith inform… - **Scope**: 1. This Directive shall apply to credit agreements. 2. This Directive shall not apply to the following: (a) credit agreements which are secured either by… - **Definitions**: For the purposes of this Directive, the following definitions shall apply: (a) ‘consumer’ means a natural person who, in transactions covered by… - **Certain obligations of credit intermediaries vis-à-vis consumers**: Member States shall ensure that: (a) a credit intermediary indicates in advertising and… - **Subject matter**: The purpose of this Directive is to harmonise certain aspects of the laws, regulations and administrative provisions of the Member States… - **Harmonisation and imperative nature of this Directive**: 1. Insofar as this Directive contains harmonised provisions, Member States may not maintain or introduce… - **Standard information to be included in advertising**: (3), Member States may decide that the annual percentage rate of charge need not be provided; (d) if… - **Right of withdrawal**: (2)(p) by means which can be proven in accordance with national law. The deadline shall be deemed to have been met if that notification, if… - **Scope**: (9) or with credit institutions as defined in Article 4 of Directive 2006/48/EC for the purposes of allowing an investor to carry out a transaction… - **Calculation of the annual percentage rate of charge**: 4. In the case of credit agreements containing clauses allowing variations in the borrowing rate and, where… - **Early repayment**: 2. If the compensation claimed by the creditor exceeds the loss actually suffered, the consumer may claim a corresponding reduction. In this… - **Definitions**: interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement and which are… - **Pre-contractual information**: (2) of Directive 2002/65/EC if he has supplied the Standard European Consumer Credit Information. The information in question shall… - **Pre-contractual information requirements for certain credit agreements in the form of an overdraft facility and for certain specific credit agreements**: (3)… - **Information to be included in credit agreements**: 2. The credit agreement shall specify in a clear and concise manner: (a) the type of credit; (b) the identities… - **Pre-contractual information**: charge; (h) the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which… - **Scope**: (5), Articles 12, 15, 17 and Articles 19 to 32 shall apply. 4. In the case of credit agreements in the form of overrunning, only Articles 1 to 3, 18, 20… - **Definitions**: (2); (j) ‘borrowing rate’ means the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit… - **Pre-contractual information requirements for certain credit agreements in the form of an overdraft facility and for certain specific credit agreements**: (6), the… - **Right of withdrawal**: (11) shall not apply. 6. Member States may provide that paragraphs 1 to 4 of this Article shall not apply to credit agreements which by law… - **Information to be included in credit agreements**: shall indicate the payments owing and the periods and conditions relating to the payment of such amounts; the… - **Scope**: (4) and Articles 11, 13 and 16 to 32 shall apply to credit agreements which are concluded by an organisation which: (a) is established for the mutual… - **Pre-contractual information**: (2), of the result of a database consultation carried out for the purposes of assessing his creditworthiness; (r) the consumer's… - **Definitions**: provision of a specific service are explicitly specified in the credit agreement. - **Information to be included in credit agreements**: conditions governing the exercise thereof, including information concerning the obligation of the consumer to… - **Pre-contractual information requirements for certain credit agreements in the form of an overdraft facility and for certain specific credit agreements**: (2)(e)… - **Pre-contractual information**: 4. Upon request, the consumer shall, in addition to receiving the Standard European Consumer Credit Information, be supplied free… - **Scope**: 6. Member States may determine that only Articles 1 to 4, 6, 7, 9, Article 10 (1), points (a) to (i), (l) and (r) of Article 10 (2), Article 10 (4)… - **Information to be included in credit agreements**: (3)(b) and the amount of interest payable per day; (q) information concerning the rights resulting from Article… - **Pre-contractual information**: 6. Member States shall ensure that creditors and, where applicable, credit intermediaries provide adequate explanations to the… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/ksrc_614nqfgb5x0aayv7. Index of every page: https://consilena.com/llms.txt.