Metrics

  • citations in SCIndeks: 0
  • citations in CrossRef:0
  • citations in Google Scholar:[]
  • visits in previous 30 days:5
  • full-text downloads in 30 days:3

Contents

article: 4 from 5  
Back back to result list
2018, vol. 52, iss. 3, pp. 1173-1194
The evolution of the legal framework of consumer credits in the European Union
University of Novi Sad, Faculty of Law

emailA.Dudas@pf.uns.ac.rs
Keywords: Directive No. 87/102/EEC; Directive No. 2008/48/EU; Directive No. 2014/17/EU; mortgage credit Directive; consumer credit Directive; contract on loan; consumer credit
Abstract
The beginning of the evolution of the regulatory framework of consumer credits in the European Union is hallmarked by the adoption of Directive No. 87/102/EEC. Later, a wide range of directives were adopted gradually, regulating specific segments of retail banking, having relevance in terms of legal protection of consumers and of the need to facilitate cross-border banking transactions and credit activities, on the one hand, and relating to cross-border investments, on the other. Directive No. 87/102/EEC was repealed by Directive No 2008/48/EU on consumer credit contracts. It introduced major changes into the legal framework of consumers credits. The most notable novelties are the creditors' duty to indicate all interests and costs related to the credit by the mechanism of the annual percentage rate of charge and to provide clear and prominent precontractual information to the consumer by the means of ESIS. The beginning of the last phase in the evolution of the regulatory framework of consumer credits is marked by the adoption of Directive No 2014/17/ EU, known in professional circles as the Mortgage Credit Directive. Its adoption was considerably influenced by the experience of the recent global economic crisis and the crisis of residential mortgage credits as its consequence, and unfair practice of banks in applying variable interest rates. Hence, the creditors' precontractual duties are amplified, the rules on the APR and providing precontractual information to the consumer by the means of ESIS are devised based on the principle of maximal harmonization, rules on foreign currency loans and variable interest loans are introduced, etc. However, there are well-argued doubts expressed in the doctrine about the potential of the Directive to achieve its goals of creating a single European mortgage credit market and achieving uniform level of consumer protection in mortgage loans in the European Union. Namely, the provisions of the Directive, with the exception of the rules on APR and the pre-notification of consumers by the means of ESIS, are based on the principle of minimum harmonization. Therefore, it is to be expected that the transposition of the Directive in national legal systems will not be uniform, rendering the realization of a single legal regime of mortgage consumer credits in the European Union virtually impossible.
References
*** (2008) 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. Službeni glasnik Evropske unije, br. L 133
*** (2014) Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010. Službeni glasnik Evropske unije, L 60, 34-85
*** (2016) Commission implementing regulation (eu) 2016/824 of 25 May 2016 laying down implementing technical standards with regard to the content and format of the description of the functioning of multilateral trading facilities and organised trading faciliti. Službeni glasnik Evropske unije, br. L 137
*** (1990) Council Directive 90/88/EEC of 22 February 1990 amending Directive 87/102/EEC for the approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit. Službeni glasnik Evropskih zajednica, br. L 61/14
*** (1998) Directive 98/7/EC of the European Parliament and of the Council of 16 February 1998 amending Directive 87/102/EEC for the approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit. Službeni glasnik Evropskih zajednica, br. L 101/17
Danco, A. (2003) Die Novellierung der Verbraucherkreditrichtlinie. WertpapierMitteilungen, 18, 853-861
Dudaš, A.I. (2016) Dopuštenost jednostranog povećanja kamate u ugovorima o kreditu u pravu Srbije. Zbornik radova Pravnog fakulteta, Novi Sad, vol. 50, br. 2, str. 549-567
Dudaš, A.I. (2017) Jednostrana izmena ugovora o kreditu u pravu Mađarske. Zbornik radova Pravnog fakulteta, Novi Sad, vol. 51, br. 3-1, str. 791-812
Hiber, D., Živković, M. (2015) Obezbeđenje i učvršćenje potraživanja. Beograd, 30-31
Hiber, D., Živković, M. (2015) Zaštita korisnika kredita od jednostrane izmene visine ugovorene kamate. Zbornik radova Pravnog fakulteta u Nišu, 70; 573-586
Latham, P. (1988) Dispositions communautaires relative au crédit a la consommation: La directive 87/102/CEE du 22 décémbre 1986. Revue du Marché Commun, No. 316, 219-224, 219
Matthias, R. (2003) Privatautonomie im Verbraucherkreditrecht wohin? - Zum Richtlinienvorschlag zur Harmonisirung der Rechts- und Verwaltungsvorschriften der Mitgliedstaaten über den Verbraucherkredit. Zeitschrift für Bank- und Kapitalmarktrecht, 7, 267-273, 267
Mavromati, D. (2008) The law of payment services in the EU: The EC directive on payment services in the internal market. The Hague: Kluwer Law International, Volume 2188, 93
Mišćenić, E. (2015) Novo europsko uređenje hipotekarnih kredita. Anali Pravnog fakulteta Univerziteta u Zenici, 136: 113-169
Oehler, A., Wendt, S. (2017) Good Consumer Information: the Information Paradigm at its (Dead) End?. Journal of Consumer Policy, 40(2): 179-191
Popov, Đ. (2009) Svetska ekonomska kriza i restrukturiranje dugova. Zbornik radova Pravnog fakulteta, Novi Sad, vol. 43, br. 1, str. 7-20
Popov, Đ. (2010) Evropska unija i svetska ekonomska kriza. Zbornik radova Pravnog fakulteta, Novi Sad, vol. 44, br. 2, str. 7-22
Popov, Đ. (2010) Svetska ekonomska kriza i Srbija. Zbornik radova Pravnog fakulteta, Novi Sad, vol. 44, br. 3, str. 7-26
Reich, N., Micklitz, H.W. (2003) Europäisches Verbraucherrecht. Baden-Baden, 735
Reich, N., i dr. (2014) European consumer law. Cambridge - Antwerp - Portland, 200
Riesenhuber, K. (2003) nformation - Beratung - Fürsorge, Kritische Bemerkungen zum Vorschlag einer neuen Verbraucherkreditrichtlinie. Zeitschrift für Bankrecht und Bankwirtschaft, 15(5)
Rott, P. (2012) Renationalisation of direct selling—the impact of the new Consumer Rights Directive on financial services. ERA Forum, 13(1): 35-44
van Gerven, W. (2004) Harmonization of Private Law: do we Need it?. Common Market Law Review, 2, 505-532, 510
 

About

article language: Serbian
document type: Original Scientific Paper
DOI: 10.5937/zrpfns52-19673
published in SCIndeks: 20/05/2019
peer review method: double-blind
Creative Commons License 4.0