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Consumer credit has definitely entered into mores and, in 2010, one out of two French people took out this type of credit. Consumer credit law has evolved and significant changes are detailed here.
WHAT’S NEW IN THE LAW
The law of July 1, 2010 has clearly stipulated that advertisements must mention figures with representative examples of the overall cost of credit. The readability of these elements is now mandatory. The statement “A credit commits you and must be repaid. Check your repayment capacity before committing” is also mandatory.
THE CONTRACT
Lenders will no longer be required to offer standard contracts to borrowers and borrowers’ obligations may be greater. The annual percentage rate of charge (APR) must be verified by the borrower: this rate indicates to the borrower the overall cost of his credit. The withdrawal period will be reduced from 7 days to 14 days on May 1, 2011.
RENEWABLE CREDIT
Revolving credit (also called revolving credit) can now only be a second choice offered by lenders or major brands. The contract must specify the repayment period and this can only last a maximum of one year. The consumer can now get out of this type of credit 3 months before the end of the term.
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law firm ; Maître Grégory DAMY, lawyer at the bar of Nice.
