Insider Business Consumer Protection Agency to monitor loan ads more closely

Consumer Protection Agency to monitor loan ads more closely

In two weeks from now, a new Consumer Protection Agency directive targeting misleading loan ads will come into effect: the content of ads for housing loans will be better monitored, and clearer warnings will be given.

In particular, the law will regulate the framework of credit agreements secured by mortgages or other similar collateral and which relate to immovable property intended for housing, as well as contracts for the purpose of acquiring immovable property.

According to the Consumer Protection Agency, the law will set out the rules as regards the information that should be given housing loans ads, the provision of pre-contractual information to the consumer through the Standard European Information Document, the calculation of the Annual Percentage of Interest for purposes of comparison of loans by various creditors, the provision of foreign currency loans, the right to early repayment of loans and the penalties imposed for infringement of provisions.

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