The amendment to the Consumer Credit Act (CCA) will also introduce changes in the area of marketing. Lenders will need to pay closer attention to the content of advertisements and other promotions related to consumer credit agreements. While the impact on mortgages will be limited, the changes for non-housing consumer loans will be significant.

Advertising for non-housing consumer credit will now be PROHIBITED from:
❌ suggesting that taking out a loan will improve the consumer's financial situation;
❌ claiming that the consumer's existing loan or credit register information has little or no impact on the assessment of creditworthiness;
❌ implying that the loan will increase financial resources, replace savings or improve the consumer's standard of living.

Advertising for non-housing consumer credit will now be REQUIRED to:
✅ include the following clear andvisible warning: "Attention! Borrowing money costs money."

In general, advertising should also be tailored to the technical limitations of the device on which it is viewed by the consumer. This is the key change, but the amendment also introduces several other, smaller adjustments, which we will discuss in more detail at the seminar we are preparing for after the summer holidays.

Author: Petra Bernklau