Even in this area, the draft amendment to the Consumer Credit Act (CCA) introduces certain changes. As these are transpositional in nature, it can be assumed that they will appear in the final version of the Act.

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PRE-CONTRACTUAL INFORMATION

✔️ a new version of the form for consumer credits other than those for housing

✔️ information divided into two parts– according to IMPORTANCE

✔️ the more important information will appear on the first (two) pages

✔️ only after that will the less important information follow, which must be CLEARLY separated from the more important parts

✔️ the consumer will choose the durable medium on which the information will be provided

An interesting term appears in the section concerning pre-contractual information: INTEROPERABILITY. If the pre-contractual information is provided in a form other than paper, it should be done "in an appropriate and suitable manner (…) taking into account interoperability."

What does this term mean? The legislator adopted it from the EU directive. The explanatory memorandum clarifies that it refers to "the ability of different systems to work together, including the effective exchange of data between those systems."

In other words, the consumer should be able to work with the information provided using systems (software) that are commonly available to them – and this also applies to the chosen format of the digital document.

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INFORMATION PERMANENTLY AVAILABLE TO THE CONSUMER

✔️ providers must now MAKE INFORMATION AVAILABLE on-site, at least in paper form = consumers can simply take a printed copy from the branch

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REGULAR STATEMENT

✔️ the law will now explicitly set a MONTHLY interval for sending statements for consumer credits other than housing loans in the form of overdrafts

✔️ on a durable medium chosen by the consumer

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AMORTISATION TABLE

✔️ until now, the provider had to SUPPLY the amortisation table upon request

✔️ now, the provider must MAKE THE AMORTISATION TABLE AVAILABLE

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Personally, I believe that the legislator's intention here was to simplify matters and reduce the administrative burden of consumers' requests and providers' responses. However, I suspect that, for at least some providers, this change is anything but a simplification.

Author: Petra Bernklau