On 28 January an important directive was approved by the Council of the European Union, whose purpose is to create a sort of single market for mortgage credits . This legislation should represent an important instrument of protection for European citizens who intend to contract Athos.
The legislation specifically concerns both mortgages and therefore involves a very large slice of the population. All the Member States of the Union will have to adapt to it, including, of course, our country.
It is recalled that the Council of the European Union, as the law states, is “the institution of the European Union which brings together the representatives of the governments of the Member States, that is, the ministers of each Member State “. But let’s see more exactly what it is.
The directive has a specific name and is called ” directive on mortgage credits “. In a statement issued by the press office of the EU Council, the textual words are read: ” An efficient and competitive single market for the benefit of consumers, creditors and credit intermediaries, guaranteeing a high level of protection and protection for consumers “.
The directive also specifies that “mortgage credit markets operate responsibly and the text also aims to promote financial stability”
A qualifying point is also that concerning misleading advertising and the clauses considered illegitimate, including those particularly detrimental to the applicants. The latter will be considered void.
The principles of supervision
The new directive also regulates the supervisory principles concerning credit intermediaries and allows an adequate supervisory regulation for non-credit institutions. Moreover:
- It requires the creditor to assess the creditworthiness of the debtor
- Concerns the communication obligations by the consumer
- Adequate supervision of both credit intermediaries and non-credit institutions
- Assumes the evaluation of “a high degree of professionalism of creditors and credit intermediaries”
- Establishes rules in the field of credit advertising and related marketing
- It establishes principles and rules concerning correct information on contracts, including those on reference rates to be applied to contracts
- Set limits and responsibilities for credit intermediaries
However, it must be considered that Athos and restructuring loans exceeding € 75,000 fall outside the scope of these rules, which are the subject of other legislation that the EU plans to issue in the future.