2018年-CEPS欧洲政策研究中心_Consumer_Credit_Legislation_in_the_Central_and_East_European_Countries_59页_280kb

Summary of Consumer Credit Legislation in Central and Eastern Europe

Core Content

This report by Krisztian Csaky and Judit Kerekgyarto provides an analysis of consumer credit legislation in ten Central and Eastern European countries (CEECs) that are candidates for EU accession: Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia. It outlines the regulatory frameworks, policy choices, and compliance with EU directives in the context of financial liberalisation and consumer protection.

Main Purpose

The study aims to evaluate the current state of consumer credit regulation and practice in these countries, with a focus on how they align with EU standards. It also presents a comprehensive assessment of the adopted laws, with the exception of Bulgaria and Romania, which are planned for a later stage.

Key Findings

1. Historical Context and Regulatory Evolution

• After the fall of communism, CEECs transitioned to market economies and faced the challenge of legal harmonisation with EU regulations.
• The development of consumer credit markets was driven by the growth of the banking sector and increasing household demand.
• These countries had to create new regulatory frameworks to accommodate the expansion of consumer credit, often adopting EU directives as a basis.

2. Policy Choice: Protectionism vs. Free Market Access

• CEECs must choose between a protectionist consumer policy and supporting free market access with adequate consumer protection.
• Compliance with EU consumer credit directives is essential for EU accession and for the integration of financial markets.

3. EU Directives in Force

Three main EU directives govern consumer credit:

• Council Directive 87/102/EEC (1986) – aimed at harmonising consumer credit laws across member states.
• Council Directive 90/88/EEC (1990) – amended the first directive.
• Directive 98/7/EC (1998) – further amended the first directive.

These directives establish minimum standards, allowing member states to apply stricter rules, but also ensuring that consumer protection is not undermined.

4. Scope of the Directive

• The directive applies to credit agreements involving deferred payments, loans, or similar financial arrangements.
• Exemptions are granted for specific types of credit, such as those related to property, certain small amounts, and short-term repayments.

5. Consumer Rights and Protections

• Article 3 requires that advertisements and offers include the annual percentage rate of charge (APR), calculated using a standard formula.
• Article 4 mandates written credit agreements and transparency in contract terms.
• Article 7 allows for repossession of goods but requires that it does not lead to unjust enrichment of the creditor.
• Article 8 permits early repayment with an equitable reduction in the total cost of credit.
• Article 9 ensures that consumers retain their rights against third parties to whom the creditor assigns the agreement.
• Article 10 allows the use of bills of exchange and cheques in credit agreements, with consumer protection measures.
• Article 11 covers third-party financing, ensuring that consumers’ rights against the supplier are not affected.
• Article 12 outlines the requirement for authorisation, inspection, and monitoring of credit providers.
• Article 14 states that the provisions of the directive are mandatory when transposed into national law and cannot be circumvented.
• Article 15 includes a minimum clause, with many member states adopting more protective measures than required.

6. New Developments in European Regulation

• The European Commission has initiated reforms to the consumer credit directives, aiming to enhance transparency and effectiveness in the market.
• The reforms include:
  • Redefining the scope of the directive to better distinguish consumer credit from real estate credit.
  • Including credit intermediaries in the regulatory framework.
  • Introducing structured information frameworks for creditors.
  • Enhancing consumer and guarantor information.
  • Equitably distributing responsibilities between consumers and professionals.
  • Improving payment incident processing arrangements.

7. Implementation in CEECs

• Most countries have adopted separate legislation to implement EU directives, often with strict compliance.
• Estonia is an exception, having enacted the Estonian Obligations Act, which covers broader issues beyond consumer credit.
• Hungary and Lithuania have upgraded their existing legislation to align with EU standards.

Country Reports

The report includes detailed country-specific analyses in Part II, covering the legal and regulatory frameworks of each CEEC. These reports highlight the differences in legislative approaches and the extent of compliance with EU directives.

Statistical Annex

Part III provides statistical data on consumer credit in each of the candidate countries, offering insights into market size, usage, and trends.

Conclusion

The study underscores the importance of harmonising consumer credit laws in CEECs to meet EU standards and ensure a competitive, transparent, and consumer-friendly financial market. It also highlights the ongoing challenges and the need for continuous regulatory development in response to market changes and EU reforms.