Legal provisions of COM(1996)79-2 - Amendment of Directives 87/102 (as amended by Directive 90/88) for the approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit

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dossier COM(1996)79-2 - Amendment of Directives 87/102 (as amended by Directive 90/88) for the approximation of the laws, regulations and ...
document COM(1996)79 EN
date February 16, 1998


Contents

Article 1

Directive 87/102/EEC shall be amended as follows:

(a) Article 1a(1)(a) shall be replaced by the following:

- in the Greek language version of the Directive:

'Ôï óõíïëéêü åôÞóéï ðñáãìáôéêü ðïóïóôü åðéâÜñõíóçò ðïõ åîéóþíåé óå åôÞóéá âÜóç ôéò ðáñïýóåò áîßåò ôïõ óõíüëïõ ôùí ôñå÷ïõóþí Þ ìåëëïíôéêþí õðï÷ñåþóåùí (äáíåßùí, åîïöëÞóåùí êáé åðéâáñýíóåùí) ðïõ Ý÷ïõí áíáëçöèåß áðü ôï äáíåéóôÞ êáé ôï (äáíåéæüìåíï) êáôáíáëùôÞ, õðïëïãßæåôáé óýìöùíá ìå ôï ìáèçìáôéêü ôýðï ðïõ ðáñáôßèåôáé óôï ðáñÜñôçìá ÉÉ.`,

- in the English language version of the Directive:

'The annual percentage rate of charge which shall be that rate, on an annual basis which equalizes the present value of all commitments (loans, repayments and charges), future or existing, agreed by the creditor and the borrower, shall be calculated in accordance with the mathematical formula set out in Annex II.`;

(b) Article 1a(3) shall be deleted;

(c) Article 1a(5) shall be deleted;

(d) Article 3 shall be replaced by the following:

'Without prejudice to Council Directive 84/450/EEC of 10 September 1984 relating to the approximation of the laws, regulations and administrative provisions of the Member States concerning misleading advertising (*), and to the rules and principles applicable to unfair advertising, any advertisement, or any offer which is displayed at business premises, in which a person offers credit or offers to arrange a credit agreement and in which a rate of interest or any figures relating to the cost of the credit are indicated, shall also include a statement of the annual percentage rate of charge, by means of a representative example if no other means is practicable.

(*) OJ L 250, 19.9.1984, p. 17. Directive as last amended by Directive 97/55/EC (OJ L 280, 23.10.1997, p. 18).`;

(e) Annex II shall be replaced by the text of Annex I attached hereto;

(f) Annex III shall be replaced by the text of Annex II attached hereto.

Article 2

1. Member States shall bring into force the laws, regulations and administrative provisions necessary for them to comply with this Directive no later than two years after the entry into force of this Directive. They shall inform the Commission thereof.

When Member States adopt those measures, they shall contain a reference to this Directive or shall be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.

2. The Member States shall communicate to the Commission the texts of the provisions of national law which they adopt in the field governed by this Directive.

Article 3

This Directive is addressed to the Member States.