23 July 1999

Amended Commission proposal on Distance Marketing of Consumer Financial Services

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This amended proposal accepts the amendments made by the EP while at the same time foreseeing a certain number of adaptations as a consequence of, on the one hand, the full harmonisation level of the proposal and, on the other, the need to ensure a clear alignment with existing provisions. The proposal was also prepared in the light of the proceedings of the council and takes into account the opinion from the EcoSoC.
The main amendments introduced by the commission concern the following areas:

The definition of 'distance contract'. Also a new definition 'real estate credit' has been introduced.

Prior information has been concluded.

Communication of the contractual terms and conditions and of the prior information.

Right of withdrawal.

Other amendments take partially into account the amendments of the parliament and concern:

Financial services in respect of which exercise of the right of withdrawal might lead to a risk of speculation;

Non-life insurances for a period of less than two months and;

Contracts whose performance has been entirely completed before the consumer exercises the right of withdrawal.

Performance of the contract and payment of the service provided prior to withdrawal (the time limit has been extended to 30 days).

Unavailability of the service (the time limit has been extended to 30 days)

Payment by card

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