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As the text is not available on English so far, ECRI, the European Credit Research Institute, has published a summary of the main changes of the parliaments report.
As to the modifications to the scope of application and definitions, other kinds of contracts that are similar to consumer credit but differ from it in certain respects should not fall under the scope of the directive.
Based on the opinion that maximum harmonisation contradicts the principle of subsidiarity, the report’s amendments reflect the minimum harmonisation approach.
The principle of responsible lending is enlarged and also includes also precontractual duties of lenders and also of consumer borrowers.
A compulsory central database is not foreseen, however, each member states must guarantee free access to their already existing databases.
Interest rates are calculated on a broader basis in order to facilitate a comparison of offers between different member states.
To the information to be provided a socalled ‘infobox’ should provide the relevant contractual conditions and allow for increased transparency and comparability of credit offers. Apart from the nominal and effective interest rates, it is not necessary to provide any other interest rate.
Full ECRI report
EP Report (German)