1. Consumer Credit Directive of 1987
The 1987
Consumer
Credit Directive
aimed to create an environment where consumers are sufficiently protected throughout the EU, so that they can carry out cross-border transactions with confidence. This Directive was amended in 1990 and 1998. It was based on minimum harmonisation, which means that Member States are obliged to implement at least the provisions contained in the Directive. However, they may also maintain or introduce stricter rules in favour of consumers.
2. New proposal for a
Consumer Credit
Directive
Since the
original Directive was passed
in 1987, the consumer credit
market has changed
significantly. There is also
evidence that more needs to be
done to encourage the provision
of consumer credit across
national borders. The
Commission issued therefore a
discussion
paper
(110KB).
Based on this discussion paper
hearings took place in summer
2001 where the opinion of stake
holders were heard.
On 11
September 2002 a
proposal
(440
KB) was adopted by the
Commission for a Directive of
the Parliament and of the
Council on harmonisation of the
laws, regulations and
administrative provisions of
the Member States for credit
for consumers.
For
clarification
Questions
and Answers
(117
KB) on the proposal was
published and also a
press
release
.
In the Council of 19 May 2003 a policy debate took place on a few major issues.
The European Parliament adopted its amendments in first reading on 20 April 2004.
On 28 October
2004, following the European
Parliament 1st reading opinion,
the Commission adopted its
modified
proposal
After debate of the second revised proposal, the Council adopted on 20 September 2007 its
Common Position.
During its second reading, the European Parliament reached an agreement with the Council on the final text of the Directive which was voted on 16 January 2008.
The Council adopted this final text in second reading on 7 April 2008.