Directive 2023/2225 - Credit agreements for consumers - Main contents
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official title
Directive (EU) 2023/2225 of the European Parliament and of the Council of 18 October 2023 on credit agreements for consumers and repealing Directive 2008/48/EC| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2023/2225 |
| Original proposal | COM(2021)347  |
| CELEX number i | 32023L2225 |
| Document | 18-10-2023; Date of signature |
|---|---|
| Signature | 18-10-2023 |
| Effect | 19-11-2023; Entry into force Date pub. +20 See Art 49 |
| Deadline | 20-11-2025; At the latest See Art 41.5 20-11-2025; See Art 46.2 20-11-2026; See Art 31.3 And 36.4 And 44.1 20-11-2027; See Art 31.3 19-11-2028; See Art 45.2 20-11-2028; See Art 36.4 20-11-2029; Review See Art 46.1 20-11-2029; See Art 31.4 |
| End of validity | 31-12-9999 |
| Transposition | 20-11-2025; Adoption See Art 48.1 20-11-2026; Application See Art 48.1 |
Official Journal of the European Union |
EN Series L |
2023/2225 |
30.10.2023 |
DIRECTIVE (EU) 2023/2225 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 18 October 2023
on credit agreements for consumers and repealing Directive 2008/48/EC
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
Directive 2008/48/EC of the European Parliament and of the Council (3) lays down rules at Union level concerning credit agreements for consumers. |
(2) |
In 2014, the Commission presented a report on the implementation of Directive 2008/48/EC. In 2020, the Commission presented a second report on the implementation of that Directive and a Commission Staff Working Document with the results of a regulatory fitness and performance evaluation of that Directive, which included broad consultation of relevant stakeholders. |
(3) |
Those reports and consultations revealed that Directive 2008/48/EC has been partially effective in ensuring high standards of consumer protection and fostering the development of a single market for credit, and that such objectives are still relevant. The reasons why that Directive has been only partially effective stem both from the Directive itself, as for instance imprecise wording of particular articles, and from external factors, such as the developments linked to digitalisation, the practical application and enforcement in Member States as well as from the fact that certain aspects of the consumer credit market are not covered by that Directive. |
(4) |
Digitalisation has contributed to market developments that were not foreseen at the time when Directive 2008/48/EC was adopted. In fact, the rapid technological developments registered since the adoption of that Directive have brought significant changes to the consumer credit market, both on the supply side and on the demand side, such as the emergence of new products and the evolution of consumer behaviour and preferences. |
(5) |
The imprecise wording of certain provisions of Directive 2008/48/EC, allowing Member States to adopt diverging provisions going beyond those provided for in that Directive, resulted in a fragmented regulatory framework across the Union in a number of aspects of credit agreements for consumers. |
(6) |
The de facto and de jure situation resulting from those national differences in some cases leads to distortions of competition among creditors in the Union and creates obstacles to the internal market. The situation restricts consumers’ ability to benefit from a gradually increasing offer of cross-border credit, which is expected to grow further as a result of digitalisation. Those distortions and restrictions may in turn have consequences in terms of reduced demand for goods and services. The situation also leads to an inadequate and inconsistent level of protection for consumers across the Union. |
(7) |
In recent years, credit offered to consumers has evolved and diversified considerably. New credit products have appeared, in particular in the online environment, and their use continues to develop. This has led to legal uncertainty with regard to the application of the Directive 2008/48/EC to such new products. |
(8) |
This Directive complements the rules set out in Directive 2002/65/EC of the European Parliament and of the Council (4). In order to ensure legal certainty, it should be clarified that in... |
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