Article L313-15 of the French Consumer Code
November 8, 2023
Only advice qualified as independent within the meaning of article L. 313-14 may give rise to remuneration. This remuneration comes solely from the borrower.
Only advice qualified as independent within the meaning of article L. 313-14 may give rise to remuneration. This remuneration comes solely from the borrower.
Credit is granted to the borrower only if the creditor has been able to verify that the obligations arising from the credit agreement are likely to be fulfilled in accordance with what is provided for in that agreement. To this end, before concluding a credit agreement, the creditor carries out a rigorous assessment of the borrower’s solvency. This assessment shall take appropriate account of the relevant factors for assessing the…
The creditor may neither terminate nor subsequently amend the credit agreement entered into with the borrower on the grounds that the information provided was incomplete or that the creditor incorrectly verified the borrower’s creditworthiness, except in the event that it is proven that information essential to the conclusion of the agreement was knowingly concealed or falsified by the borrower.
The creditor shall reassess the borrower’s creditworthiness, on the basis of updated information, before a significant increase in the total amount of credit is granted after the conclusion of the credit agreement, unless such additional credit was provided for and included in the initial assessment of creditworthiness.
The terms and conditions for applying the assessment of the borrower’s creditworthiness are specified by decree in the Conseil d’Etat.
When the lender carries out or arranges for the valuation of the residential property financed with a loan referred to in article L. 313-1, it shall ensure that: 1° The valuation is carried out by a property valuer who can demonstrate professional competence and who is independent of the loan decision-making process in order to provide an impartial and objective valuation; 2° Reliable valuation standards are applied, taking into account…
The valuation referred to in article L. 313-20 consists of determining the value of the property after analysing all the documents provided by the lender that are useful for carrying out the valuation in accordance with the standards in force.
The assessment referred to in article L. 313-20 gives rise to the drafting of an appraisal document taking into account, in accordance with the standards mentioned in 2° of the same article, the legal, economic, technical and tax factors used to establish the value of the property. This valuation is recorded on a durable medium. The list of documents kept by the lender is specified by decree.
The lender shall keep appropriate records concerning the types of property accepted as collateral and the procedures relating thereto in relation to the granting of loans referred to in 2° of Article L. 313-1.
For the loans referred to in Article L. 313-1, the lender shall formulate an offer provided free of charge on paper or on another durable medium to the borrower and to the guarantors declared by the borrower when they are natural persons. This offer is accompanied by the European standardised information sheet referred to in Article L. 313-7 when its characteristics differ from the information contained in the information sheet…
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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