Article R314-13 of the French Consumer Code
November 7, 2023
The annual effective rate of insurance is accompanied by a statement of the cover for which it includes the cost.
The annual effective rate of insurance is accompanied by a statement of the cover for which it includes the cost.
The effective annual rate of insurance is not mentioned for hire-purchase and hire-purchase transactions.
The average effective rates that have been charged during a calendar quarter by credit institutions for categories of transactions of the same nature involving similar risks, mentioned in article L. 314-6, are calculated by the Banque de France. The Minister for the Economy publishes these rates and the corresponding usury thresholds in the Official Journal of the French Republic, to be used as a reference for the following quarter; if…
Every quarter, the Banque de France conducts a survey of euro-denominated loans to collect from credit institutions the data needed to calculate average effective rates. This calculation is based on a simple arithmetic average of the overall effective rates observed. Loans whose rates are regulated, administered or subsidised by the State are not taken into account. As far as companies are concerned, loans are not taken into account for the…
Lenders must inform borrowers of the usury thresholds corresponding to the loans they offer. Credit institutions shall make this information available to their customers in the same way as for the general banking conditions referred to in article R. 312-1 of the Monetary and Financial Code.
The threshold mentioned in article L. 314-11 is reached when the proportion of home loans mentioned in article L. 313-1, represents 60% of the total amount of the credit consolidation transaction. The amount of the home loans includes all costs, interest, commissions, taxes, penalties and other charges that the borrower is required to pay to repay these loans. These costs are included in the amount of the property loans only…
Where the purpose of the credit transaction is to repay at least two previous debts, including an outstanding credit, the creditor or credit intermediary shall, after dialogue with the borrower, draw up a document and provide it to the borrower in order to ensure that the borrower is properly informed, pursuant to Articles L. 314-10 to L. 314-13. The lender or intermediary responds to any request from the borrower for…
The information document shall be drawn up on a durable medium. It shall include, presented in a clear and legible manner in characters no smaller than the height of the size eight, the following information and particulars:1° For each credit agreement being considered for consolidation, information relating to that agreement and the terms and conditions of its repayment:a) The nature of the credit, the amount of the instalments, the amount…
In order to draw up the disclosure document on the basis of accurate information, the lender or intermediary shall ask the borrower to provide the documents, in particular the contractual documents, provided by the original lenders or any other creditor for each loan or receivable being considered for consolidation. If the borrower does not have these documents, the lender or intermediary asks the borrower to request the necessary information from…
The staff concerned by the obligation of professional competence mentioned in articles L. 314-24 and L. 314-25 are natural persons who work for the creditor and who are directly involved in drawing up, offering, granting or advising on the credit agreements referred to in Articles L. 312-1 and L. 313-1, as well as natural persons who directly manage or supervise the aforementioned persons. The relevant staff of credit intermediaries are…
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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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