Article L314-3 of the French Consumer Code
November 8, 2023
For credit agreements falling within the scope of chapitres II and III du présent titre, le taux effectif global est dénommé ” Taux annuel effectif global “.
For credit agreements falling within the scope of chapitres II and III du présent titre, le taux effectif global est dénommé ” Taux annuel effectif global “.
A Conseil d’Etat decree specifies the conditions for application of articles L. 314-1 to L. 314-3 and in particular the methods for determining the basis of assessment and calculating the overall effective rate, as well as the methods for calculating the annual effective rate of insurance referred to in articles L. 312-7 and L. 313-8.
The overall effective rate determined in accordance with the procedures laid down in articles L. 314-1 to L. 314-4 is mentioned in any written document evidencing a loan agreement governed by this section.
A usurious loan is any conventional loan granted at an overall effective rate that exceeds, at the time it is granted, by more than one third, the average effective rate charged during the previous quarter by credit institutions and finance companies for transactions of the same nature involving similar risks, as defined by the administrative authority after consulting the Comité Consultatif du Secteur Financier. The categories of transactions for loans…
The conditions for calculating and publicising the average effective rates mentioned in article L. 314-6 are set by decree.
Transitional measures, derogating from the provisions of article L. 314-6, may be implemented by the Minister for the Economy, on a reasoned proposal from the Governor of the Banque de France, for a period that may not exceed eight consecutive quarters, in the event of:-an exceptionally large change in the cost of resources of credit institutions and finance companies;-modifications to the definition of transactions of the same nature mentioned in…
The provisions of articles L. 314-6 to L. 314-8 do not apply to loans granted to a natural person acting for professional purposes or to a legal entity engaged in an industrial, commercial, craft, agricultural or non-commercial professional activity. L. 314-6 to L. 314-8 do not apply to loans granted to a natural person acting for professional purposes or to a legal entity engaged in an industrial, commercial, craft, agricultural…
When the credit referred to in Article L. 312-1 are the subject of a credit transaction intended to group them together, the new credit agreement is subject to Chapter II.
When a credit transaction intended to consolidate previous loans includes one or more loans mentioned in article L. 313-1 whose relative share does not exceed a threshold set by decree by the Conseil d’Etat, the new credit agreement is subject to the chapitre II. Where this relative share exceeds this threshold, the new credit agreement is subject to chapitre III of this title.
When a credit transaction is intended to group together credits mentioned in article L. 313-1, the new credit agreement is subject to chapitre III. Any credit consolidation transaction secured by a mortgage, by another comparable security interest in immovable property for residential use or by a right linked to immovable property for residential use is subject, regardless of its purpose, to the provisions of Chapter III of this title. .
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75001, Paris France
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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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