Council adopts MCD: The Council has adopted the Mortgage Credit Directive (MCD) in a form including all amendments voted by EP. The key elements of the MCD are:
- principles for marketing and advertising, pre-contractual information and information on intermediaries and the borrowing rate;
- a requirement that the creditor assess creditworthiness of consumers and disclosure obligations on the consumer;
- regulatory and supervisory principles for credit intermediaries; and
- a framework for regulation and supervision of non-credit institutions.
Member States will now have two years to implement the MCD. (Source: Council Adopts MCD)