The Ministry of Finance has commenced a consultation (in Dutch) on the implementation of the Consumer Credit Directive6. This directive aims to improve the working of the internal markefor consumer credit and to protect consumers entering into credit agree
This draft bill as published amends Book 7 of the Dutch Civil Code (Burgerlijk Wetboek) and the Financial Markets Supervision Act (FMSA) (Wet op het financieel toezicht (Wft)). The amendments to the Dutch Civil Code relate to information and rights regarding credit agreements, while the amendments to the FMSA relate, inter alia, to rules regarding credit advertising, precontractual information and the creditworthiness test. These rules are further elaborated in a draft decree, which has been published, amending the Decree on Conduct of Business Supervision of Financial Undertakings FMSA.
Market parties, supervisory bodies, branch organisations and other relevant parties have until 17 July 2009 to respond to the draft.