Search Legislation

Advanced Search

Directive 2014/17/EU of the European Parliament and of the CouncilShow full title

Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 (Text with EEA relevance)

Help about what version

What Version

Close

This is a legislation item that originated from the EU

After exit day there will be three versions of this legislation to consult for different purposes. The legislation.gov.uk version is the version that applies in the UK. The EU Version currently on EUR-lex is the version that currently applies in the EU i.e you may need this if you operate a business in the EU.

The web archive version is the official version of this legislation item as it stood on exit day before being published to legislation.gov.uk and any subsequent UK changes and effects applied. The web archive also captured associated case law and other language formats from EUR-Lex.

Status:

EU Directives are being published on this site to aid cross referencing from UK legislation. After IP completion day (31 December 2020 11pm) no further amendments will be applied to this version.

  1. Introductory Text

  2. CHAPTER 1 SUBJECT MATTER, SCOPE, DEFINITIONS AND COMPETENT AUTHORITIES

    1. Article 1.Subject matter

    2. Article 2.Level of harmonisation

    3. Article 3.Scope

    4. Article 4.Definitions

    5. Article 5.Competent authorities

  3. CHAPTER 2 FINANCIAL EDUCATION

    1. Article 6.Financial education of consumers

  4. CHAPTER 3 CONDITIONS APPLICABLE TO CREDITORS, CREDIT INTERMEDIARIES AND APPOINTED REPRESENTATIVES

    1. Article 7.Conduct of business obligations when providing credit to consumers

    2. Article 8.Obligation to provide information free of charge to consumers

    3. Article 9.Knowledge and competence requirements for staff

  5. CHAPTER 4 INFORMATION AND PRACTICES PRELIMINARY TO THE CONCLUSION OF THE CREDIT AGREEMENT

    1. Article 10.General provisions applicable to advertising and marketing

    2. Article 11.Standard information to be included in advertising

    3. Article 12.Tying and bundling practices

    4. Article 13.General information

    5. Article 14.Pre-contractual information

    6. Article 15.Information requirements concerning credit intermediaries and appointed representatives

    7. Article 16.Adequate explanations

  6. CHAPTER 5 ANNUAL PERCENTAGE RATE OF CHARGE

    1. Article 17.Calculation of the APRC

  7. CHAPTER 6 CREDITWORTHINESS ASSESSMENT

    1. Article 18.Obligation to assess the creditworthiness of the consumer

    2. Article 19.Property valuation

    3. Article 20.Disclosure and verification of consumer information

  8. CHAPTER 7 DATABASE ACCESS

    1. Article 21.Database access

  9. CHAPTER 8 ADVISORY SERVICES

    1. Article 22.Standards for advisory services

  10. CHAPTER 9 FOREIGN CURRENCY LOANS AND VARIABLE RATE LOANS

    1. Article 23.Foreign currency loans

    2. Article 24.Variable rate credits

  11. CHAPTER 10 SOUND EXECUTION OF CREDIT AGREEMENTS AND RELATED RIGHTS

    1. Article 25.Early repayment

    2. Article 26.Flexible and reliable markets

    3. Article 27.Information concerning changes in the borrowing rate

    4. Article 28.Arrears and foreclosure

  12. CHAPTER 11 REQUIREMENTS FOR ESTABLISHMENT AND SUPERVISION OF CREDIT INTERMEDIARIES AND APPOINTED REPRESENTATIVES

    1. Article 29.Admission of credit intermediaries

    2. Article 30.Credit intermediaries tied to only one creditor

    3. Article 31.Appointed representatives

    4. Article 32.Freedom of establishment and freedom to provide services by credit intermediaries

    5. Article 33.Withdrawal of admission of credit intermediaries

    6. Article 34.Supervision of credit intermediaries and appointed representatives

  13. CHAPTER 12 ADMISSION AND SUPERVISION OF NON-CREDIT INSTITUTIONS

    1. Article 35.Admission and supervision of non-credit institutions

  14. CHAPTER 13 COOPERATION BETWEEN COMPETENT AUTHORITIES OF DIFFERENT MEMBER STATES

    1. Article 36.Obligation to cooperate

    2. Article 37.Settlement of disagreements between competent authorities of different Member States

  15. CHAPTER 14 FINAL PROVISIONS

    1. Article 38.Sanctions

    2. Article 39.Dispute resolution mechanisms

    3. Article 40.Exercise of the delegation

    4. Article 41.Imperative nature of this Directive

    5. Article 42.Transposition

    6. Article 43.Transitional provisions

    7. Article 44.Review clause

    8. Article 45.Further initiatives on responsible lending and borrowing

    9. Article 46.Amendment of Directive 2008/48/EC

    10. Article 47.Amendment of Directive 2013/36/EU

    11. Article 48.Amendment of Regulation (EU) No 1093/2010

    12. Article 49.Entry into force

    13. Article 50.Addressees

    1. ANNEX I

      CALCULATION OF THE ANNUAL PERCENTAGE RATE OF CHARGE (APRC)

      1. I. Basic equation expressing the equivalence of drawdowns on the one...

      2. II. Additional assumptions for the calculation of the APRC

        1. (a) If a credit agreement gives the consumer freedom of drawdown,...

        2. (b) If a credit agreement provides different ways of drawdown with...

        3. (c) If a credit agreement gives the consumer freedom of drawdown...

        4. (d) If different borrowing rates and charges are offered for a...

        5. (e) For credit agreements for which a fixed borrowing rate is...

        6. (f) If the ceiling applicable to the credit has not yet...

        7. (g) In the case of credit agreements other than overdrafts, bridging...

        8. (h) Where the date or amount of a payment to be...

        9. (i) In the case of an overdraft facility, the total amount...

        10. (j) In the case of a bridging loan, the total amount...

        11. (k) In the case of an open ended credit agreement, other...

        12. (l) In the case of contingent liabilities or guarantees, the total...

        13. (m) In the case of shared equity credit agreements:

    2. ANNEX II

      EUROPEAN STANDARDISED INFORMATION SHEET (ESIS)

      1. PART A The text in this model shall be reproduced as such...

        1. ESIS Model

          1. (Introductory text)

          2. 1. Lender

          3. 2. (Where applicable) Credit intermediary

          4. 3. Main features of the loan

          5. 4. Interest rate and other costs

          6. 5. Frequency and number of payments

          7. 6. Amount of each instalment

          8. 7. (Where applicable) Illustrative repayment table

          9. 8. Additional obligations

          10. 9. Early repayment

          11. 10. Flexible features

          12. 11. Other rights of the borrower

          13. 12. Complaints

          14. 13. Non-compliance with the commitments linked to the loan: consequences for...

          15. (Where applicable) 14. Additional information

          16. 15. Supervisor

      2. PART B Instructions to complete the ESIS

        1. Section ‘Introductory text’ (1) The validity date shall be properly highlighted. For the...

          1. (1) The validity date shall be properly highlighted. For the purpose...

        2. Section ‘1. Lender’

          1. (1) Name, telephone number, and geographical address of the creditor shall...

          2. (2) Information on the e-mail address, fax number, web address and...

          3. (3) In line with Article 3 of Directive 2002/65/EC, where the...

          4. (4) Where Section 2 is not applicable, the creditor shall inform...

        3. (Where applicable) Section ‘2. Credit intermediary’

        4. Section ‘3. Main features of the loan’

          1. (1) This section shall clearly explain the main characteristics of the...

          2. (2) Where the credit currency is different from the national currency...

          3. (3) The duration of the credit shall be expressed in years...

          4. (4) The type of credit shall be clearly indicated (e.g. mortgage...

          5. (5) Where all or part of the credit is an interest-only...

          6. (6) This section shall explain whether the borrowing rate is fixed...

          7. (7) If different borrowing rates apply in different circumstances, the information...

          8. (8) The ‘total amount to be reimbursed’ corresponds to the total...

          9. (9) Where the credit will be secured by a mortgage on...

          10. (10) The creditor shall indicate, where applicable, either:

          11. (11) Where credits are multi-part credits (e.g. concurrently part fixed rate,...

        5. Section ‘4. Interest rate’ and other costs

          1. (1) The reference to ‘interest rate’ corresponds to the borrowing rate...

          2. (2) The borrowing rate shall be mentioned as a percentage value....

          3. (3) In the section on ‘other components of the APRC’ all...

          4. (4) Where a fee is payable for registration of the mortgage...

        6. Section ‘5. Frequency and number of payments’

          1. (1) Where payments are to be made on a regular basis,...

          2. (2) The number of payments indicated shall cover the whole duration...

        7. Section ‘6. Amount of each instalment’

          1. (1) The credit currency and currency of the instalments shall be...

          2. (2) Where the amount of the instalments may change during the...

          3. (3) Where all or part of the credit is an interest-only...

          4. (4) Where the borrowing rate is variable the information shall include...

          5. (5) (Where applicable) Where the credit currency is different from the...

          6. (6) Where the credit is fully or partly a variable rate...

          7. (7) Where the currency used for the payment of instalments is...

          8. (8) Where the credit is a deferred-interest credit under which interest...

        8. Section ‘7. Illustrative repayment table’

          1. (1) This section shall be included where the credit is a...

          2. (2) Member States may require that where the borrowing rate may...

          3. (3) The table to be included in this section shall contain...

          4. (4) For the first repayment year the information shall be given...

          5. (5) Where the borrowing rate is subject to revision and the...

        9. Section ‘8. Additional obligations’

          1. (1) The creditor shall refer in this section to obligations such...

          2. (2) The creditor shall specify the duration of the obligation, e.g....

          3. (3) The creditor shall state whether it is compulsory for the...

        10. Section ‘9. Early repayment’

          1. (1) The creditor shall indicate under what conditions the consumer can...

          2. (2) In the section on exit charges the creditor shall draw...

        11. Section ‘10. Flexible features’

          1. (1) Where applicable, the creditor shall explain the possibility to and...

          2. (2) (Where appropriate) Additional features: Where the product contains any of...

          3. (3) If the feature contains any additional credit, then this section...

          4. (4) If the feature involves a savings vehicle, the relevant interest...

          5. (5) The possible additional features are: ‘Overpayments/Underpayments’ [paying more or less...

          6. (6) The creditor may include any other features offered by the...

        12. Section ‘11. Other rights of the borrower’

          1. (1) The creditor shall clarify the right(s) of e.g. withdrawal or...

          2. (2) Where a reflection period or right of withdrawal for the...

          3. (3) In line with Article 3 of Directive 2002/65/EC, where the...

        13. Section ‘12. Complaints’

          1. (1) This Section shall indicate the internal contact point [name of...

          2. (2) It shall indicate the name of the relevant external body...

          3. (3) In the case of credit agreements with a consumer who...

        14. Section ‘13. Non-compliance with the commitments linked to the credit: consequences for...

          1. (1) Where non-observance of any of the consumer’s obligations linked to...

          2. (2) For each of those cases, the creditor shall specify, in...

          3. (3) Where the immovable property used to secure the credit may...

        15. Section ‘14. Additional information’

          1. (1) In the case of distance marketing, this section will include...

          2. (2) Where the creditor intends to communicate with the consumer during...

          3. (3) The creditor or credit intermediary shall state the consumer’s right...

        16. Section ‘15. Supervisor’

          1. (1) The relevant authority or authorities for the supervision of the...

    3. ANNEX III

      MINIMUM KNOWLEDGE AND COMPETENCE REQUIREMENTS

      1. 1. The minimum knowledge and competence requirements for creditors’, credit intermediaries’...

      2. 2. When establishing minimum knowledge and competence requirements Member States may...

      3. 3. Member States shall determine the appropriate level of knowledge and...

Back to top

Options/Help

Print Options

You have chosen to open the Whole Directive

The Whole Directive you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As adopted by EU): The original version of the legislation as it stood when it was first adopted in the EU. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as adopted version that was used for the EU Official Journal
  • lists of changes made by and/or affecting this legislation item
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different versions taken from EUR-Lex before exit day and during the implementation period as well as any subsequent versions created after the implementation period as a result of changes made by UK legislation.

The dates for the EU versions are taken from the document dates on EUR-Lex and may not always coincide with when the changes came into force for the document.

For any versions created after the implementation period as a result of changes made by UK legislation the date will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. For further information see our guide to revised legislation on Understanding Legislation.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as adopted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources