A fundamental revision of the rules on mortgage credit
Johan Vannerom presented at a conference on the amended rules on B2C-mortgage credit agreements.
By law of 22 April 2016 Belgium transposed Directive 2014/17/EU on credit agreements relating to residential immovable property, whereby the new provisions should – in principle - enter into force on 1 December 2016. As the guidelines and assumptions relating to the calculation method of the APR were only recently adopted by Royal Decree of 14 September 2016, it is very likely the entry into force of the amended rules will be deferred to a later date.
Key themes are:
- the broadened material scope of application;
- the implementation of various and severe (pre-)contractual information duties;
- the (calculation method of the) Annual Percentage Rate.
A brief description of the revised rules can be found on http://creobis.eu/hypothecair_kredietrecht/. A comprehensive article, written by Erik Casier (company lawyer at Record Bank) and Johan, will soon be published in Bank en financieel recht.