Amendments to Consumer Credit Act adopted

When a consumer credit contract does not specify the term of the loan, the annual percentage of expenses (including the interest, fees and commissions) is calculated on the basis of a one-year contract, stipulate some of the amendments to the Consumer Credit Act, adopted by MPs at second reading. The changes are mainly technical and introduce the requirements of Directive 2011/90 EU to the Bulgarian legislation.

The amendments update seven of the existing assumptions for calculating the annual percentage of expenses on credits and introduces three new ones. The assumptions used determine some elements included in the total amount of the loan, but which are not known or can be changed when calculating the annual percentage of expenses.

These changes make comparable the conditions for consumers credits across the EU, because the calculation of the annual percentage of expenses on loans will be rendered uniform for the entire Community. This will make things easier for creditors when making their calculations, which will be similar in all EU countries.

The recent amendments to the Consumer Credit Act will help improve the transparency in the calculation of the annual percentage of expenses on consumer loans and will protect consumers better, commented experts.

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