Mortgage And Real Estate Credit Law - Hikrg, As Well As Amending The Consumer Credit Act

Original Language Title: Hypothekar- und Immobilienkreditgesetz – HIKrG sowie Änderung des Verbraucherkreditgesetzes

Read the untranslated law here: https://www.global-regulation.com/law/austria/2997059/hypothekar--und-immobilienkreditgesetz--hikrg-sowie-nderung-des-verbraucherkreditgesetzes.html

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135. Federal Act, a federal law on mortgage and real estate credit agreements and other credits in favour of consumers (mortgage and real estate Credit Act - HIKrG) is issued with the consumer credit Act is amended

The National Council has decided:

Article 1

Federal law on mortgage and real estate credit agreements and other credits in favour of consumers (mortgage and real estate Credit Act - HIKrG)

1 section

Subject to regulation, definitions, General provisions

Subject

§ 1. This federal law regulates the transposing 2014/17/EU on residential real estate credit agreements for consumers and for amending the Directive 2008/48/EC and 2013/36/EC and the Regulation (EU) No. 1093/2010, OJ No. L 60 of the 28.02.2014 p. 34, as amended by the amending OJ P. 34, certain aspects of consumer credit contracts and other forms of crediting for the benefit of consumers, if secured these contracts on either a property or a Superädifikat be no. L 47 of the 20.02.2015 or intended for acquisition or preservation of property rights in an immovable or an existing or planned Superädifikat.

Definitions

2. (1) lenders is an entrepreneur in the sense of § 1 para 1 Z 1 KSchG, which grants a credit or promises to give or an other crediting admits.

(2) borrower is a consumer in the sense of § 1 para 1 subpara 2 and paragraph 3 takes KSchG, the a credit or an other crediting claims.

(3) consumer credit contract (loan agreement) is a credit agreement in the sense of § 988 ABGB, where an entrepreneur as a lender and a consumer lending are involved.

(4) ancillary service is a service that is offered to the consumer in connection with the credit agreement.

(5) the credit intermediary is a natural or legal person who is not a lender or a notary, which directly or indirectly brings not only a consumer with a lender or mortgage broker in contact and that in the exercise of their commercial or professional activity a fee, which may consist of a money payment or an other agreed economic advantage,



1st introduces consumers credit or other credits or offers, 2. will assist consumers other than the preparatory work referred to in subpara 1 or other pre-contractual administrative activities to conclude credit agreements or other credits or completes 3rd for the lender credit agreements with consumers or other credits for the lender is.

(6) group is a group of lenders, for the purpose of the preparation of consolidated financial statements in the sense of Directive 2013/34/EEC on the annual accounts, the consolidated accounts and related reports by company specific legal forms and amending Directive 2006/43/EC of the European Parliament and of the Council and repealing directives 78/660/EEC and 83/349/EEC of the Council , OJ No. L 182 of the 29.06.2013 p. 19, as last amended by the directive of 2014/102/EC, OJ Are to consolidate p. 86, no. L 334 of the 21.11.2014.

(7) tied intermediaries is a credit intermediary on behalf of and under the unlimited and unconditional responsibility



1 is only a lender's, 2nd only to a group or 3. more than one lender or groups which are not majority in the market together.

(8) total amount of credit is the upper limit or the sum of all amounts that are made available under a credit agreement.

(9) total cost of the credit to the consumer are all costs including interest rates, commissions for the mediation of credit, duties and costs of any kind - except notary fees - which has to pay to the consumer in connection with the credit agreement and which are known to the creditor. Include, if such an assessment for the granting of the loan is required, but the fees for the registration of transfer of ownership in the land register costs for additional services relating to the credit agreement, in particular insurance premiums, if the conclusion of agreement of this ancillary a prerequisite demanded by the lenders is that the credit is allowed at all or according to the contract conditions, as well as the cost of the real estate assessment , also not charges, which must pay the consumer for non-compliance with the obligations laid down in the credit agreement.

(10) the total amount to be paid by the consumer is the sum of the total amount of credit and total cost of the credit to the consumer.

(11) the APR reflects the total cost of the credit to the consumer as a annual percentage of the total amount of credit from (§ 29).

(12) the nominal interest rate is the interest rate expressed as a fixed or variable periodic percentage applied on an annual basis on the credit payment amounts in the claim.

(13) credit check is the assessment of the views that will be complied with the obligations arising from the loan agreement.

(14) durable medium is any medium, which allows the consumer to save that he can see them in the sequence for a period appropriate to the purposes of the information, to him personally-oriented information and which allows the unchanged reproduction of the information stored.

(15) real estate consumption credit are credit contracts, in which the lender



1 provide a lump-sum or periodic payments or other forms of credit payment will, and in return receives an amount from the future proceeds of the sale of a residential property or acquires a right to a residential property, and 2 only after the death of the consumer or the final statement of the consumer from the residential real estate reimbursement request may, unless the consumer is contrary to the Treaty provisions , which allows the lender to cancel the credit contract.

(16) loan with repayment vehicles is a loan where the payments made by the consumer first serve not the repayment of the amount of the credit, but the formation of capital on a repayment vehicles and it is envisaged that the credit is paid back later at least in part with the help of the repayment vehicle. Repayment vehicles may be securities, capital life insurance or other financial products.

Ineffective agreements

§ 3. As far as deviated in agreements to the detriment of the consumer, from the provisions of this Federal Act, they are ineffective.

Free information

§ 4. If the Federal law provides information for consumers, this information free of charge to teach are.

2. section

Mortgage and real estate credit contracts

Scope of application

5. (1) this section applies to consumer credit contracts (agreements),



1. secured by a lien or other right in an immovable or a Superädifikat be or 2 are intended for acquisition or preservation of property rights in an immovable or an existing or planned Superädifikat.

(2) this section does not apply to credit agreements,



1. you between employers and employees as a benefit of employment to an annual percentage rate less than the market interest rate are closed, 2nd in the shape of a settlement concluded before a court or other governmental body, or as the result of which are closed, 3. of a country, a fund established by a country, or a legal person designated by a country under the statutory provisions on the promotion of housing construction will be closed , 4. the real estate consumption loans.

Advertising

6. (1) interest rates or other on the cost of credit to the consumer are called in an advertisement for credit contracts-related numbers, so the advertising must include clear, concise and remarkably standard information:



1. the identity of the creditor or, where appropriate, the credit intermediary, 2. where appropriate, the notice that the credit agreement secured by a lien or other right in an immovable or a Superädifikat is, 3. incurred in the borrowing rate and indicating whether it fixed itself a or is a variable rate or a combination of both, as well as details of all for the consumer , cost included in the total cost of credit, 4. the total amount of credit, 5. the effective annual percentage rate, which is at least as noteworthy in advertising as each interest rate, 6, where appropriate, the duration of the credit agreement, 7, where appropriate, the level of rates, 8, where appropriate, the consumer to paying total, 9, where appropriate, the number of rates, 10 if necessary, one warning that possible exchange rate fluctuations could affect the amount to be paid by the consumer.


(2) the information mentioned in paragraph 1 with the exception of the information according to Nos. 1, 2 and 10 are a representative sample to illustrate and consistently follow this representative sample. The total amount of credit, the runtime and the rates number of the representative sample the advertised contract type comply with, in particular, where appropriate, the recognizable from the advertising purpose of financing. In the selection of the sample, the lender must go out an effective annual rate of interest from which he can expect that he will complete the bulk of concluded on the basis of the advertising contracts to the specified or a lower annual percentage rate.

(3) is the conclusion of a Treaty on claiming a benefit, in particular an insurance contract, mandatory requirement that the credit is allowed at all or according to the contract conditions, and so can the cost of the benefit is to be determined in advance, is the obligation to enter into that contract clearly, to indicate clearly and conspicuously together with the annual percentage rate.

(4) the information must be legible and acoustically good understandable according to the medium used for the advertising under paragraphs 1 and 3.

(5) If communications for advertising and marketing purposes, applies the credit contracts, not honest and is unique, especially if it arouses false expectations in relation to the accessibility or the costs of the credit for the consumer or is misleading, it is considered unfair business practice within the meaning of section 1 UWG.

General information

§ 7 lender and, where appropriate, integrated mortgage brokers have to provide any clear and comprehensible General information on credit agreements on paper or on another durable medium, or in electronic form. This general information will have to include at least:



1. the identity and address of the author of the information.

2. the purposes for which the credit can be used;

3. the forms of securities including, where appropriate, the possibility that these may be located in another Member State;

4. the possible duration of credit contracts;

5. the types of offered nominal interest rates with indication of whether it fixed itself a or is a variable interest rate, or both, with a short presentation of the characteristics of a fixed and a variable interest rate, including the consequences for the consumer;

6. If foreign currency loans are available, an indication of foreign currencies, including an explanation of the consequences for the consumer in cases where is the credit in a foreign currency;

7. a representative sample of the total amount of credit, the total cost of the credit to the consumer, of the total amount to be paid by the consumer and the APR;

8 more. a note on possible in connection with a credit agreement costs incurred are not included in the total cost of the credit to the consumer;

9. the range of the various possible options for the repayment of the loan to the lender including the number, frequency and height of the regular repayment rate;

10. where appropriate, a clear and concise indication that compliance with the terms and conditions of the credit agreement does not guarantee the repayment of the total amount of credit approved under the credit agreement claims;

11. a description of the directly applicable early redemption conditions;

12. an indication whether a valuation of the property is required and, if so, who is responsible for ensuring that the assessment is carried out, as well as information on whether the consumer costs for this;

13 information on the fringe benefits that consumers as a prerequisite must purchase that the credit is allowed at all or according to the contract conditions and, where appropriate, a clarification that the perks can be purchased from a provider other than the creditor, and 14 General warning messages of regarding possible consequences of non-compliance with the commitments under the credit agreement.

Pre-contractual information obligations

§ 8 (1) the lender shall grant to the consumer on him tailored information which requires the consumer to compare the credit products available in the market, to examine their respective effects and to make an informed decision about entering into a credit agreement.

(2) this information is on paper or another durable medium by means of the ESIS information sheet in Appendix to provide, namely II



1. immediately after the consumer has made the necessary information to his needs, his financial situation and his preferences in accordance with section 9, paragraph 2, and 2. in good time before the consumer by a credit agreement or an offer is bound.

(3) with the template of the ESIS information sheet the requirements in relation to the consumer information prior to the conclusion of a distance contract according to § 5 para 1 deemed FernFinG by the lender. The requirements of § 7 paragraph 1 be deemed FernFinG only then, if the ESIS data sheet at least prior to the conclusion of the Treaty has been submitted.

(4) in the case of long distance calls in the sense of § 6 FernFinG to that pursuant to section 6 para 2 Z contain description of the main characteristics of the financial services offered 2 FernFinG at least that in annex II, part A sections 3 to 6 provided information.

(5) any additional information the lender granted to the consumer, in a separate document, which can be added to the ESIS data sheet are to be communicated. This also applies if the lender to grant the additional information is required, such as according to paragraph 7 and 8.

(6) the lender must give reasonable explanations to the offered credit contracts and any fringe benefits the consumer, consumer is put in the position to assess whether the proposed credit agreements and for secondary services meet his needs and his financial situation. The explanation must include, where appropriate, in particular the following:



1. the pre-contractual information referred to in paragraphs 1 to 5, 2. the main characteristics of the offered products, 3. the specific impact of the products offered to the consumer, including the consequences of default of payment of the consumer, and 4 when fringe benefits with a credit contract are bundled, if every single component of the package can be ended individually and what consequences this would have for the consumer.

(7) in the case of a loan with repayment vehicles must emerge from the pre-contractual information referred to in paragraph 1 available clearly and concisely, the risks with such credit in comparison with an installment loan associated and that in particular the credit contract or the contract for the repayment vehicles provides no guarantee for the repayment of the total amount approved on the basis of the credit agreement claims , unless such a guarantee is given. The contract about the repayment vehicles completes with the lender themselves or mediated by this, so this information must also a graphical representation of the previous performance of the repayment vehicle over a period of time which vividly illustrates the investment risk to the consumer, as well as a tabular percent moderate and - if possible - amount-based representation include all costs of the repayment vehicle.

(8) in the case of a credit granted to the consumer wholly or partly in a currency other than in euro, will need from the pre-contractual information referred to in paragraph 1 available the exchange rate associated with the other currency and interest rate risk, as well as all costs incurred over a similar credit in euro in addition clearly and concisely emerge. The information about the exchange rate and interest rate risk must also a graphical representation of the development of the exchange rate in relation to the euro since its existence, but no more than for the last ten years, at a credit without fixed borrowing rate a graphical representation of the development of the reference rate applicable for changes in the borrowing rate since its release, but no more than for the last ten years, as well as a calculation example included , in which on the basis of the variation tendency of another currency risks of foreign currency credit vividly be clarified.

(9) which provided information requirements in paragraphs 1 to 8 also apply to credit intermediaries.

(10) If a credit agreement for the acquisition or maintenance of property rights in an immovable or an existing or planned Superädifikat, the information requirements provided for in paragraphs 1 to 9 shall be deemed even if VKrG complied with the information requirements of section 6, in particular the information form is used in annex II of the VKrG. As far as referred in article 12 and article 13 on the ESIS data sheet, also the information form can be used for such credit agreements referred to in annex II of the VKrG.


(11) is granted a credit agreement in the form of an overdraft facility, the credit within one month to pay back is on, so the information requirements provided for in paragraphs 1 to 9 shall be deemed even if the information requirements of § 19 para 1, 2, 3 and 5 VKrG. As far as referred in article 12 and article 13 on the ESIS data sheet, compliance is VKrG for such credit agreements in article 19, paragraph 1 provided information requirements sufficiently.

Examination of the creditworthiness of the consumer

9. (1) before conclusion of a credit agreement has the lender to make a detailed assessment of the creditworthiness of the consumer. When assessing creditworthiness, the factors that are relevant to the examination of the prospects are that the consumer to fulfil its obligations under the credit agreement to take into account in an appropriate manner.

(2) the credit check is based on the necessary, sufficient and appropriate information about income, to make expenditures, as well as other financial and economic circumstances of the consumer. The lender has to investigate the relevant internal or external sources, including the consumer. Also the information must include the information, granted the credit intermediary in the course of the credit application process. The information is in an appropriate way to check, if necessary by inspection of independently verifiable documents. The credit intermediary has to submit the required information received from the consumer correctly the lender so that the credit check can be performed.

(3) the credit check should rely not primarily that the credit amount exceeds the value of the immovable or the Superädifikats (the thing), or on the assumption that increasing the value of the goods, unless, the credit contract is used for the construction or renovation of the thing.

(4) the lender has to set, to document and to keep the procedures and information on which the assessment is based.

(5) the lender may only grant the credit the consumer if the credit check that it is likely to meet the obligations in connection with the credit contract in the manner prescribed pursuant to this agreement.

(6) before an increase in the total amount of credit after the conclusion of the credit agreement, the creditor has already provided the creditworthiness of the consumer on the basis of updated information again to check, unless such additional credit was part of the original credit check and contain.

(7) If a credit application is rejected, so the lender has the consumers immediately about the refusal to inform and, where appropriate, that the decision is based on an automated processing of data. The rejection is based on the result of a database query, the lender has to inform the consumer about the result of this query and the details of the relevant database.

(8) a credit agreement concluded with a consumer by a lender can be stopped by the lender subsequently lifted on the grounds, or changed to the detriment of the consumer, that the examination of creditworthiness has been carried out incorrectly or incomplete information received prior to the conclusion of the credit agreement, the consumer, unless the consumer has knowingly withheld information in the sense of para 2 or faked.

(9) the provisions of the data protection Act 2000 shall remain unaffected.

Pre-contractual information about the creditworthiness

§ 10 (1) the lender has to make in the pre-contractual phase-clear and simple information, to specify which information required and independently verifiable evidence of the consumer for the credit check to teach has, and the time frame within which the consumer has to provide the information. This request for information must be proportionate and limited to those information that are required to carry out a proper examination of creditworthiness. The lender can seek clarification of the information received in response to this request for information where this is necessary to allow a credit check.

(2) the creditor or the credit intermediary has to inform that consumer on request for information must provide correct information referred to in paragraph 1 and that this information must be as complete, is required as this for a proper credit check the consumer.

(3) the creditor or the credit intermediary has to warn that the credit may not be granted if the lender is unable to perform a credit check, because the consumer refuses to submit the required information or evidence for inspecting its creditworthiness consumers. The warning can be done in a standardised form.

(4) when a database query is made, the lender has to inform the consumer in accordance with article 10 of Directive 95/46/EC in advance.

(5) the provisions of the data protection Act 2000 shall remain unaffected.

Access to databases

§ 11 (1) lenders from other Member States of the European Union or the other Contracting States of the agreement on the European economic area is non-discriminatory access to databases to grant, used for the evaluation of the creditworthiness of the consumer and their use to be monitored only to what extent consumers meet their credit obligations during the term of a credit agreement.

(2) para 1 shall apply both databases operated by private credit bureaus and credit reporting agencies and public records.

(3) § 28 para 2 DSG 2000 is on joint information system registered with the data protection authority lenders of credit rating institutions, which use on article 8, paragraph 1 4 DSG 2000 based Z 2 or Z, not to apply regardless of the time of conclusion of the contract they cover. In addition, the provisions of the data protection Act 2000 remain unaffected.

Binding offers

A creditor of the consumer will be a binding offer, makes 12 (1) on paper or another durable medium to transmit. The creditor or, where appropriate, the credit intermediary has handed a copy of the draft of credit agreement to the consumer at the time of the submission of a binding offer for the lenders. The offer also an ESIS data sheet is to be accompanied, if



1 previously no ESIS data sheet was presented the consumer or the characteristics of the offering vary 2. the information, contained in the previously submitted ESIS data sheet.

(2) an offer must be binding for at least seven days. However the borrowing rate or other relevant costs lays down for the offer on the basis of the sale of the underlying bonds or other long-term financial instruments, as the borrowing rate or the other costs according to the value of the underlying security or long-term financial instrument may differ from the details of the offer.

(3) the consumer can at any time accept the offer even before the binding deadline.

(4) in the case of below mentioned shortcomings in the ESIS data sheet, which is the consumer at his contract Declaration, the following applies:



1. contains the ESIS data sheet total amount to be paid any information to the borrowing rate, the annual percentage rate or the consumer, so the interest rate referred to in article 1000, paragraph 1 ABGB shall be deemed agreed borrowing rate, if not a lower borrowing rate is agreed. With an installment loan, the lender has to calculate the installments thus reduced and to announce the consumer.

2. the effective annual rate of interest is in the ESIS data sheet specified too low, a borrowing rate as agreed, which corresponds to this claim, taking into account the other elements of the Treaty shall apply. 1, second sentence, shall apply mutatis mutandis Z.

3. the ESIS data sheet contains no information on the conditions under which the borrowing rate or other fees can be changed, so the lender can not make such changes to the detriment of the consumer.

4. the ESIS data sheet contains no information about the right of early repayment or entitlement to compensation, the lender can demand no compensation.

Right of withdrawal

Section 13 (1) consumer submits his contractual Declaration within two working days after receipt of the ESIS information sheet or he gives them without obtaining an ESIS data sheet, so he may withdraw within his contract or the contract of two working days from the contractual Declaration without indication of reasons. The Saturday is not considered a business day. The withdrawal period does not start before the consumer has received the ESIS data sheet including the instruction on the right of withdrawal. The right of withdrawal shall expire no later than one month after conclusion of the contract.


(2) the period of section 1 is respected anyway if the resignation on paper or another durable medium available and accessible the lenders available and submitted this declaration before the expiry of the period to the lender. The lender must forsake the resignation apply against it, provided the resignation in accordance with the information, that he himself has given the consumer.

(3) after the resignation, the consumer immediately has the lender to repay the amount paid up together with the interest accrued since the withdrawal no later than within 30 calendar days after sending the notice of cancellation. The interest shall be calculated on the basis of the agreed borrowing rate. The lender is also entitled to reimbursement of the payments, which he has paid in public places and can not claim a refund; the consumer has not to provide other compensation.

(4) the consumer exercises his right of withdrawal, the withdrawal applies to an agreement on a payment protection insurance or an other ancillary service provided by themselves or on the basis of an agreement with the creditor from a third party in connection with the credit agreement by the lender.

Standards for consulting services

Section 14 (1) is under consultancy services providing individual recommendations to a consumer in relation to one or more local businesses in connection with credit agreements to understand. Consulting services are indistinguishable from the granting of credit and the credit mediation referred to in § 2 para 5.

(2) lenders and credit intermediaries have to inform whether consulting services provided or can be provided for the consumer the consumer in connection with a corresponding business specifically in.

(3) before the provision of advisory services or, where appropriate, before the conclusion of a contract for the provision of consultancy services, mortgage brokers have to give the consumer the following information on paper or another durable medium:



1. whether the recommendation only on their own product range in accordance with paragraph 4 refers to Z 2 or a larger selection of products on the market in accordance with paragraph 4 No. 3, so that the consumer can understand, on what basis the recommendation was made;

2. If necessary, the fees to be paid by the consumer for the consulting services or, if the amount at the time of the disclosure does not determine - the method used for its calculation.

The information referred to in Nos. 1 and 2 may be granted to the consumer in the form of additional pre-contractual information.

(4) provide mortgage broker consulting services for consumers, so the following is true:



1. credit intermediaries have the necessary information about obtaining the personal and financial situation, preferences, and goals of the consumer, so that they can recommend appropriate credit agreements. The corresponding evaluation must rely on information at the time and apply realistic assumptions about the risks for the situation of the consumer during the term of the credit agreement.

2.-bound intermediaries have to include a sufficient number of credit contracts from its product range and to recommend an appropriate credit agreement or several suitable credit contracts from their product range, taking into account the needs, financial situation and the personal circumstances of the consumer.

3. non-mortgage brokers have to include a sufficient number of credit contracts available on the market and to recommend a suitable credit contract available on the market or several suitable credit agreements available on the market, taking into account the needs, financial situation and the personal circumstances of the consumer.

4. credit intermediaries have to act in the best interest of consumers by them a) learn about the needs and circumstances of the consumer and b) appropriate credit agreements in line with Z recommend 1 to 3.

5. credit intermediaries have to provide a record of the recommendation on paper or another durable medium the consumer.

(5) provide lender advisory services for the consumer, shall apply paragraph 3 and paragraph 4 Nos. 1, 2, 4 and 5 according to.

Rules of conduct in relation to the provision of consumer credit

§ 15 lenders and credit intermediaries have in the design of credit products, the granting and the mediation of credit agreements, for the provision of consulting services to credit agreements and, if necessary, by additional benefits for consumers, as well as during the execution of a credit contract, taking into account the rights and interests of consumers, honest, honest, transparent and professionally to act.

Repayment plan

The lender section 16 (1) of a credit agreement with a fixed maturity has the consumer on request, free of charge and at any time during the total duration of the credit agreement a list in the form of a repayment plan to make.

(2) what payments at what time intervals are and what conditions apply to these payments, must be drawn from the repayment plan. In the plan, the individual periodic repayments are after the loan amortization to break down the interest calculated in accordance with the nominal interest rate and any additional costs. In the case of a credit agreement, where no fixed interest rate was agreed, or the additional cost can be changed, it is in the repayment plan clearly and concisely to indicate that the data in the repayment plan are valid only until the next change to the borrowing rate or the additional costs in accordance with the credit agreement.

Change in the borrowing rate; Account communication

17. (1) before a change in the borrowing rate is effective, has to inform the consumer on paper or another durable medium above the adjusted target rate, the adjusted height of the partial payments, as well as of any changes in the number or the due date of the partial payments the lender. A change in the borrowing rate to the detriment of the consumer is this compared to only take effect if the lender has made him the above information available.

(2) the change in the borrowing rate goes back to amend a reference interest rate and is the new reference rate in appropriate ways is made publicly available, the Contracting Parties may agree a deviating from § 1 date for the effectiveness of the change in the borrowing rate. In these cases, the contract must include an obligation to the lender to convey the information to the consumer according to para 1 at regular time intervals. The height of the reference interest rate must be communicated to the consumer together with this information. In addition consumers must be visible height of the reference interest rate at the premises of the creditor.

(3) the periodic payment obligation of the consumer is changing the borrowing rate to adjust so that the total amount to be paid by the consumer within the originally agreed term in full is paid. A different agreement is permitted if it is negotiated in detail.

(4) the lender has handed an account communication consumers in every first quarter of a calendar year, the date 31 December of the previous year's at least the individual payments made by the consumer, the individual loads, as well as the outstanding balances are included.

Termination rights and similar rights of the lender

Section 18 (1) the lender may terminate by way of derogation only a credit contract concluded for an indefinite period ABGB by 986, para 2, keeping at least two month's notice. The notice must be sent to the consumer on paper or another durable medium.

(2) the legal right to refuse payout fails to ABGB the lender according to § 991; He can reserve but contract the right, to refuse payment of credit amounts that consumers not yet entitled has been, for objectively justified reasons. He intends to make use of this right he shall the consumer immediately on paper or other permanent media, stating the reasons to communicate. The stating of reasons has to be avoided, as far as this would endanger public safety or order.

(3) the consumer has to pay its debt in installments and has the lender in the event of non-payment by instalments or ancillary claims reserve the right to demand immediate payment of the entire outstanding debt (loss of dates of), so he may exercise this right only, if he himself has already provided its services, at least a lagging performance of the consumer is due for at least six weeks as well as the lenders consumers under threat of loss of time and under a grace period of unsuccessful has called for at least two weeks.

Cancellation by the consumer


§ 19. The consumer can cancel at any time a credit contract concluded for an indefinite period. The termination no fees may be charged. By way of derogation from section 986, para 2 only to comply with ABGB, when it was agreed in the contract and does not exceed one month's notice.

Early repayment

§ 20 (1) the borrower is exercisable at any time entitled, to pay back the loan amount before the end of the stipulated time partly or entirely. Termination of the credit agreement is considered to be the early repayment of the entire loan amount with interest. The interest rate to be paid by the borrower are reduced for premature loan repayment according to the external State thereby diminished and, if necessary, according to this shortened the term of the contract; run-dependent cost decrease relatively.

(2) the lender a fair and objectively justified compensation for the can from the borrower him demand premature repayment is expected to directly incurred financial loss. This does not apply if



1. the early repayment with an insurance benefit under an insurance contract is made, which by Convention is intended to ensure the repayment of the loan, 2. falls repayment within a period, for which a fixed borrowing rate is agreed, the prematurely repaid amount does not exceed 3 EUR 10 000 within any period of twelve months or 4. the credit in the form of an overdraft facility has been granted.

(3) the compensation must not exceed the interest that the consumer would have to pay until the end of the term of the loan agreement for the amount of the credit. She may also not more than



1. 0.5% of the prematurely repaid credit amount does not exceed the period of time between the early repayment and the agreed end of the credit agreement in a year, and 2. to be 1% in all other cases.

(4) in the case of a mortgage secured loan notice can be agreed for the early repayment of no more than six months, or until the expiry of any agreed period with fixed borrowing rate. The borrower fails to comply the agreed period of notice, so first sentence may require the lender for the non-adherence portion of the period of notice referred to in paragraph 2 compensation; to this, para 2 is second sentence does not apply. For the amount of compensation para 3. sections 18, 19 and 21 HypBG and § 8 PfandbriefG remain unaffected.

(5) in the case of a loan with repayment vehicles the lender have to forgo in so far at the request of the borrower contractual rights with respect to the payments on the repayment vehicles, as the borrower in advance pays back the loan.

(6) if the consumer intends to early redemption and this tells the lender so the lender on paper has him or immediately to provide the information to another permanent data medium, which are required for the test of this possibility. This information must quantify at least the impact of early repayment for the consumer and clearly specify any used assumptions. All assumptions used must be reasonable and be unjustifiable.

Assignment of claims

§ 21. Be assigned the claims of the credit from a credit agreement or the loan agreement itself legitimately transferred to a third party, the consumer is to teach, unless the original lender acts with the consent of the Zessionars or of the transferee of the contract to remain the consumer as lenders. By § 1396 ABGB can not be derogated from to the detriment of the consumer agreement.

Credit agreements with a variable interest rate

Section 22 (1) the lender has to calculate the nominal interest rate for credit contracts with a variable interest rate to attract only indexes or reference interest rate, which are clear, available, objective, and verifiable by the Contracting Parties of the credit agreement and the financial market authority.

2 the lender has previous records of the index or reference rate for calculating the borrowing rate to be kept, unless they are kept by the bodies which provide this index or reference rate.

Connection and bonding shops

23. (1) the offer or the conclusion of a credit agreement in a package together with other separate financial products or services, in which the credit contract can separately be closed by the consumer is tying.

(2) tying are prohibited except in the cases referred to in paragraph 3 and 4.

(3) the lender may require the consumer or a family member or a close relative of the consumer,



1. a payment or a savings account to open, the sole purpose of which is the accumulation of capital to repay the credit use, means to combine to get the credit, or to an additional security for the lender in case of default;

2. a to acquire investment or private pension product or to keep, if this product that offers a retirement income, the investor first and foremost serves as additional security for the lender in case of default or the accumulation of capital, to repay the loan or to use resources to combine to get the credit;

3. a separate credit agreement in connection with a credit agreement involving the value to complete, to get the credit.

(4) the lender may require the consumer to conclude a relevant insurance in connection with the credit agreement, if need to accept but as his preferred provider the insurance policy of another, this generally warranty like the insurance policy offered by the lender offers.

(5) section 1 to 4 do not touch the admissibility of pooling transactions. A bundling deal is the offer or the conclusion of a credit agreement in a package together with other separate financial products or services, where the credit agreement separately is entered by the consumer, but not necessarily to the same conditions, to which he bundled will be offered with the fringe benefits.

Foreign currency loans

24. (1) a foreign currency loan is a loan agreement, in which the credit



1. in another currency is than that in which the consumer refers to his income or holds the assets from which the loan is to be repaid, or is 2 in a currency other than the currency of the Member State in which the consumer is domiciled.

(2) in the case of a foreign currency loan, the consumer has the right to convert the loan agreement respectively to the end of the quarter by observing a period of fourteen days on an alternative currency. Other transition dates at least equal number can be set in the credit agreement, unless this is justified by different interest rate adjustment dates.

(3) the alternative currency referred to in paragraph 2 is either



1. the currency in the consumer mainly refers to his income or holding assets from which the credit will be repaid as indicated at the time of the most recent credit check has been carried out in connection with the credit agreement, or 2. the currency of the Member State in which the consumer is domiciled or in which he resided at the conclusion of the credit agreement.

(4) the can called alternative currency Z 1 in para 2 contractually on the in para 3 or restrict which Z 2 called currency in para 3.

(5) the exchange rate used for the conversion has to correspond to the market exchange rate applicable on the date of the request for conversion. Another day can be set in the loan agreement, which but not more than fourteen days after the date of the request for conversion must be.

(6) the lender has a consumer who has recorded a foreign currency loan, regularly at least then to warn, if the value of the total amount to be paid by the consumer or the regular rates by more than 20% of the value, which would be given if the exchange rate between the currency of the credit agreement and the currency of the Member State at the time of the conclusion of the credit agreement would be applied on paper or another durable medium. Has this warning consumers about an increase of the total amount to be paid by the consumer and, where appropriate, his right to conversion in another currency and the applicable conditions to inform. The lender has to explain to other applicable mechanisms, in order to limit Exchange-rate risk for the consumer.

(7) the consumer shall be informed in the ESIS data sheet and in the credit agreement on the rules applicable to section 2 to 6. No provision is provided for in the credit agreement whereby the exchange rate risk for the consumer to an exchange rate fluctuation of less than 20% is limited, to give an example that clearly shows the impact of exchange rate fluctuation of 20% is in the ESIS data sheet.

Named representative


§ 25. Insofar as reference is made in this section on mortgage brokers, these provisions also apply to named representatives. A natural or legal person carrying out credit intermediation activities (§ 2 para 5) and acting on behalf of and under the unlimited and unconditional responsibility of only a single credit intermediary is a named representative.

3. section

Suspension of payments and other financial aid

Applicable provisions

section 26. The 2nd section is to apply also to contracts where an entrepreneur towards a consumer grants non-gratuitous financial support, about a paid suspension of payment,.



1. secured by a lien or other right in an immovable or a Superädifikat be or 2 which is intended for the acquisition or maintenance of property rights in an immovable or an existing or planned Superädifikat.

4 section

Housing grant

Precontractual information and advertising

§ 27. In § 5 para 1 called consumer credit contracts or financial assistance referred to in section 26 of a country, closed one of a land of Fund or a legal person of a country according to the law on the promotion of housing construction or granted, as the following applies:



1. the lender has the consumer during the pre-contractual phase in a timely manner on paper or other durable data medium on the main characteristics to inform risks and costs of such credit contracts or financial assistance.

2. the advertising of such credit contracts and funding has to meet the criteria of honesty and clarity and may not be misleading.

5. section

Real estate consumption credit

Precontractual information and advertising

section 28. Be closed in § 5 para 1 called consumer credit contracts or financial assistance referred to in section 26 in the form of real estate consumption credit or grants, so you apply Z in article 27 1 and 2 requirements according to.

6 article

Supplementary provisions

Calculation of the annual percentage rate

Section 29 (1) that effective annual rate of interest shall be calculated on the basis of the mathematical formula in annex I.

(2) the costs for the opening and operation of a specific account, the costs of using a means of payment, with the transactions on this account are both credit amounts taken, as well as other costs for payment transactions are taken into account when the opening or maintaining of an account is a prerequisite in the context of the total cost of the credit to the consumer , that the credit is allowed at all or according to the contract conditions.

(3) in calculating the APR, it is to go from the assumption that the credit contract is valid for the agreed period of time and that lenders and consumers meet their obligations to the conditions laid down in the credit agreement and dates.

(4) in credit contracts with clauses, that the borrowing rate and, where appropriate, the charges contained in the annual percentage rate, their quantifying is not possible at the time of his calculation, can be changed, it is assumed when calculating the APR from the assumption that the borrowing rate and other costs compared to the amount at the conclusion of the Treaty will remain unchanged.

(5) in the case of credit agreements for which a fixed nominal interest rate for an initial period of at least five years, agreed after its expiry, a new fixed borrowing rate for a further period of several years will be negotiated, the calculation of the additional, serving as example Apr, which is specified in the ESIS data sheet, is to refer only to the initial fixed interest period, and to assume the assumption has been , that the remaining capital will be repaid at the end of the interest rate period.

(6) the credit agreement foresees the possibility of changes in the interest rate, the consumer at least by means of the ESIS information sheet about the possible effects of the changes on the amounts to be paid and the effective annual rate of interest is to inform. The consumers are to illustrate the potential risks associated with a significant increase in the interest rate for this purpose by means of an additional annual percentage rate. The interest rate is not capped, with a warning to be attached with the is pointed out that the total cost of the credit to the consumer, which are clear from the APR can change is this information. This provision does not apply to credit agreements whereby the interest rate for an initial period of at least five years establishes, after which a new fixed borrowing rate for a further period of several years is negotiated for an additional, serving as an example more effective annual percentage rate is specified in the ESIS data sheet.

(7) if applicable, is to assume the additional assumptions referred to in annex I for the calculation of the annual percentage rate.

Penal provisions

§ 30 unless the fact constitutes not a judicially punishable act or threatened after other administrative penal provisions more stringent punishment, commits an administrative offence and is fined to punish with up to EUR 10 000, who



1 loans without which according to § 6 required or advertises with false information;

2. the General information provided for in § 7 provides not or not completely;

3rd misrepresentation takes in the pre-contractual information provided pursuant to article 8, not or not fully complies with the obligations in accordance with article 8, § 10 or § 14 para 2 and 3 or if a binding offer in article 12, paragraph 1 obligations contained form;

4. the creditworthiness of the consumer not according to § 9 para 1 to 3 and § 9 section 6 assessed that according to § 9 para 4 injured, granted a loan despite lack of requirements of § 9 5 encompass, documentation or retention obligations or inform the consumer in accordance with § 9 section 7 of the rejection or the database query.

5. the exercise rules § 14 para 4 or § 15 flouted;

6. not notified according to article 17 of a change to the borrowing rate;

7 index or reference rate attracts, which contradict the requirements of § 22 para 1, or violated the retention obligations of section 22, paragraph 2;

8 tying offers or signs, which are inadmissible according to article 23;

9. a who commits called deeds at a paid suspension of payments or an other onerous financial in Z 1 to 8 and thereby violates article 26 in conjunction with the provisions of section 2;

Z 1 or section 28 or not completely met 10 obligations in accordance with § 27 or in section 27, Z 2 or § 28 disregarded the requirements for advertising.

Entry into force - and transitional provision

31. (1) this federal law 21 March 2016 into force.

(2) it is to apply only to credit contracts and credits that are closed or granted after 20 March 2016. There are the existing provisions continue to apply on credit contracts and credits that were closed or granted prior to March 21, 2016.

(3) until March 21, 2019, the information form can be used instead of the ESIS information sheet (Appendix II) provided for in this federal law referred to in annex II of the consumer credit Act.

Enforcement

§ 32. With regard to article 11, paragraph 3 and of article 30 of the Federal Chancellor and the remainder of the Federal Minister of Justice entrusted with the execution of this Federal Act.

ANNEX I

ANNEX II

see annex

Article 2

Amendment of the consumer credit Act

The consumer credit Act, Federal Law Gazette I no. 28/2010, last modified by amendment to the DSG 2014, Federal Law Gazette I no. 83/2013, is amended as follows:

1. in section 4, paragraph 2, the point will be replaced at the end of the Z 5 by a comma; following Nos. 6 and 7 are added:



"6. the secured by a lien or other right in an immovable or a Superädifikat 7 which are intended for the acquisition or maintenance of property rights in an immovable or an existing or planned Superädifikat."

2. in article 7, par. 5 "not applicable" is inserted before the phrase the phrase "regardless of the time of conclusion of the contract they cover".

3. § shall be repealed 12 paragraph 6.

4. § 16 para 4 is cancelled.

5. § 29 the following paragraph 9 is added:

 

 

 

"(9) sections 4, 7, 12 and 16 as amended by Federal Law Gazette I no. 135/2015, with 21 March 2016 into force."

Fischer

Faymann