135. Federal law, which enacted a federal law on mortgage and real estate credit agreements and other loans for the benefit of consumers (mortgage and real estate credit law-HIKrG) and the consumer credit law is amended

The National Council has decided:

Article 1

Federal law on mortgage and real estate credit agreements and other credit ratings for consumers
(Hypothekar-und Immobilienkreditgesetz-HIKrG)

Section 1

Subject-matter, definitions, general provisions

Subject-matter

§ 1. This federal law regulates the implementation of Directive 2014 /17/EU on residential real estate credit agreements for consumers and amending Directives 2008 /48/EC and 2013 /36/EU and Regulation (EU) No 1093/2010, OJ L 136, 31.5.2008, p. No. 34, as amended by the corrigendum OJ L 327, 28.12.2014, p. No. 34., certain aspects of consumer credit agreements and other forms of credit to consumers if these contracts are either secured to a property or to a superaedificor or to the Acquisition or maintenance of property rights in an immovable property, or an existing or planned superedificor.

Definitions

§ 2. (1) The creditor shall be an entrepre in the sense of Section 1 (1) (1) of the German Banking Act (KSchG), which grants or promises to grant a loan or grants other credit.

(2) A borrower is a consumer within the meaning of § 1 (1) (2) and (3) of the KSchG, which uses a credit or other credit.

(3) Consumer credit agreement (credit agreement) is a credit agreement within the meaning of Section 988 of the German Civil Code (ABGB), in which an entreptite is involved as a lender and a consumer is a borrower.

(4) In-service provision is a service offered to the consumer in the context of the credit agreement.

(5) A credit intermediary is a natural or legal person who does not act as a lender or as a notary who does not merely contact a consumer directly or indirectly with a creditor or a credit intermediary, and who in the pursuit of a commercial or professional activity against remuneration which may consist of a monetary payment or any other agreed economic advantage;

1.		to provide or offer credit agreements or other credit agreements to consumers;
2.		assist consumers in the preparation of credit agreements or other forms of credit agreements other than those referred to in Z 1 or other pre-contractual administrative activities; or
3.		for creditor credit agreements with consumers or other credit agreements for the creditor.

(6) Group is a group of lenders which, for the purpose of drawing up consolidated accounts in accordance with Directive 2013 /34/EU, on the annual accounts, consolidated accounts and related reports of undertakings, Legal forms and amending Directive 2006 /43/EC of the European Parliament and of the Council and repealing Council Directives 78 /660/EEC and 83 /349/EEC, OJ L 73, 14.3.2006.. No. OJ L 182 of 29.06.2013 p. 19, as last amended by Directive 2014 /102/EU, OJ L 182, 16.7.2014, p. No. OJ L 334, 21.11.2014 p. 86.

(7) The credit intermediary is a credit intermediary who, in the name and under the unrestricted and unconditional responsibility, is responsible for:

1.		only one lender,
2.		only one group or
3.		a number of lenders or groups that do not form a majority on the market.

(8) Total amount of credit shall be the ceiling or the sum of all the amounts made available on the basis of a credit agreement.

(9) The total cost of the credit to the consumer includes all costs, including interest, commissions, such as the provision of credit, levies and costs of any kind, other than notary fees, which the consumer is responsible for in connection with the Credit agreement has to be paid and which are known to the creditor. This includes the costs of ancessual services in connection with the credit agreement, in particular insurance premiums, if the conclusion of the contract of this ancable performance is a condition required by the creditor to ensure that the credit is granted at all or under the terms of the contract, and the cost of the valuation of the property, provided that such an assessment is necessary for the granting of the credit, but not the fees for the registration of the Transfer of ownership to the land register, in addition to the non-payment of fees to consumers for the Failure to comply with the obligations laid down in the credit agreement must pay.

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

(11) The annual percentage rate of charge shall be the total cost of the credit to the consumer as an annual percentage of the total amount of credit (§ 29).

(12) The rate of interest shall be the rate of interest expressed as a fixed or variable periodic percentage, which shall be applied on an annual basis to the credit payout amounts to which a claim is made.

(13) Credit assessment is the assessment of the prospect that the obligations arising from the credit agreement will be fulfilled.

(14) A permanent medium shall be any medium which allows the consumer to store information personally addressed to him in such a way that he may, as a result, see it for a period of time appropriate for the purposes of the information, and which shall be subject to the following conditions: unchanged reproduction of the stored information.

(15) Real estate loans are credit agreements with which the creditor

1.		makes a flat-rate or regular payment or makes other forms of loan payment 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 excerpt of the consumer from the residential property can demand a repayment, except for the consumer violating the provisions of the contract, which allows the lender to terminate the credit agreement.

(16) Credit with repayment institutions is a credit in which the consumer's payments do not initially serve to repay the amount of the loan, but to the formation of capital on a repayment institution, and that the loan is at least later than the loan. is partially repaid with the aid of the repayment carrier. Redeeming agencies may be securities, capital-life insurance or other financial products.

Ineffective agreements

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

Free of charge information

§ 4. If this federal law provides information for consumers, this information should be provided free of charge.

Section 2

Mortgage and real estate credit agreements

Scope

§ 5. (1) This section applies to consumer credit agreements (credit agreements),

1.		which are secured by a lien or other right to an immovable property or a superaedificate, or
2.		which are intended for the acquisition or maintenance of property rights in an immovable property, or an existing or planned superedificum.

(2) This Section shall not apply to credit agreements,

1.		which are concluded between employers and employees as a contribution from the employment relationship to an effective annual rate of interest under the standard market interest rate,
2.		which are concluded in the form of a settlement concluded before a court or other State body, or as a result thereof,
3.		concluded by a country, a fund established by a country, or a legal person commissioned by a country, in accordance with the statutory provisions on housing development,
4.		real estate consumption credit.

Advertising

§ 6. (1) Where interest rates or other figures relating to the cost of a credit to the consumer are mentioned in an advertisement for credit agreements, the advertising shall contain clear, concise and strikingly the following standard information:

1.		the identity of the creditor or, where appropriate, of the credit intermediary;
2.		where appropriate, the indication that the credit agreement is secured by a lien or other right to an immovable property or to a superedificate,
3.		the nominal interest rate and whether it is a fixed or variable interest rate or a combination of the two, as well as details of all costs incurred for the consumer and included in the total credit cost,
4.		the total amount of credit,
5.		the effective annual rate of interest, which must be highlighted in advertising at least as much as any interest rate,
6.		where appropriate, the duration of the credit agreement,
7.		where appropriate, the level of the rates,
8.		where appropriate, the total amount to be paid by the consumer,
9.		where appropriate, the number of installers,
10.		where appropriate, a warning that possible fluctuations in exchange rates may have an effect on the amount of the amount to be paid by the consumer.

(2) The information referred to in paragraph 1, with the exception of the information referred to in Z 1, 2 and 10, shall be illustrated by a representative example and shall be consistent with this representative example. The total amount of credit, the duration and the number of installers of the representative sample must be in accordance with the type of contract advertised, in particular, where appropriate, the purpose of the financing recognizable from advertising. In the selection of the example, the creditor must start from an effective annual rate, from which he may expect to see the predominant part of the contracts concluded on the basis of advertising at the specified or a lower level. effective year-end zins.

(3) Where the conclusion of a contract for the use of a subsidiary benefit, in particular an insurance contract, is mandatory, the credit is granted at all or in accordance with the terms and conditions provided for, and may be subject to: the costs of the ancesial performance shall not be determined in advance, the obligation to conclude that contract shall be made clear, concise and strikingly together with the annual percentage rate of charge.

(4) The information referred to in paragraphs 1 and 3 must be easily legible or acoustically comprehensible, depending on the medium used for the advertising.

(5) Where communication for advertising and marketing purposes involving credit agreements is not honest and unambiguous, in particular where it raises false expectations in relation to the consumer's accessibility or the cost of a credit; or is misleading, it is considered to be an unfair commercial practice in the sense of Section 1 of the UWG.

General information

§ 7. Lenders and, where appropriate, tied credit intermediaries shall at all times provide clear and comprehensible general information on credit agreements on paper or on any other durable medium or in electronic form. This general information shall at least include:

1.		the identity and address of the originator of the information;
2.		the purposes for which the credit may be used;
3.		the forms of collateral, including, where appropriate, the possibility that they may be situated in another Member State;
4.		the possible duration of the credit agreements;
5.		the types of target interest rates offered, whether it is a fixed or variable interest rate or both, with a short presentation of the characteristics of a fixed and a variable interest rate, including the rate of interest the resulting consequences for the consumer;
6.		where foreign currency credit is available, an indication of foreign currencies, including an explanation of the consequences for the consumer in cases where the credit is denominated in a foreign currency;
7.		a representative example of the total amount of the credit, the total cost of the credit to the consumer, the total amount to be paid by the consumer and the annual percentage rate of charge;
8.		an indication of any further costs incurred in connection with a credit agreement which are not included in the total cost of the credit to the consumer;
9.		the range of possible options for repayment of the loan to the creditor, including the number, frequency and amount of the regular repayment rates;
10.		where appropriate, a clear and concise reference to the fact that compliance with the terms of the credit agreement does not guarantee the repayment of the total amount of credit used as a result of the credit agreement;
11.		a description of the conditions directly applicable to early repayment;
12.		an indication as to whether an assessment of the property is necessary and, if so, who is responsible for the assessment being carried out, as well as information on the costs incurred by the consumer;
13.		information on the ancessual benefits which the consumer must acquire as a condition for granting the loan at all or under the terms of the contract and, where appropriate, to specify that the ancesuits benefits from a can be purchased from a provider other than the lender, and
14.		a general warning concerning possible consequences of non-compliance with the commitments entered into with the credit agreement.

Pre-contractual information requirements

§ 8. (1) The creditor shall provide the consumer with information tailored to the consumer in order to compare the credit products available on the market, to assess their respective effects and to make an informed choice on the conclusion of a credit agreement.

(2) This information shall be provided on paper or other durable medium by means of the ESIS information sheet in Annex II, and

1.		immediately after the consumer has provided the necessary information on his or her needs, financial situation and preferences in accordance with Article 9 (2), and
2.		in good time before the consumer is bound by a credit agreement or an offer.

(3) With the presentation of the ESIS information sheet, the requirements relating to the consumer's information prior to the conclusion of a distance contract in accordance with § 5 para. 1 FernFinG by the creditor are considered to be fulfilled. The requirements of § 7 para. 1 FernFinG shall be deemed to be fulfilled only if the ESIS information sheet has been submitted at least before the conclusion of the contract.

(4) In the case of long-distance calls within the meaning of § 6 FernFinG, the description of the main characteristics of the financial service provided pursuant to section 6 (2) (2) of the FernFinG must contain at least the information provided for in Annex II, Part A, sections 3 to 6.

(5) Any additional information given to the consumer by the creditor shall be communicated in a separate document which may be attached to the ESIS leaflet. This shall also apply where the creditor is obliged to provide the additional information, such as in accordance with paragraphs 7 and 8.

(6) The creditor shall provide the consumer with adequate explanations of the credit agreements offered and any ancable benefits, so as to enable the consumer to assess whether the proposed credit agreements and the proposed credit agreements are By-services meet his needs and his financial situation. Where appropriate, the remarks shall include in particular:

1.		the pre-contractual information referred to in paragraphs 1 to 5,
2.		the main characteristics of the products offered,
3.		the possible specific effects of the products on offer on the consumer, including the consequences of late payment of the consumer; and
4.		if ancisable services are bundled together with a credit agreement, whether each individual component of the package can be terminated individually and the consequences this would have for the consumer.

(7) In the case of a loan with a repayment institution, the pre-contractual information provided in accordance with paragraph 1 must clearly and concise the risks associated with such a loan in relation to a credit rate credit and the risks associated with such credit and that in the case of a loan with a repayment institution, the In particular, the credit agreement or the contract for the repayment institution does not provide any guarantee for the repayment of the total amount of the credit contract, unless such a guarantee is given. Moreover, where the contract is concluded or mediated by the creditor with the creditor himself, this information shall also provide a graphic presentation of the value of the repayment institution's previous performance over a period of time: the risk of predisposition to be borne by the consumer, as well as a tabular percentage and, where possible, a presentation of all the costs of the tiltable carrier.

(8) In the case of a loan granted to the consumer in whole or in part in a currency other than the euro, the pre-contractual information provided pursuant to paragraph 1 shall be the subject of the exchange rate and the exchange rate associated with the other currency, and The risk of interest change and all costs incurred in addition to a similar loan in euros will be clearly and concise. The exchange rate and interest rate risk information shall also be provided with a graph showing the evolution of the exchange rate in relation to the euro since its existence, but not more than for the past ten years, in the case of a loan without a fixed rate. Nominal interest rate shall include a graphical representation of the development of the reference interest rate applicable to changes in the nominal interest rate since its publication, but not more than the last ten years, and a calculation example in which: On the basis of the fluctuation tendency of the other currency, the risks of the Foreign currency credit is clearly illustrated.

(9) The information requirements provided for in paragraphs 1 to 8 shall also apply to the credit intermediary.

(10) If a credit agreement is not intended for the acquisition or maintenance of proprietary rights in an immovable property, or an existing or planned superedificate, the information obligations provided for in paragraphs 1 to 9 shall apply, even if: as fulfilled if the information requirements of § 6 VKrG are complied with, in particular the information form referred to in Annex II of the VKrG is used. Insofar as reference is made to the ESIS information sheet in § 12 and in § 13, the information form in accordance with Annex II of the VKrG may also be used for such credit agreements.

(11) Where a credit agreement is granted in the form of an appeal in respect of which the loan is to be repaid within one month, the obligation to provide information as provided for in paragraphs 1 to 9 shall be deemed to have been fulfilled even if the information requirements are § 19 (1), (2), (3) and (5) of the VKrG. Insofar as reference is made to the ESIS information sheet in § 12 and in § 13, compliance with the information requirements provided for in Section 19 (1) of the VKrG is sufficient for such credit agreements.

Consideration of the consumer's creditworthiness

§ 9. (1) Before the conclusion of a credit agreement, the creditor shall carry out a detailed examination of the creditworthiness of the consumer. In the case of the credit assessment assessment, the factors relevant to the examination of the prospects for the consumer to fulfil its obligations under the credit agreement shall be taken into account in an appropriate manner.

(2) The credit assessment test shall be carried out on the basis of necessary, adequate and adequate information on income, expenditure and other financial and economic circumstances of the consumer. The creditor shall identify the information from relevant internal or external sources, including the consumer. The information shall also include the information given to the credit intermediary in the course of the credit application procedure. The information shall be reviewed in an appropriate manner, including, where necessary, inspection in independently verifiable documents. The credit intermediary shall provide the creditor with the correct information obtained by the consumer in order to carry out the credit assessment check.

(3) The credit assessment test shall not be based mainly on the value of the immovable property or superedificty (the case) exceeding the amount of the credit, or on the assumption that the value of the case increases, unless the value of the case increases. Credit agreement is used to build or renovate the item.

(4) The procedures and information on which the evaluation is based shall be determined by the creditor, to document and to retain it.

(5) The creditor may only grant the credit to the consumer if the credit assessment test indicates that it is probable that the obligations relating to the credit agreement shall be in accordance with the provisions of this Treaty By way of example.

(6) Before a significant increase in the total amount of credit after the conclusion of the credit agreement, the creditor shall re-examine the creditworthiness of the consumer on the basis of updated information, unless such a case is not additional credit was already provided for and included in the original credit assessment assessment.

(7) Where a loan application is rejected, the creditor shall inform the consumer immediately of the refusal and, where appropriate, that the decision shall be based on automated processing of data. If the refusal is based on a database query, the creditor shall inform the consumer of the outcome of this query and of the details of the database in question.

(8) A credit agreement concluded by a creditor with a consumer may not be rescinded by the creditor on the ground, terminated or changed to the detriment of the consumer, that the audit of creditworthiness was not properly carried out or the information received by the consumer before the conclusion of the credit agreement was incomplete, unless the consumer has knowingly forged or falsified information in the sense of paragraph 2.

(9) The provisions of the Data Protection Act 2000 remain unaffected.

Pre-contractual information on credit rating assessment

§ 10. (1) In the pre-contractual phase, the creditor shall provide clear and simple information on the necessary information and independently verifiable evidence to be provided to the consumer for the credit assessment test, and the Specify the timeframe within which the consumer has the information to deliver. This request for information must be proportionate and limited to the information required to carry out a proper credit assessment check. The creditor may seek clarification of the information received in response to this request for information, where this is necessary in order to enable a credit assessment check.

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

(3) The creditor or credit intermediary has to warn the consumer that the credit cannot be granted if the lender is unable to carry out a credit assessment check, because the consumer refuses to carry out the credit assessment for the To provide the necessary information or evidence to verify its creditworthiness. The warning can take place in a standardized form.

(4) When a database query is made, the creditor shall inform the consumer in advance of this in accordance with Article 10 of Directive 95 /46/EC.

(5) The provisions of the Data Protection Act 2000 remain unaffected.

Access to databases

§ 11. (1) lenders from other Member States of the European Union or other States Parties to the Agreement on the European Economic Area shall be granted access to databases without discrimination, which shall be used to assess the creditworthiness of the credit the consumer is to be used and the use of which is to be used exclusively to monitor the extent to which consumers fulfil their credit obligations during the term of a credit agreement.

(2) (1) applies both to databases operated by private credit agencies and credit agencies and to public registers.

(3) § 28 (2) of the German Data Protection Act 2000 shall be based on information composite systems registered with the Data Protection Authority crediting institutions for the assessment of creditworthiness, in which the use is based on § 8 para. 1 Z 2 or Z 4 DSG 2000, irrespective of the time of the to not apply the conclusion of the contracts covered by it. In addition, the provisions of the Data Protection Act 2000 remain unaffected.

Binding offers

§ 12. (1) if a lender makes a binding offer to the consumer, it shall be transmitted on paper or on another durable medium. The creditor or, where appropriate, the credit intermediary shall issue a copy of the draft credit agreement to the consumer at the time of the submission of a tender which is binding on the creditor. An ESIS information sheet shall also be attached to the offer if:

1.		no ESIS information sheet has previously been submitted to the consumer; or
2.		the characteristics of the offer differ from the information contained in the previously submitted ESIS information sheet.

(2) An offer must remain binding for at least seven days. However, where the nominal interest rate or other costs relevant to the offer are determined on the basis of the sale of underlying borrowings or other long-term financial instruments, the nominal interest rate or the other costs may be: in accordance with the value of the underlying security or the long-term financing instrument, differ from the terms of the offer.

(3) The consumer may accept the offer at any time even before the end of the binding period.

(4) In the case of the deficiencies listed below in the ESIS factsheet, which is available to the consumer upon delivery of his contractual declaration, the following shall apply:

1.		If the ESIS information sheet does not contain any information on the nominal interest rate, the annual percentage rate of interest or the total amount to be paid by the consumer, the interest rate referred to in § 1000 (1) of the German Civil Code (ABGB) shall be deemed to be the agreed nominal interest rate, unless a lower interest rate is paid. Target interest rate is agreed. In the case of a credit rating, the creditor has to calculate the reduced partial payments and to disclose to the consumer.
2.		Where the effective annual rate of interest in the ESIS information sheet is too low, a nominal interest rate shall be deemed to have been agreed, which shall be in accordance with the terms of the other contract content. Z 1 second sentence shall apply accordingly.
3.		If the ESIS information sheet does not contain any information on the conditions under which the nominal interest rate or other charges may be changed, the creditor may not make such changes to the detriment of the consumer.
4.		If the ESIS information sheet does not contain any information on the right to early repayment or on the right to compensation, the creditor may not require compensation.

Right of withdrawal

§ 13. (1) If the consumer receives his contract of contract within two working days of receipt of the ESIS information sheet, or if he/she gives it off without having received an ESIS leaflet, he may, either from his contract declaration or from the contract within two Resign from the contract declaration without giving reasons. Saturday is not valid as a working day. The withdrawal period does not begin to run before the consumer has received the ESIS leaflet, including the information on the right of withdrawal. The right of withdrawal shall be issued no later than one month after the contract has been received.

(2) The time limit laid down in paragraph 1 shall, in any event, be maintained if the resignation on paper or any other durable medium available to the creditor is declared and that declaration is made to the creditor before the end of the period to be sent. In any event, the creditor shall be subject to the resignation, provided that the declaration of resignation corresponds to the information which he himself has given to the consumer.

(3) After the resignation, the consumer shall repay the creditor without delay and at the latest within 30 calendar days after the withdrawal of the withdrawal declaration, the amount paid out together with the interest accrued since the withdrawal. Interest rates shall be calculated on the basis of the agreed rate of interest. The creditor is also entitled to reimbursement of the payments which he has paid to public authorities and cannot recover; other compensation does not have to be paid by the consumer.

(4) In the event of a consumer's right of withdrawal, the resignation shall also apply to an agreement on residual debt insurance or any other ancable benefit arising in connection with the credit agreement by the creditor himself or by reason of a credit agreement. Agreement with the creditor is provided by a third party.

Standards for consulting services

§ 14. (1) Consulting services shall be understood to mean the issuing of individual recommendations to a consumer in respect of one or more transactions relating to credit agreements. Advisory services shall be distinguished from the granting of a credit and of the lending activity referred to in Article 2 (5).

(2) Credit providers and credit intermediaries shall expressly inform the consumer in relation to such a transaction as to whether advisory services may be provided to the consumer or can be provided.

(3) Prior to the provision of advisory services or, where appropriate, before the conclusion of a contract for the provision of advisory services, credit intermediaries shall have the following information on paper or on another to grant permanent volumes:

1.		whether the recommendation relates only to its own product range, in accordance with paragraph 4 (2) or a wider choice of products on the market in accordance with paragraph 4 (3), so that the consumer can understand the basis on which the recommendation is based;
2.		where appropriate, the payment to be paid by the consumer for the advisory services, or -if the amount is not determined at the time of disclosure-the method used for its calculation.
The information referred to in Z 1 and 2 may be given to the consumer in the form of additional pre-contractual information.

(4) Where credit intermediaries provide advisory services to consumers, the following shall apply:

1.		Credit intermediaries shall have the necessary information on the personal and financial situation, preferences and objectives of the consumer, so that they may recommend appropriate credit agreements. The relevant assessment must be based on current information at the appropriate time and should be based on realistic assumptions regarding the risks to the consumer's situation during the duration of the credit agreement on offer.
2.		Tied credit intermediaries shall include a sufficient number of credit agreements from their product range and, taking into account the needs, financial situation and the personal circumstances of the consumer, an appropriate number of credit agreements Credit agreement or several appropriate credit agreements from their product range.
3.		Non-bound credit intermediaries shall include a sufficient number of credit agreements available on the market and, taking into account the needs, financial situation and personal circumstances of the consumer, shall be included in the market available appropriate credit agreements or a number of appropriate credit agreements available on the market.
4.		In the best interests of consumers, credit intermediaries have to act by:
a)			inform themselves of the needs and circumstances of the consumer; and
b)			recommend appropriate credit agreements in accordance with Z 1 to 3.
5.		Credit intermediaries shall make available to the consumer a record of the recommendation made on paper or on another durable medium.

(5) In accordance with paragraphs 3 and 4 (4), (1), (2), (4) and (5), lenders shall provide advisory services to consumers.

Rules of conduct on the award of consumer credit

§ 15. Lenders and credit intermediaries have in the design of credit products, in the granting and transfer of credit agreements, in the provision of consulting services on credit agreements and, where appropriate, by ancillary services for To act in an honest, honest, transparent and professional manner in the execution of a credit agreement, taking into account the rights and interests of consumers.

Tilgplan

§ 16. In the case of a fixed-term credit agreement, the creditor shall make available to the consumer, at its request, free of charge and at any time during the overall term of the credit agreement, a statement of repayment in the form of a repayment plan ,

(2) The repayment plan must show which payments are to be made at which time intervals and which conditions apply to these payments. In the plan, the individual periodic repayments after the credit repayment shall be broken 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 has been agreed or the additional costs may be changed, the repayment plan shall state clearly and concise that the data in the repayment plan shall only be subject to the next modification of the The nominal interest rate or the additional costs in accordance with the credit agreement shall be valid.

Change in the nominal interest rate; contometry

§ 17. (1) Before any change in the nominal interest rate becomes effective, the creditor shall have the consumer on paper or another durable medium via the adjusted nominal interest rate, the adjusted amount of the instalments, and any changes to be made in the number or due date of the partial payments. A change in the nominal interest rate to the detriment of the consumer shall not be effective in relation to the consumer until the creditor has provided him with the aforementioned information.

(2) If the change in the nominal interest rate is due to the change in a reference interest rate and if the new reference interest rate is made publicly available in appropriate ways, the Contracting Parties may, for the purpose of paragraph 1, be able to: The effectiveness of the change in the nominal interest rate shall be agreed. In such cases, the contract must provide for the creditor's obligation to provide the consumer with the information referred to in paragraph 1 at regular intervals. The level of the reference interest rate shall be communicated to the consumer together with this information. In addition, the consumer must be able to view the level of the reference interest rate in the credit institution's premises.

(3) The periodic payment obligation of the consumer should be adjusted in the event of a change in the nominal interest rate in such a way that the total amount to be paid by the consumer is entirely settled within the originally agreed term. A different agreement shall be admissible if it is negotiated in detail.

(4) In each of the first quarter of a calendar year, the creditor shall issue to the consumer a counterbalance in which at least the individual payments made by the consumer at the date of 31 December of the previous year, the the individual loads and the balances to be harbodied.

Right of dismissal and similar rights of the creditor

§ 18. (1) By way of derogation from Section 986 (2) of the German Civil Code (ABGB), the creditor may terminate a credit agreement concluded for an indefinite period of time only if an at least two-month notice period is observed. The termination must be attributed to the consumer on paper or on another durable medium.

(2) The creditor is not entitled to the right of denial of payment in accordance with § 991 ABGB; however, he may, contractually, reserve the right to disburse the payment of credit amounts which the consumer has not yet taken advantage of in a factual form. justifiable reasons. If he intends to exercise this right, he shall immediately inform the consumer of this right on paper or any other durable medium, giving the reasons. The reasons for the indication of the reasons shall be left to the extent that this would endanger public safety or order.

(3) If the consumer has to pay his debt in instalment and the creditor reserves the right, in the event of non-payment of partial or secondary claims, to demand the immediate payment of the total outstanding debt (Termination loss), he may exercise that right only if he himself has already provided his services, at least a backward performance of the consumer has been due for at least six weeks, and the creditor shall be entitled to the consumer by Threat of termination loss and with a grace period of at least two weeks without success has been admonished.

Announcement by the consumer

§ 19. The consumer may terminate a credit agreement concluded for an indefinite period at any time. He/she shall not be charged any costs for the termination of the contract. By way of derogation from Section 986 (2) of the German Civil Code (ABGB), a period of notice shall be complied with only if it has been agreed in the contract and does not exceed one month.

Early repayment

§ 20. (1) The borrower shall have the right at any time to repay the amount of the loan in part or in full before the end of the period of time that is required. The early repayment of the entire credit amount together with interest shall be deemed to be a termination of the credit agreement. The interest payable by the borrower shall be reduced in the event of early loan repayment in accordance with the reduced level of the external balance and, where appropriate, the reduced duration of the contract; the costs of the maturity of the loan shall be reduced proportionate.

(2) The creditor may require the borrower to pay an adequate and objectively justified compensation for the asset disadvantage that is likely to be immediately incurred by the borrower from the early repayment. This shall not apply if:

1.		the early repayment with an insurance benefit is made from an insurance contract which is to guarantee the repayment of the loan in accordance with the agreement;
2.		the repayment falls within a period for which no fixed rate of interest has been agreed;
3.		the prematurely repaid amount does not exceed EUR 10 000 over a period of twelve months, or
4.		the loan has been granted in the form of an overdraft.

(3) The compensation shall not exceed the interest which the consumer would have to pay for the credit amount in question until the end of the period of validity of the credit agreement. It shall also not exceed

1.		0,5% of the prematurely repaid amount of credit if the period between the early repayment and the agreed expiry of the credit agreement does not exceed one year, and
2.		1% in all other cases
.

(4) In the case of a mortgage secured credit, a period of notice of no more than six months may be agreed for the early repayment or until the expiry of an agreed period with a fixed nominal interest rate. If the borrower does not comply with the agreed period of notice, the creditor may request compensation in accordance with the first sentence of paragraph 2 for the part of the notice period which has not been held; the second sentence of paragraph 2 shall not apply to the same. The amount of the compensation shall be paragraph 3. § § 18, 19 and 21 HypBG and § 8 PfandbriefG remain unaffected.

(5) In the case of a loan with a repayment institution, the creditor shall, at the request of the borrower, waive a contractual right in respect of the payments to be paid to the repayment institution, in so far as the borrower prematurely takes the credit is repaid.

(6) If the consumer intends to make an early repayment and notifies the creditor, the creditor shall, on paper or on another durable medium, immediately give him the information necessary for the examination of such a document. Possibility is required. This information must at least quantify the effects of the early repayment for the consumer and clearly indicate any assumptions made. All the assumptions used must be reasonable and justifiable.

Recovery of claims

§ 21. If the creditor's claims are withdrawn from a credit agreement or the credit agreement itself is admissibly transferred to a third party, the consumer shall be informed, unless the original creditor enters into force with the Consent of the assignee or the contractor to the consumer as against the consumer as a creditor. Article 1396 of the German Civil Code (ABGB) cannot be dismissed to the detriment of the consumer by agreement.

Credit agreements with variable interest rate

§ 22. (1) In order to calculate the nominal interest rate for credit agreements with a variable interest rate, the creditor shall use only indices or reference rates of interest which are clear, available, objective and of the contracting parties to the credit agreement and of the Financial market surveillance authority.

(2) Earlier records of the indices or reference rates of interest for the calculation of the nominal interest rate shall be kept by the creditor, unless they are kept by the bodies which make available these indices or reference rates.

Coupling and bundling operations

§ 23. (1) A coupling business shall be the offer or the conclusion of a credit agreement in a package together with other separate financial products or services in which the credit agreement is not concluded separately from the consumer can.

(2) Coupling transactions shall be inadmissible except in the cases referred to in paragraphs 3 and 4.

(3) The creditor may require the consumer or a family member or a close relative of the consumer to:

1.		open a payment or savings account, the sole purpose of which is the collection of capital, to repay or service the loan, to pool funds to obtain the loan, or to provide additional security to the creditor for the case of a default in payment;
2.		acquire or retain an investment product or a private pension product if that product, which provides the investor with a retirement income in the first place, also as an additional security for the lender in the event of a default or for the collection of capital in order to repay or service the loan or to pool funds in order to obtain the loan;
3.		to conclude a separate credit agreement in connection with a credit agreement with a value-sharing agreement in order to obtain the loan.

(4) The creditor may require the consumer to take out a relevant insurance in connection with the credit agreement, but must accept the insurance policy of a provider other than his or her preferred provider if he/she is a member of the credit institution. offer equivalent guarantee as the insurance policy offered by the creditor.

(5) (1) to (4) do not affect the admissibility of bundling transactions. A bundling business shall be the offer or the conclusion of a credit agreement in a package, together with other separate financial products or services, where the credit agreement may be concluded separately from the consumer, but not necessarily on the same terms and conditions, to which it is offered bundled with the ancesuits.

Foreign currency credit

§ 24. (1) A foreign currency credit is a credit agreement in which the credit

1.		in a currency other than the one in which the consumer refers to his income or holds the assets from which the loan is to be repaid; or
2.		in a currency other than the currency of the Member State in which the consumer is resident.

(2) In the case of a foreign currency credit, the consumer shall have the right to convert the credit agreement to an alternative currency at the end of each quarter, subject to a period of fourteen days. In the credit agreement, other conversion dates may be fixed in at least the same number, provided that this is justified, for example, by different interest rate adjustment dates.

(3) The alternative currency referred to in paragraph 2 shall be either:

1.		the currency in which the consumer mainly refers to his income or holds assets from which the credit is to be repaid, as at the time of the recent credit assessment audit that relates to the credit agreement , or
2.		the currency of the Member State in which the consumer is domicated or in which he was domicated at the conclusion of the credit agreement.

(4) The alternative currency referred to in paragraph 2 may be restricted by contract to the currency referred to in paragraph 3 (1) or the currency referred to in paragraph 3 (2) (2).

(5) The exchange rate used for the conversion shall be in accordance with the market exchange rate applicable on the date of application for conversion. The credit agreement may be a different day, but it may not be more than fourteen days after the date of the application for conversion.

(6) The creditor shall regularly warn a consumer who has taken up a foreign currency credit on paper or any other durable medium at least when the value of the total amount or the total amount to be paid by the consumer, or the regular rates deviate by more than 20% from the value which would be given if the exchange rate between the currency of the credit agreement and the currency of the Member State were applied at the time of the conclusion of the credit agreement. This warning shall inform the consumer of an increase in the total amount to be paid by the consumer and, where appropriate, of his right to change to another currency and the conditions in force for that purpose. The lender will also have to explain other applicable mechanisms in order to limit the exchange rate risk to the consumer.

(7) The consumer is to be informed in the ESIS information sheet and in the credit agreement concerning the regulations in force pursuant to paragraphs 2 to 6. If no provision is provided for in the credit agreement to limit the exchange rate risk for the consumer to an exchange rate fluctuation of less than 20%, the ESIS information sheet shall specify an example of the impact of a Exchange rate fluctuation of 20%.

Designated representatives

§ 25. Where reference is made in this section to credit intermediaries, these provisions shall also apply to designated representatives. A named representative is a natural or legal person who exercises credit mediation activities (§ 2 para. 5) and who acts on behalf of and under the unrestricted and unreserved responsibility of only a single credit intermediary.

Section 3

Payment postponing and other financial support

Applicable provisions

§ 26. The second section should also be applied to contracts with which an entreprent to a consumer grants a payment of financial assistance, such as a pay-off,

1.		which are secured by a lien or other right to an immovable property or a superaedificate, or
2.		which is intended for the acquisition or maintenance of property rights in an immovable property, or an existing or planned supereedificate.

Section 4

Housing promotion

Pre-contractual information and advertising

§ 27. Where the consumer credit agreements referred to in Article 5 (1) or the financial assistance referred to in Article 26 are provided by a country, a fund set up by a country or a legal person commissioned by a country, in accordance with the statutory provisions on the housing development is closed or granted, the following shall apply:

1.		In the pre-contractual phase, the creditor shall inform the consumer in good time on paper or another durable medium of the main characteristics, risks and costs of such credit agreements or financial assistance.
2.		The advertising of such credit agreements and financial support has to meet the criteria of honesty and clarity and must not be misleading.

Section 5

Real estate consumption credit

Pre-contractual information and advertising

§ 28. Where the consumer credit agreements referred to in Article 5 (1) or the financial assistance referred to in Article 26 are concluded or granted in the form of real estate consumption credits, the requirements referred to in Article 27 (1) and (2) shall apply accordingly.

6.

Additional provisions

Calculation of the annual percentage rate of charge

§ 29. (1) The annual percentage rate of charge shall be calculated on the basis of the mathematical formula in Annex I.

(2) The costs of opening and managing a specific account, the cost of using a means of payment, which may be used to make transactions in that account and also the amount of credit, and other costs incurred in connection with the use of such a payment method. The costs of payment transactions shall be taken into account in the overall cost of the credit to the consumer, if the opening or maintenance of an account is a condition of the credit at all or in accordance with the terms of the contract provided for in the contract. is granted.

(3) The calculation of the annual percentage rate of charge shall be based on the assumption that the credit agreement is valid for the agreed period and that the creditor and the consumer have their obligations under the terms and conditions laid down in the credit agreement; and Offend dates.

(4) In credit agreements with clauses according to which the nominal interest rate and, where applicable, the charges contained in the annual percentage rate of charge, the quantification of which is not possible at the time of its calculation, may be amended; the calculation of the annual percentage rate of charge shall be based on the assumption that the nominal interest rate and the other costs, measured at the level fixed at the conclusion of the contract, will remain unchanged.

(5) In the case of credit agreements for which a fixed rate of interest has been agreed for an initial period of at least five years after the expiry of which a new fixed rate of interest is negotiated for a further period of several years, the the calculation of the additional, as an example, effective annual rate of charge indicated in the ESIS leaflet only to cover the initial period of the fixed period, assuming that the remaining capital at the end of the annual period of Interest-rate depreciation period is repaid.

(6) If the credit agreement provides for the possibility of changes in the interest rate, the consumer shall, at least by means of the ESIS information sheet, be informed of the possible impact of the changes on the amounts to be paid and the annual percentage rate of charge. information. For this purpose, the consumer shall be able to demonstrate, by means of an additional effective annual interest rate, the possible risks associated with a significant increase in the interest rate. If the interest rate is not covered, this information shall be accompanied by a warning indicating that the total cost of the credit to the consumer, which is clear from the annual percentage rate of charge, may change. This provision shall not apply to credit agreements in respect of which the interest rate is laid down for an initial period of at least five years, after which a new fixed rate of interest for a further period of several years shall be established. , for which an additional, as an example, effective annual rate of annual interest in the ESIS leaflet is indicated.

(7) Where applicable, the calculation of the annual percentage rate of charge shall be based on the additional assumptions set out in Annex I.

Criminal provisions

§ 30. In so far as the action does not constitute a criminal offence or is punishable under other administrative criminal provisions with a stricter penalty, an administrative surrender shall be carried out and shall be subject to a fine of up to EUR 10 000. punishing who

1.		Loans without the necessary or incorrect information pursuant to § 6;
2.		the general information provided for in Article 7 is not available or is not fully available;
3.		In the pre-contractual information provided pursuant to § 8, incorrect information is received, the information requirements according to § 8, § 10 or § 14 para. 2 and 3 are not fulfilled or not completely fulfilled or in the case of a binding offer the information contained in § 12 para. 1 Formal obligations are infringed;
4.		the creditworthiness of the consumer is not assessed in accordance with § 9 (1) to (3) and § 9 (6), which violates the obligation to commit, documentation or retention pursuant to § 9 (4), a loan despite the absence of the conditions of § 9 (5) , or does not inform the consumer in accordance with Section 9 (7) of the rejection or the database query;
5.		disregard the exercise of § 14 (4) or § 15;
6.		Does not inform in accordance with § 17 of a change in the nominal interest rate;
7.		draw up indices or reference interest rates which contradict the requirements of section 22 (1), or the retention obligations of section 22 (2) are violated;
8.		offers or discovers coupling operations which are inadmissible pursuant to § 23;
9.		one of the acts referred to in Z 1 to 8 is committed in the event of a payment postponing or any other financial assistance, and thereby violates § 26 in conjunction with the provisions of the second section;
10.		the obligation to provide information in accordance with § 27 Z 1 or § 28 is not or is not fully complied with or the requirements for advertising in § 27 Z 2 or § 28 are not respected.

Entry into force and transitional provision

§ 31. (1) This federal law shall enter into force on 21 March 2016.

(2) It shall apply only to credit agreements and credit lines which are concluded or granted after 20 March 2016. Credit agreements and credit agreements concluded or granted prior to 21 March 2016 shall be subject to the provisions of the previous provisions.

(3) By 21 March 2019, the information form referred to in Annex II to the Consumer Credit Act may be used instead of the ESIS leaflet provided for in this Federal Act (Annex II).

Enforcement

§ 32. With the enforcement of this federal law, the Federal Minister of Justice is entrusted with the provisions of Section 11 (3) and Section 30 of the Federal Chancellor and, incidentally, the Federal Minister of Justice.

ANNEX I

ANNEX II

see Annex

Article 2

Amendment of the Consumer Credit Act

The Consumer Credit Act, BGBl. I n ° 28/2010, as last amended by the DSG-Novelle 2014, BGBl. I No 83/2013, shall be amended as follows:

1. In Section 4 (2), the point at the end of Z 5 shall be replaced by an accoration; the following Z 6 and 7 shall be added:

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

2. In Section 7 (5), before the word order "Do not apply" the phrase "irrespective of the date of conclusion of the contracts covered by it" inserted.

Section 12 (6) is repealed.

4. § 16 (4) is repealed.

5. The following paragraph 9 is added to § 29:

" (9) § § 4, 7, 12 and 16 in the version of the Federal Law BGBl. I No. 135/2015, enter into force on 21 March 2016. "

Fischer

Faymann