Name of law Law amending and supplementing the law on consumer credit bill name a bill amending and supplementing the law on consumer credit acceptance date 07/11/2012 number/year 2012 Official Gazette Decree No 91/396
On the grounds of art. 98, paragraph 4 of the Constitution of the Republic of Bulgaria
To be published in the Official Gazette the law amending and supplementing the law on consumer credit, adopted by the National Assembly of the HLI 7 November 2012.
Issued in Sofia on November 12, 2012.
The President of the Republic: Rosen Plevneliev
Stamped with the State seal.
Minister of Justice: Diana Kovatcheva
to amend the consumer credit Law (promulgated, SG. 18 of 2010; amend., SG. 58 of 2010.)
§ 1. In § 2 of the supplementary provisions add "and directive 2011/90/EC of 14 November 2011 for amendment of part II of annex I to Directive 2008/48/EC of the European Parliament and of the Council, in which they provided additional assumptions for the calculation of the annual percentage rate of charge (OJ L 295/35 from 15 November 2011).
§ 2. In annex 1 to the art. 19, para. 2 item 3 shall be replaced by the following:
"3. the calculation of the APR on the loan shall be made taking into account the following additional assumptions:
and consumer credit) the contract will be valid for the period which has been concluded, and the creditor and the consumer will fulfil their obligations in accordance with the conditions and time limits laid down in the Treaty;
(b)) in the consumer credit contract, which contains clauses allowing the amendment of the interest rate and the value or amount of the costs included in the APR on the loan that can not get a specific value at the time of its calculation, the APR on the loan is calculated by assuming that interest and other charges are immutable in relation to their original size and will apply until the expiry of the Treaty;
c) If a credit agreement gives the user a variety of options in terms of its absorption, however, that the total amount of credit to be drawn down immediately and in full;
d) If a credit agreement gives the user a variety of options in terms of its absorption, but provides for restrictions on the amount of the loan and the duration of the different ways of drawdown, the loan is considered to be utilized on the earliest date provided for in the Treaty and in accordance with the envisaged drawdown limits;
e) If a credit agreement provides different ways of drawdown user with different interest rates or different costs, it is assumed that the total amount of credit to be drawn down at the highest values for the rate and costs normally applicable to the utilization of funds in this type of credit agreements;
is) in a credit agreement in the form of an overdraft facility, it is assumed that the total amount of credit to be drawn down in full and for the whole duration of the contract; If the duration of the credit agreement in the form of an overdraft facility is not known, in the calculation of the APR assumes that the term of the contract is three months;
(g)) in an open-end credit agreement other than the credit agreement in the form of an overdraft facility, referred to in letter "e", it is assumed that the loan is granted for a period of one year from the date of the initial drawdown, and that the final payment made by the user, extinguished the rest of principal, interest and other costs, if any; the principal shall be extinguished by the user of equal monthly payments and repayment begins one month after the date of the initial drawdown; in situations where the principal must be settled in full with a lump-sum payment within each repayment period, it is assumed that the subsequent drawdowns and repayments of the full principal amount, made by the user, occur within a period of one year; interest and other charges are levied in accordance with these drawdowns and repayments of principal and in accordance with the provisions laid down in the credit agreement.
An open-end credit agreement on this point (f) a credit agreement without a time-limit, including the contract of loan that must be repaid in full within or after a certain period of time and that, once it has been repaid, can be ranges again;
(h)) in a credit agreement, other than the credit agreement in the form of an overdraft facility, referred to in letter "e", and of the Treaty on open-end credit referred to in subparagraph (g), it is assumed that: – If the date or amount of the contribution for the repayment of principal, which the user must pay, could not be established, it is believed that the repayment has been made on the earliest date and the amount of the lowest amount provided for in the credit agreement;
– If the date on which the contract is concluded for a loan is not known, the date of the initial drawdown of the loan shall be the date from which remains the shortest amount of time between the date of the initial drawdown of the loan and the date on which the user has to make the first installment;
and when the date) or the amount of the contribution, which the user must pay cannot be established on the basis of a contract for a loan or the assumptions referred to in letters "a", "g" or "h", it is assumed that the payment was made in accordance with the dates and the conditions required by the creditor, and when they are not known, it is assumed that:
– interest shall be paid at the same time as the repayment of principal;
– expenditure, other than interest, expressed as a lump sum, payable on the date on which the contract is concluded;
– expenditure, other than interest, expressed as a number of payments, shall be paid in equal time periods from the date of the first repayment of principal, and if the amount of such payments is not known, it is assumed that they are the same size;
-final payment extinguishes the rest of principal, interest and other charges, if any;
k) if the contract of consumer credit does not provide for the total amount of credit, it is assumed that he is 3000 EUR;
l) If for a limited period of time or for a limited amount are offered different interest rates and other costs, it is assumed that the interest rate and the costs applicable for the entire duration of the credit agreement, are those with the highest values;
m) in the consumer credit contract for which a fixed interest rate was agreed for the starting period of the contract, which defines a new interest rate, which subsequently periodically adjusted in accordance with a certain agreed index in the calculation of the APR assumes that as of the end of the period with a fixed interest rate, the interest rate is the same as at the time of the calculation of the APR depending on the value of the agreed index at this time. "
§ 3. In annex 3 to the art. 8, al. 2 in part III "overdraft costs", paragraph 4 the second column shall be replaced by the following:
"You have to pay (... (applicable interest rate and arrangements for its change and, where applicable, interest on arrears) for late payments). "
Transitional and final provisions
§ 4. The provisions of this Act for the calculation of the APR of the loan, taking into account the additional assumptions according to § 2 shall not apply to consumer credit contracts concluded before its entry into force.
§ 5. The law shall enter into force from 1 January 2013.
The law was adopted by 41-Otto National Assembly of 7 November 2012 and is stamped with the official seal of the National Assembly.
President of the National Assembly Tsetska Tsacheva: