Law Amending The Law On Credit Agreements (Implementation Of The Amending Directive On Supplementary Assumptions To Use In Calculating The Annual Percentage Rate Of Charge, Etc.)

Original Language Title: Lov om ændring af lov om kreditaftaler(Gennemførelse af ændringsdirektiv om supplerende antagelser til brug ved beregningen af de årlige omkostninger i procent m.v.)

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Overview (table of contents)



Annex 1








The full text of the law amending the law on kreditaftaler1)

(Implementation of the amending directive on supplementary assumptions to use in calculating the annual percentage rate of charge, etc.)

WE, MARGRETHE the SECOND, by the grace of God Queen of Denmark, do indeed:

The Danish Parliament has adopted and we know Our consent confirmed the following law:

§ 1

Of the law on credit agreements, see. lovbekendtgørelse nr. 761 by 11. June 2011, shall be amended as follows: 1. In the footnote to the title of the Act shall be inserted after ' page 66) ': ' and the Commission's directive 2011/90/EUROPEAN UNION of 14. November 2011 on the amendment of part II of annex I to the European Parliament and of the Council Directive 2008/48/EC as regards the additional assumptions to use in calculating the annual percentage rate of charge, the official journal 2011, nr. L 296, page 35 '.

2. Annex 1, 4. subparagraph, is replaced by Appendix 1 to this law.

3. In article 29, paragraph 2, no. 1 and 2, be inserted after the word ' payable ' means ' including a paid payment '.

4. section 34 (1). 2, is replaced by the following: ' 2) the total amount to be paid, without prejudice. § 8, paragraph 2, no. 7, including the amount of the payment exceeds $400., '.

§ 2 paragraph 1. The law shall enter into force on the 1. January 2013.

(2). The law shall only apply to credit agreements which are concluded after the entry into force of the Act.

§ 3 the law does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for Greenland of the changes which the Greenlandic conditions warrant.

Given at Christiansborg Palace, the 18. December 2012 Under Our Royal hand and Seal MARGRETHE r./Morten Bødskov



Annex 1



» 4. additional assumptions to use in calculating the annual percentage rate of charge 1) If a credit agreement gives the consumer freedom with regard to drawdown, the total amount of credit shall be deemed to be exercised in its entirety with the same.



2) If a credit agreement gives the consumer freedom in General with regard to drawdown, but also – among the various options available for drawdown – establishes a limitation with regard to the amount and period of time, the amount of credit shall be deemed to be exercised on the earliest of the date provided for in the credit agreement and in accordance with these restrictions for drawdown.



3) If a credit agreement provides different ways of drawdown with different charges or borrowing rates, the total amount of credit shall be deemed to be drawn down at the highest cost and borrowing rate applied to the possibility of drawdown, most frequently used during the type of credit agreement.



4) in the case of an overdraft facility the total amount of credit shall be deemed to be drawn down in full and for the full duration of the credit agreement. If case duration is not known, calculate the annual percentage rate of charge on the assumption that the duration of the credit is three months.



5) in the case of an open-end credit agreement except for a line of credit, it is assumed that:



(a)) credit is made available for a period of one year from the date of the first drawdown, and that the final payment made by the consumer meets the receivable in the form of capital, interest and any other costs.



(b)) the capital repaid by the consumer in equal monthly payments, the first time one month after the date of the first drawdown. In cases where the capital, however, must be paid in its entirety in the form of a single payment in each payment period, the consumer's subsequent drawdown and repayment of the entire capital is assumed to be in a period of one year. Interest and other charges levied in accordance with these drawdowns and repayments of capital and as laid down in the credit agreement.





In this issue for the purposes of an open-end credit agreement a credit agreement without fixed maturity, which includes credits, which must be repaid in full before or after a period of time, but which, after the repayment is available for further exploitation.



6) in the case of credit agreements other than bank overdrafts and unlimited credits as covered in assumptions in nr. 4 and 5:



(a)) in case the date or amount of the repayment of capital, which must be carried out by the consumer, cannot be determined, it is assumed that the repayment will take place at the earliest date that is specified in the credit agreement, and relates to the lowest amount, as it allows for.



(b)) if the date of conclusion of the credit agreement is not known, it is assumed the time of the first drawdown to be the date, which gives the shortest interval between that date and the date of the first payment to be made by the consumer.



7) If the date or the amount of payment to be made by the consumer, cannot be established on the basis of the credit agreement or the assumptions listed in point 1. 4, 5 or 6, it is assumed that payments are made in accordance with the vendor required dates and conditions, and if these are unknown, there must



(a)) paid interest rates along with capital tilbagebetalingerne,



(b)) paid costs other than interest in the form of a lump sum at the time of conclusion of the credit agreement,



(c)) paid costs other than interest rates expressed as more payments at regular intervals, starting with the date of the first repayment of capital, and if the amount of such payments is not known, they are assumed to be equal amounts, and



(d)) the final payment meets the receivable in the form of capital, interest and any other costs.



8) If not yet agreed a ceiling for the credit shall be deemed to be the ceiling to be on 11,200 kr.



9) where in a limited period of time or for a limited amount of offered different borrowing rates and costs, shall be deemed to be borrowing rate and the cost of being the highest possible throughout the duration of the credit agreement.



10) in connection with credit agreements for which a fixed borrowing rate is agreed in the first period, by which a new borrowing rate is fixed, which is then periodically adapted in relation to an agreed indicator, calculate the annual percentage rate of charge on the assumption that as of the end of the fixed borrowing rate period, the borrowing rate is the same as the borrowing rate at the time of calculation of the annual percentage rate based on the value of the agreed indicator at that time. '

Official notes 1) Act contains provisions that implement Commission directive 2011/90/EUROPEAN UNION of 14. November 2011 on the amendment of part II of annex I to the European Parliament and of the Council Directive 2008/48/EC as regards the additional assumptions to use in calculating the annual percentage rate of charge, the official journal 2011, nr. L 296, page 35.