JOHN CARLOS I

KING OF SPAIN

To all who present it and understand,

Sabed: That the General Courts have approved and I come to sanction the following law.

INDEX

Chapter I. General provisions.

Article 1. Consumer credit agreement.

Article 2. Parts of the credit agreement.

Article 3. Excluded contracts.

Article 4. Partial application of the Law.

Article 5. Mandatory nature of the rules.

Article 6. Economic content of the contract.

Article 7. Requirements for the information.

Chapter II. Information and actions prior to the conclusion of the credit agreement.

Article 8. Binding offer.

Article 9. Basic information to be included in the advertising.

Article 10. Pre-contract information.

Article 11. Pre-contract consumer assistance.

Article 12. Information prior to certain credit agreements.

Article 13. Exceptions to pre-contractual information requirements.

Article 14. Obligation to assess the solvency of the consumer.

Chapter III. File access.

Article 15. File access.

Chapter IV. Information and rights in relation to credit agreements.

Article 16. Form and content of contracts.

Article 17. Information to be mentioned in credit agreements in the form of the possibility of discovery.

Article 18. Information about the debtor type.

Article 19. Obligation of information related to credit agreements in the form of the possibility of discovery.

Article 20. Unspoken unspoken.

Article 21. Penalty for missing form and default of mandatory clauses.

Article 22. Modification of the total cost of credit.

Article 23. Liquidations to be made for the ineffectiveness or resolution of the procurement contract.

Article 24. Currency obligations.

Article 25. Undue recovery.

Article 26. Effectiveness of consumer contracts linked to obtaining a credit.

Article 27. Credit contracts of indefinite duration.

Article 28. Right of withdrawal.

Article 29. Linked credit agreements. Exercisable rights.

Article 30. Early repayment.

Article 31. Assignment of rights.

Chapter V. Equivalent annual rate.

Article 32. Calculation of the equivalent annual fee.

Chapter VI. Credit intermediaries.

Article 33. Obligations of credit intermediaries with respect to consumers.

Chapter VII. Sanctioning regime.

Article 34. Administrative infringements and penalties.

Chapter VIII. Regime of impeachments.

Article 35. Extra-judicial claim.

Article 36. Cessation action.

Transitional disposition. Pre-existing contracts.

Repeal provision.

Final disposition first. Sectoral regulations.

Final disposition second. Amendment of Law 28/1998 of 13 July on the sale of movable property in instalments.

Final disposition third. Amendment of Law 1/2000 of 7 January of Civil Procedure.

Final disposition fourth. Amendment of the assumptions for the calculation of the equivalent annual fee.

Final disposition fifth. Competence title.

Final disposition sixth. Incorporation of European Union law.

Final disposition seventh. Entry into force.

Annex I. Equivalent annual rate.

Annex II. European standard information on consumer credit.

Annex III. European information on consumer credit.

PREAMBLE

I

Over the last three decades, the consumer credit market has experienced significant development, while its agents and financial techniques have evolved very quickly.

first Community work on consumer credit was basically pursuing the harmonization of distortions of competition in the common market, although the social protection of the legislation was also addressed. credit. As a result of this work, the Council Directive 87 /102/EEC of 22 December 1986 on the approximation of the laws, regulations and administrative provisions of the Member States relating to consumer credit, which was adopted by the Council, was amended by Council Directive 90/88/EEC of 22 February 1990, in particular as regards the mathematical formula and the composition of the annual percentage of financial charges.

As early as 1995, the Commission, in its report on the implementation of Directive 87 /102/EEC, proposes to amend this rule in order to adapt it to the development of financial techniques and to raise its level of protection for the the average of the Member States. To this end, it carries out a broad consultation with stakeholders.

The reports and consultations on the application of this Community rule show that there are substantial differences between the laws of the Member States of the European Union in the field of consumer credit, In addition to the use of the consumer protection mechanisms provided for in the Directive, they use others according to the different national legal or economic situations. These differences hamper the functioning of the internal market and reduce the possibilities for consumers to benefit directly from credit for cross-border consumption.

In addition to these considerations of homogeneity of national economic content legislation, it is necessary to develop a more transparent and efficient credit market within the European space to promote activities cross-border, and to ensure consumer confidence through mechanisms that provide them with a sufficient degree of protection.

Since there are many changes to be made to Directive 87 /102/EEC as a result of the development of the consumer credit sector, and in the interests of clarity of Community legislation, it has been adopted repeal that Directive and replace it by Directive 2008 /48/EC of the European Parliament and of the Council of 23 April 2008 on consumer credit agreements and repealing Council Directive 87 /102/EEC.

II

In the wording of this Law, which aims to incorporate Directive 2008 /48/EC into national law and repeals the Law 7/1995 of 23 March of Credit for Consumption, the following two have been determined. criteria:

On the one hand, the vocation of the Directive, which imposes total harmonisation, must be respected, so that the Member States cannot maintain or introduce national provisions other than harmonised provisions. (a) in this European standard, while such a restriction does not prevent national rules from being maintained or adopted in the absence of harmonised provisions. The European standard information on consumer credit and, in particular, the equivalent annual rate corresponding to credit, calculated in the same way across the European Union, endow the credit market with greater transparency, the different offers can be compared and the possibilities for consumers to benefit from cross-border consumption can be increased.

It is also intended to preserve those provisions of our national law which offer greater protection in the area of consumer credit without being required by Community legislation. That is why this Law sets out the provisions of Law 7/1995 relating to the binding offer, the effectiveness of contracts linked to obtaining a credit, improper collection and penalty for lack of form and default of clauses. mandatory in the contracts. It also maintains the partial application of the Law to credit agreements, the total amount of which is greater than EUR 75,000.

III

The Act applies to those contracts where the lender grants or undertakes to grant a consumer a credit under the form of deferred payment, loan, opening of credit or any equivalent means of financing. The consideration of consumers is limited to natural persons acting in an area outside their business or professional activity.

The delimitation of the objective scope of this Law, as well as the definition of the concepts used in it, respond to the interest of adapting the norm to the constant evolution of the financial techniques and the whether its provisions can accommodate future forms of credit.

In order to improve consumer information, the Law has an impact on the actions prior to the hiring of the credit. In particular, it lays down detailed rules for the basic information to be included in advertising and commercial communications and in the notices of tenders which are displayed in commercial premises where a credit or intermediary is offered. for the conclusion of a credit agreement.

It also establishes a list of the characteristics of the credit on which the creditor, and in his case the credit intermediary, must inform the consumer before assuming any obligation under a contract or credit offer, pre-contractual information to be provided on a standard form in accordance with the terms of the Directive. In addition, it obliges lenders, and in their case the intermediaries, to assist the consumer in the decision on the credit agreement which, among the proposed products, is better suited to their needs and financial situation. This assistance is given in the obligation to explain to the consumer in a personalised manner the characteristics of the products proposed, as well as the relevant pre-contractual information, and to warn him of the risks in the event of default or excessive debt, in order to enable it to understand the impact of the credit agreement on its economic situation.

Particular interest is the introduction of new responsible practices at this stage of the credit relationship, namely the lender's obligation to assess the creditworthiness of the borrower prior to the the conclusion of the credit agreement, for which information obtained by its own means and the information provided by the future borrower, including the consultation of databases, may be used. While the performance of this assessment is always compulsory, its scope is at the discretion of the creditor in the light of the commercial relationship between the creditor and his client. The provisions of this Law are limited to the consumer credit agreement, in accordance with the Directive that is transposed, without prejudice to the sectoral legislation, in particular from Law 2/2011 of 4 March, on Sustainable Economy, which institutions Credit should be observed in respect of the responsibility for the credit and protection of the users of financial services.

In order to guarantee free competition between lenders, the conditions for access to the databases on the creditworthiness of consumers must be the same for all lenders established in the European Union. These databases are governed by the rules of protection of personal data, with the particularity of the right of the applicant of a credit, to which he is denied on the basis of the data consultation, to know immediately and free of the results of the query performed.

The increased demand for consumer information about their rights and obligations is reflected in the regulation of the content of contracts, which is adapted to the specificity of different types of credit agreement.

In the execution phase of the contract, the Law regulates the right of the parties to terminate an indefinite duration contract, as well as the consumer's right to early repayment of the credit and the borrower's position to the transfer of the rights of the lender arising from a credit agreement. While these last two issues are already covered by Law 7/1995, they now have their antecedents in the Directive that is transposed. It also introduces the right of the consumer to withdraw from the credit agreement, in which regulation the criteria governing the exercise of this right in the distance marketing of financial services have been followed.

The mathematical formula for the calculation of the equivalent annual fee is intended to define clearly and completely the total cost of a consumer credit and to make this percentage totally comparable in all the States of the European Union. Enabling the Ministry of Economy and Finance to establish additional assumptions for the calculation of the equivalent annual fee makes it easier to adjust these forecasts to subsequent amendments which the Commission agrees to competencies.

As for the sanctioning regime, the default by credit institutions of the obligations imposed by this Law is sanctioned in accordance with the rules on discipline and intervention of the institutions of the credit. Non-compliance by other natural and legal persons constitutes an infringement on the protection of consumers and users.

While the sanctioning regime is intended to ensure the implementation of the entire law, in order to promote responsible practices in the pre-contract phase, particular emphasis is placed on compliance with the law. obligations relating to pre-contractual information and the assessment of the creditworthiness of the consumer.

The challenge regime opens the way of out-of-court redress for the resolution of disputes between consumers and lenders, as well as credit intermediaries, and incorporates the regulation of cessation actions. in the face of conduct contrary to this Law.

CHAPTER I

General provisions

Article 1. Consumer credit agreement.

1. By the consumer credit agreement a lender grants or undertakes to grant a consumer a credit under the form of deferred payment, loan, opening of credit or any equivalent means of financing.

2. It shall not be considered as a credit agreement for the purposes of this Law to consist of the supply of goods of the same type or the continued provision of services, provided that in the framework of those goods the consumer is entitled to pay for such goods or services in instalments during the period of their duration.

Article 2. Parts of the credit agreement.

1. For the purposes of this Law, the consumer shall be the natural person who, in the contractual relations governed by this Law, acts for purposes which are outside his commercial or professional activity.

2. The creditor is the natural or legal person who grants or undertakes to grant a credit in the course of his business or professional activity.

3. The credit intermediary is the natural or legal person who does not act as a creditor and who in the course of his business or professional activity, against a remuneration which may be of a pecuniary nature or take any other form of agreed economic benefit:

1. º Presenta u offers credit agreements,

2. assists consumers in the pre-processing of credit agreements, other than those referred to in point 1.), or

3. Place credit agreements with consumers on behalf of the lender.

Article 3. Excluded contracts.

Excluded from this Law:

a) Credit agreements secured with real estate mortgage.

(b) Credit contracts whose purpose is to acquire or retain property rights on land or buildings constructed or to be constructed.

(c) Credit contracts the total amount of which is less than EUR 200.

For these purposes, the amount of the same credit shall be understood as the only amount, even if it appears distributed in different contracts concluded between the same parties and for the acquisition of the same good or service, even if the they have been granted by different members of a grouping, whether or not they have legal personality.

(d) leasing or leasing contracts in which no obligation to purchase the object of the contract is established by the lessee or in the contract itself or in another separate contract. An obligation shall be deemed to exist if the creditor has so decided unilaterally.

(e) Credit agreements granted in the form of an undiscovered facility and which have to be repaid within a maximum of one month, without prejudice to the provisions of Article 12 (7) and Article 19.

(f) Credit agreements granted free of interest and without any other type of expenditure, and credit agreements under which the credit is to be repaid within the maximum period of three months and for which only have to pay minimum expenses. For these purposes, the minimum expenditure shall not exceed, as a whole, excluding taxes, of 1% of the total amount of the credit, as defined in Article 6 (c).

In the related contracts referred to in Article 29 of this Law, unless otherwise agreed, the creditor and the supplier of goods or services shall be presumed to have paid a remuneration for which the creditor shall pay the quantity for the conclusion of the loan agreement. In such a case, the consumer credit agreement shall not be considered as free.

(g) Credit contracts awarded by an employer to its employees in the subsidiary and interest-free or whose annual equivalent rates are lower than those on the market, and which are not offered to the general public.

For these purposes, equivalent annual rates lower than those of the market shall be understood to be lower than the legal interest rate of the money.

(h) Credit agreements concluded with investment firms or credit institutions in order to enable an investor to carry out an operation relating to one or more of the listed financial instruments in Article 2 of the Law 24/1988 of 28 July 1988 on the Securities Market, where the investment firm or the credit institution granting the credit is involved in the transaction.

i) Credit contracts that are the result of an agreement reached in court.

j) Credit contracts relating to deferred payment, without interest, fees or other charges, of an existing debt.

k) Credit contracts for which the consumer is asked to deliver a good to the lender as a security guarantee and where the consumer's responsibility is strictly limited to that good.

Article 4. Partial application of the Law.

1. It is understood that there is a possibility of finding out in that explicit credit agreement whereby a lender makes available to a consumer funds that exceed the balance in the account in the consumer's view.

In the case of contracts where the credit is granted in the form of a possibility to be discovered and to be repaid on request or within the maximum period of three months, only Articles 1 to 7, paragraph 1 and Article 9 (2) (a) and (b), Articles 12 to 15, Article 16 (1) and (4) and Articles 17, 19, 29 and 31 to 36.

2. Unspoken unspoken was found to be tacitly accepted by means of which a creditor makes available to a consumer funds which exceed the balance of the account in the view of the consumer or the possibility of being discovered.

In the case of tacit overdrafts, only Articles 1 to 7, 20 and 34 to 36 shall apply.

3. It is considered to be an unspoken one on the limits agreed on by credit that is tacitly accepted by means of which a creditor makes available to a consumer funds that exceed the limit agreed in the credit account of the consumer.

In the case of contracts for tacit awards on the limits agreed upon in credit, only Articles 1 to 7, 20 and 34 to 36 shall apply.

4. To credit agreements which provide that the creditor and the consumer may enter into arrangements concerning the deferred payment or the methods of reimbursement where the consumer is already in a situation of non-payment of the initial credit agreement, provided that such agreements can avoid the possibility of legal proceedings relating to non-payment and the consumer is not subject to less favourable conditions than those laid down in the initial credit agreement, only the Articles 1 to 7, 9, 12, 13 and 15, Article 16 (1), points (a) to (i), (l) and (r) of paragraph 2 of the Article 16, Article 16 (4), Articles 18, 20, 27 and 30 and Articles 32 to 36.

However, if the contract falls within the scope of paragraph 1 of this Article, only the provisions provided for in that paragraph shall apply.

5. In credit agreements the total amount of which is greater than EUR 75,000, only Articles 1 to 11, 14, 15 and 32 to 36 shall apply.

Article 5. Mandatory nature of the rules.

1. Consumers will not be able to waive the rights recognized in this Law.

2. The waiver of the rights recognised by this Law to consumers and the acts contrary to it are null and void. Acts committed in law fraud shall be sanctioned as such in accordance with the provisions of Article 6 of the Civil Code.

3. The consumer protection rules contained in this Law will be applicable not only when the corresponding credit agreement is governed by Spanish legislation or otherwise it will be applicable, but also when the the law chosen by the parties to govern the contract is that of a third State, provided that the contract has a close link with the territory of a Member State of the European Economic Area.

It shall be understood, in particular, that there is a close link when the creditor or the credit intermediary exercises its activities in one or more Member States of the European Economic Area or by any means of (a) the publication or communication of such activities to one or more Member States and the credit agreement shall be within the framework of those activities.

Article 6. Economic content of the contract.

For the purposes of this Act it is understood by:

(a) Total cost of credit to the consumer: all expenses, including interest, fees, taxes and any other expenses that the consumer is required to pay in connection with the credit agreement known to the lender, with the exception of notary expenses. The cost of ancillary services related to the credit agreement, in particular insurance premiums, is also included in this concept if the obtaining of the credit under the conditions offered is conditional on the conclusion of the service contract.

b) Total amount owed by the consumer: the sum of the total amount of the credit plus the total cost of the credit to the consumer.

(c) Total amount of credit: the maximum amount or the sum of all amounts made available to the consumer under a credit agreement.

(d) Equivalent annual rate: the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of the credit granted, plus the costs referred to in Article 32 (2), if applicable.

e) Debtor rate: the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of the credit used.

(f) Fixed borrowing rate: the borrowing rate agreed by the creditor and the consumer in the credit agreement for the total duration of the credit agreement or for partial periods, which is fixed using a specific fixed percentage. If the credit agreement does not establish all the fixed borrowing rates, the fixed borrowing rate shall be deemed to be established only for the partial periods for which the debtor rates are established exclusively by a fixed percentage specified when the credit agreement was concluded.

Article 7. Requirements for the information.

1. The information which under this Law must be provided to the consumer, either prior to the contract, during its lifetime or for extinction, shall be on paper or on any other durable medium. Durable medium means any instrument that allows the consumer to keep the information that is personally transmitted to him so that in the future he can easily retrieve it for a period of time adapted to the ends of the said consumer. information, allowing the identical reproduction of the stored information.

2. Failure to comply with the requirements relating to prior information and to the provision of information referred to in Articles 10 and 12 shall result in the cancellation of the contract. In case the performance of the contract is maintained, it will be integrated as provided for in the recast of the General Law for the Defense of Consumers and Users and other complementary laws, approved by Royal Legislative Decree 1/2007 of 16 November and other applicable rules.

3. The provisions of this Law, in particular Articles 10 and 12, shall be without prejudice to the necessary compliance with the obligations of information laid down in Organic Law 15/1999 of 13 December 1999 on the Protection of Data Personal character, and its development provisions.

CHAPTER II

Information and performances prior to the conclusion of the credit agreement

Article 8. Binding offer.

The creditor who offers a credit to a consumer will be obliged to deliver before the conclusion of the contract, if the consumer so requests, a document with all the credit conditions in terms identical to the in Article 10 for information prior to the contract, as a binding offer to be maintained for a minimum period of 14 calendar days from delivery, except where circumstances are extraordinary or not attributable to it.

If this offer is made at the same time as the information prior to the contract provided for in Article 10 is communicated, it shall be provided to the consumer in a separate document which may be attached to the European Standard Information on consumer credit.

Article 9. Basic information to be included in the advertising.

1. The basic information set out in this Article shall be included in advertising and commercial communications, as well as in advertisements and offers displayed in commercial premises, in which a credit or intermediation is offered for the conclusion of a credit agreement, provided that they indicate the interest rate or any figures related to the cost of the credit to the consumer.

2. The basic information will specify the following elements in a clear, concise and prominent way using a representative example:

a) The fixed or variable borrowing rate, as well as the surcharges included in the total cost of the credit to the consumer.

b) The total amount of the credit.

(c) The equivalent annual fee, except in the case of contracts where the credit is granted in the form of a possibility to be discovered and which are to be repaid on request or within three months, indicated in the second Article 4 (1), paragraph 1

paragraph 1.

d) Where appropriate, the duration of the credit agreement.

e) In the case of claims in the form of deferred payment of a particular good or service, the spot price and the amount of the possible advances.

(f) Where applicable, the total amount due by the consumer and the amount of the instalments.

Basic information must be published with a letter that is readable and with an appropriate print contrast.

3. Where the granting of the credit is conditional on the conditions offered for the conclusion of a contract relating to an ancillary service linked to the credit agreement, in particular insurance, and the cost of that service cannot be determined This condition must be clearly stated in a clear, concise and prominent manner, together with the equivalent annual rate.

Article 10. Pre-contract information.

1. The creditor and, where appropriate, the credit intermediary must provide the consumer free of charge, in good time and before the consumer assumes any obligation under a contract or credit offer on the basis of the conditions of the credit offered by the creditor and, where appropriate, the preferences expressed and the information provided by the consumer, the information required to compare the various offers and to take an informed decision on the subscription of a credit agreement.

2. This information, on paper or on any other durable medium, shall be provided through the European Standard Information on Consumer Credit set out in Annex II.

3. This information must specify:

a) The type of credit.

(b) The identity and the registered office of the creditor, as well as the identity and the registered office of the credit intermediary involved.

c) The total amount of the credit and the conditions governing the provision of funds.

d) The duration of the credit agreement.

e) In case of claims in the form of deferred payment for a good or service and related credit agreements, the product or service and its spot price.

(f) the borrowing rate and the conditions of application of that rate, and, if available, the rates or reference rates applicable to the initial borrowing rate, as well as the periods, conditions and procedures for variation of the type debtor.

If different types of debtors apply in different circumstances, the above information for all applicable types.

g) The equivalent annual rate and the total amount owed by the consumer, illustrated by a representative example that includes all the assumptions used to calculate that rate.

When the consumer has informed the lender about one or more components of his preferred credit, such as the duration of the credit agreement and its total amount, the lender must take into account the components.

If the credit agreement provides for different forms of arrangement of funds with different rates or types of loans, and the lender is concerned with the assumption referred to in Part II (b) of Annex I, it shall indicate that, for that type of credit agreement, the equivalent annual rate could be higher with other mechanisms for the provision of funds.

(h) The amount, number and periodicity of the payments to be made by the consumer and, where appropriate, the order in which the payments are to be allocated to different outstanding balances subject to different borrowing rates for the purposes of reimbursement.

(i) Where applicable, the maintenance costs of one or more accounts, if necessary to record at the same time the payment and disposal operations, unless the opening of the account is optional, relating to the use of a means of payment enabling the payment and disposal operations to be carried out at the same time, as well as any expenditure arising from the credit agreement and the conditions under which such expenditure may be modified.

j) Where appropriate, the existence of costs owed to the notary by the consumer when signing the credit agreement.

k) The ancillary services to the credit agreement, in particular insurance, when obtaining the credit or obtaining it under the conditions offered are conditional on the subscription of the ancillary service. The conditions which would alternatively apply to the consumer credit agreement should also be provided if the ancillary services and, in particular, insurance policies are not contracted.

(l) The interest rate of late payment, as well as the arrangements for its adaptation and, where applicable, non-payment expenses.

m) A warning about consequences in case of default.

n) Where applicable, the required warranties.

o) The existence or absence of the right of withdrawal.

p) The right of early repayment and, where applicable, information on the creditor's right to compensation and on the manner in which such compensation will be determined in accordance with Article 30.

(q) The right of the consumer to be informed immediately and free of the outcome of the consultation of a database for the assessment of its solvency, in accordance with Article 15 (2

.

r) The right of the consumer to receive a copy of the draft credit agreement free of charge, unless at the time of the application the creditor is not willing to conclude the credit agreement with the consumer.

s) Where appropriate, the period of time during which the lender is bound by pre-contractual information.

4. Any additional information that the lender may communicate to the consumer will be provided in a separate document which may be attached to the European Standard Information on Consumer Credit.

5. It is considered that the creditor has complied with the information requirements of paragraphs 1, 2 and 3 of this Article and paragraphs 1 and 2 of Article 7 of Law 22/2007 of 11 July 2007 on distance marketing of services (a) financial support for consumers, provided the European standard information on consumer credit is provided.

6. In the case of communication via voice telephony referred to in Law 22/2007 of 11 July 2007 on the distance marketing of financial services intended for consumers, the description of the main characteristics of the financial service shall include at least the elements referred to in points (c), (d), (e), (f), (h) and (k) of paragraph 3 of this Article, together with the equivalent annual rate illustrated by a representative example and the total amount owed by the consumer.

7. If the contract has been concluded, at the request of the consumer, using a means of distance communication which does not make it possible to provide the information provided for in paragraph 3, in particular in the case referred to in paragraph 6, the creditor provide the consumer with all pre-contractual information using the European Standard Information on Consumer Credit form immediately after the conclusion of the contract.

8. In addition to the European Standardised Information on Consumer Credit, a copy of the draft credit agreement shall be made available to the consumer free of charge, unless the creditor is not willing, at the time of the request, to the consumer. request, to conclude the credit agreement with the consumer.

9. In the case of credit agreements in which the payments made by the consumer do not produce a corresponding amortisation of the total amount of the credit, but they serve to reconstitute the capital in the conditions and periods laid down in the credit agreement or in an ancillary contract, the pre-contractual information must also include a clear and concise statement that such contracts do not provide for a guarantee of reimbursement of the total amount of the credit that has been provided under the contract, unless such security is granted.

Article 11. Pre-contract consumer assistance.

Lenders and, where appropriate, credit intermediaries shall provide the consumer with appropriate explanations on an individual basis so that the consumer can assess whether the proposed credit agreement is in line with his or her interests. needs and its financial situation, if necessary by explaining the pre-contractual information, the essential characteristics of the proposed products and the specific effects they may have on the consumer, including the consequences in the case of default by the same party.

Article 12. Information prior to certain credit agreements.

1. The creditor and, where appropriate, the credit intermediary shall provide the consumer free of charge, in good time and before the consumer assumes any obligation under the credit agreement or an offer relating to the credit intermediary. credit agreements referred to in the second subparagraph of Article 4 (1) and Article 4 (4), on the basis of the conditions of credit offered by the creditor and, where appropriate, of the preferences expressed by the consumer and the information provided by it, the information required to compare the various offers and to adopt a informed decision on the subscription of a credit agreement.

2. This information must specify:

a) The type of credit.

(b) the identity and registered office of the creditor, as well as, where applicable, the identity and the registered office of the credit intermediary involved.

c) The total amount of the credit.

d) The duration of the credit agreement.

(e) the borrowing rate, the conditions of application of that rate, the indices or reference rates applicable to the initial borrowing rate, the surcharges applicable from the subscription of the credit agreement and, where appropriate, the conditions under which the which may be modified.

f) The conditions and procedure for terminating the credit agreement.

(g) Where the credit agreements referred to in the second subparagraph of Article 4 (1) are provided for, an indication that the consumer may be required to repay the entire amount of the credit in question. any time.

(h) The interest rate of late payment, as well as the modalities for its adaptation and, where applicable, non-payment expenses.

(i) The right of the consumer to be informed immediately and free of the outcome of the consultation of a database for the assessment of its solvency, in accordance with Article 15 (2).

(j) In the credit agreements referred to in Article 4 (1), the expenditure applicable from the time of the conclusion of such contracts and, where appropriate, the conditions under which such expenditure may be amended.

k) Where applicable, the period of time during which the lender is bound by pre-contractual information.

3. This information shall be provided on paper or on any other durable medium, and shall be equally prominent. It may be provided through the European Standard Information on Consumer Credit set out in Annex III.

4. The creditor shall be deemed to have complied with the information requirements of the preceding paragraphs and in Article 7 (1) and (2) of Law 22/2007 of 11 July 2007 on the distance marketing of financial services intended for consumers, if it has provided the European standard information on consumer credit.

5. In the case of credit agreements referred to in Article 4 (4), the information provided to the consumer in accordance with paragraphs 1 and 2 of this Article shall also include:

(a) the equivalent annual rate illustrated by a representative example that mentions all the assumptions used to calculate it;

(b) the amount, number and periodicity of the payments to be made by the consumer and, where applicable, the order in which payments are to be allocated to different outstanding balances subject to different borrowing rates for the purposes of reimbursement, and

(c) the right of early repayment and, where applicable, information on the creditor's right to compensation and on the manner in which such compensation will be determined.

However, if the credit agreement is also within the scope of the second subparagraph of Article 4 (1), only the provisions referred to in paragraphs 1 and 2 of this Article shall apply. Article.

6. In the case of voice telephony communications, and where the consumer requests to have the possibility of being discovered with immediate effect, the description of the main features of the financial service shall include at least:

(a) For the credit agreements referred to in the second subparagraph of Article 4 (1), the elements referred to in points (c), (e) and (g) of paragraph 2 of this Article; and

b) for the credit agreements referred to in Article 4 (4), the elements referred to in points (c) and (e) of paragraph 2 of this Article, the element referred to in paragraph 5 (a) of this Article and the specification of the duration of the credit agreement.

7. In the case of credit agreements granted in the form of a facility of discovery and which are to be repaid within a maximum of one month, the description of the main characteristics of the financial service shall include at least the referred to in points (c), (e) and (g) of paragraph 2.

8. In addition to the information referred to in paragraphs 1 to 6 of this Article, a copy of the draft credit agreement containing the information referred to in Article 16 shall be made available to the consumer upon request, where the latter is applicable.

The above paragraph shall not apply where the creditor is not willing, at the time of the application, to conclude the credit agreement with the consumer.

9. Where the contract has been concluded, at the request of the consumer, using a means of distance communication which does not make it possible to provide the information provided for in paragraphs 1, 2 and 5, including the cases referred to in paragraph 6, consider that the creditor has fulfilled its obligations under paragraphs 1 and 5 if, immediately after the conclusion of the credit agreement, the consumer is provided with the contractual information in accordance with Article 16, in so far as where applicable.

10. If the creditor links the obtaining of the credit under the conditions offered by the contracting of ancillary services, in particular an insurance contract, it must be informed of this circumstance and of its cost, as well as of the conditions which alternatively they would apply to the credit agreement if the ancillary services were not contracted, and in particular the insurance contract.

Article 13. Exceptions to pre-contractual information requirements.

Articles 10, 11 and 12 shall not apply to suppliers of goods or services which only act as credit intermediaries in the alternative, without prejudice to the obligations of the creditor to ensure that the consumer receives the pre-contractual information and assistance referred to in those Articles and without which a consumer credit agreement cannot be formalised.

For the purposes of this Article, suppliers of goods and services are considered to act as credit intermediaries in the alternative if their activity as intermediaries does not constitute the main object of their activity. business, business or professional.

Article 14. Obligation to assess the solvency of the consumer.

1. The creditor shall, before the credit agreement is concluded, assess the creditworthiness of the consumer, on the basis of sufficient information obtained by the means appropriate to this end, including information provided by the consumer, at the request of the creditor or intermediary in the granting of credit. For the same purpose, you will be able to consult the credit and credit solvency files, as referred to in Article 29 of the Organic Law 15/1999, of December 13, of Protection of Personal Data, in terms and with the requirements and guarantees provided for in that Organic Law and its implementing legislation.

In the case of credit institutions, the assessment of the consumer's creditworthiness shall also take into account the specific rules on risk management and internal control applicable to them in accordance with their legislation. specifies.

2. If the parties agree to amend the total amount of the credit after the conclusion of the credit agreement, the creditor shall update the financial information available to the consumer and assess its solvency before increasing the amount of the credit. significantly the total amount of the credit.

CHAPTER III

File access

Article 15. File access.

1. The files on credit worthiness and credit are subject to the Organic Law 15/1999, of December 13, of Protection of Personal Data, to the rules that develop it and to the established in this article.

2. If the refusal of a credit application is based on the consultation of a file, the creditor shall inform the consumer immediately and free of the results of such consultation and of the details of the database consulted.

3. The information referred to in the preceding paragraph shall not be made available to the consumer in cases where a law or a European Union rule of direct application so provides, or is contrary to public policy or security objectives. public.

4. Those responsible for the files referred to in this Article shall provide the creditors of the other Member States of the European Union with access to the databases for the assessment of the solvency of consumers, under conditions of non-discriminatory with respect to Spanish lenders.

CHAPTER IV

Information and rights in relation to credit agreements

Article 16. Form and content of contracts.

1. Credit agreements under this Law shall be entered in writing on paper or on other durable medium and shall be drawn up with a letter which is legible and with an appropriate print contrast.

All contracting parties will receive a copy of the credit agreement.

2. In addition to the essential terms of the contract, the document shall specify, in a clear and concise manner, the following data:

a) The type of credit.

(b) The identity and registered office of the contracting parties, as well as, where appropriate, the identity and the registered office of the credit intermediary.

c) The duration of the credit agreement.

d) The total amount of the credit and the terms of its disposition.

e) In the case of credits in the form of deferred payment of a good or service or in the case of linked credit agreements, the product or service and its spot price.

(f) the borrowing rate and the conditions of application of that rate and, if available, the rates or reference rates applicable to the initial borrowing rate, as well as the periods, conditions and procedures for variation of the type debtor and, if different types of debtors apply in different circumstances, the above information for all applicable types.

g) The equivalent annual fee and the total amount owed by the consumer, calculated at the time of the subscription of the credit agreement. All assumptions used to calculate this percentage shall be mentioned.

(h) The amount, number and periodicity of the payments to be made by the consumer and, where applicable, the order in which payments are to be allocated to different outstanding balances subject to different borrowing rates for the purposes of reimbursement.

(i) In the event of the repayment of the capital of a fixed-duration credit agreement, the consumer's right to receive an account statement, in the form of a redemption table, upon request and at any time the length of the entire duration of the credit agreement.

The redemption table will indicate the payments due, as well as the periods and payment terms of such amounts. This table shall contain a breakdown of each periodic repayment showing the depreciation of the capital, interest calculated on the basis of the borrowing rate and, where applicable, the additional costs.

Where the interest rate is not fixed or the additional costs may vary under the credit agreement, the depreciation table shall clearly and concisely include the indication that the data in the table shall only be valid. until the next modification of the borrowing rate or the additional costs under the credit agreement.

(j) If surcharges and interest without capital amortization are to be paid, a ratio of the periods and conditions of payment of the debtor interest and the recurring and non-recurring related expenses.

(k) Where applicable, the maintenance costs of one or more accounts recording both payment transactions and the provision of the credit, unless the opening of the account is optional, the costs relating to the use of a means of payment enabling both payment transactions and the provision of the credit to be made, as well as the other costs arising from the credit agreement and the conditions under which those costs may be modified.

(l) The interest rate of late payment applicable at the time of the conclusion of the credit agreement and the procedures for its adjustment and, where applicable, non-payment expenses.

m) The consequences in case of default.

n) Where applicable, a statement that establishes the notary expense credit.

(o) Guarantees and insurance to which the granting of the credit is conditional, the contracting of which shall be in accordance with the specific legislation of the credit institutions.

p) The existence or absence of the right of withdrawal and the period and other conditions for exercising it, including information regarding the consumer's obligation to pay the willing capital and the interest in accordance with the Article 28 (2) (b) and the amount of the daily interest.

q) Information on the rights deriving from Article 29, as well as the conditions for the exercise of such rights.

r) The right of early repayment, the applicable procedure, as well as in its case information on the lender's right to compensation and on the manner in which that compensation will be determined. For the case of early repayment and in case the credit agreement has a linked insurance, the borrower's right to the return of the premium not consumed in the terms that the policy establishes.

s) The procedure to be followed to exercise the right to terminate the credit agreement.

t) The existence or not of out-of-court complaints and redress procedures for the consumer, and, if they exist, the way the consumer can access them.

u) Other terms of the contract, where applicable.

v) Where appropriate, name and address of the competent supervisory authority.

3. In the case referred to in point (i) of the preceding paragraph, the creditor shall make available to the consumer free of charge an account statement in the form of a redemption table at any time throughout the duration of the credit agreement.

4. In the case of credit agreements in which the payments made by the consumer do not produce a corresponding amortisation of the total amount of the credit, but they serve to reconstitute the capital in the conditions and periods laid down in the credit agreement or in an ancillary contract, the contractual information required under paragraph 2 shall include a clear and concise statement that such contracts do not provide for a guarantee of reimbursement of the total amount of the credit it has been disposed of under the credit agreement, unless such security is granted.

Article 17. Information to be mentioned in credit agreements in the form of the possibility of discovery.

The credit agreements in the form of the possibility of discovery referred to in the second subparagraph of Article 4 (1) shall be drawn up with a letter which is legible and with an appropriate print contrast, The following data shall be clearly and concisely specified:

a) The type of credit.

(b) The identity and registered office of the contracting parties, as well as, where appropriate, the identity and the registered office of the credit intermediary.

c) The duration of the credit agreement.

d) The total amount of the credit and the terms of its disposition.

(e) the borrowing rate and the conditions of application of that rate and, if available, the rates or reference rates applicable to the initial borrowing rate, as well as the periods, conditions and procedures for variation of the type debtor and, if different types of debtors apply in different circumstances, the above information for all applicable types.

(f) The total cost of the credit to the consumer, calculated at the time of the subscription of the credit agreement and in accordance with Article 6 (a).

g) The indication that the consumer may be required to repay the entire amount of the credit at any time.

h) The procedure to be followed to exercise the right of withdrawal from the credit agreement.

(i) Information on the expenditure applicable from the time of the conclusion of such credit agreements and, where appropriate, the conditions under which such expenditure may be modified.

Article 18. Information about the debtor type.

1. The creditor shall inform the consumer of any modification of the borrowing rate before the change takes effect. The information shall detail the amount of the payments after the entry into force of the new borrowing rate, and, if the number or frequency of payments is changed, the relevant details.

2. However, in the credit agreement the parties may agree that the information referred to in paragraph 1 shall be provided to the consumer on a regular basis in cases where the modification of the borrowing rate is due to a modification of a type of reference, provided that the new reference rate is officially published by the Ministry of Economy and Finance or by the Banco de España, and information on this is also available at the premises of the lender.

Article 19. Obligation of information related to credit agreements in the form of the possibility of discovery.

1. If a credit agreement is granted in the form of a possibility to be discovered, the creditor shall also inform the consumer, at least quarterly, by means of an extract of paper account or any other durable medium, of the next:

a) The precise period to which the account statement refers.

b) The amounts that are disposed of and the disposition date.

c) The date and balance of the previous extract.

d) The new balance.

e) The date and amount of payments made by the consumer.

f) The applied debtor type.

g) The surcharges that have been applied.

h) Where appropriate, the minimum amount to be paid.

2. In addition, the consumer shall be informed of the increases in the borrowing rate or of the surcharges to be paid before the amendments in question enter into force.

However, the parties may agree in the credit agreement that the information on changes in the borrowing rate is provided in the manner set out in paragraph 1 in cases where the change in the borrowing rate is a change in a reference rate, provided that the new reference rate is officially published by the Ministry of Economy and Finance or by the Banco de España, and the information on this is also available in the premises of the lender.

Article 20. Unspoken unspoken.

1. In the case of a contract to open an account in the view, where there is a possibility for the consumer to be allowed a tacit discovery, the contract shall contain the information referred to in Article 12 (2) (e).

2. In addition, the lender will in any case provide that information on a regular basis.

3. In the event of an important unspoken term extending over a period of more than one month, the creditor shall inform the consumer without delay of the following:

a) The unspoken discovered.

b) The amount of unspoken discovered.

c) The debtor type.

d) Of any applicable penalties, expenses, or interest on arrears.

4. In no case may it be applied to the appropriations which are granted in the form of overdrafts referred to in this Article, a rate of interest which results in an annual rate of more than 2,5 times the legal interest of the money.

Article 21. Penalty for missing form and default of mandatory clauses.

1. Failure to comply with the written form referred to in the first subparagraph of Article 16 (1) shall result in the cancellation of the contract.

2. Where the contract document does not contain the reference to the annual rate equivalent to that referred to in Article 16 (2) (g), the consumer's obligation shall be reduced to the payment of the legal interest in the time limits. agreed.

3. Where the contract document does not contain the reference referred to in Article 16 (2) (h), and provided that there is no omission or inaccuracy within the time limit, the consumer's obligation shall be reduced to pay the price to the or the nominal amount of the credit within the agreed time-limits.

In the case of omission or inaccuracy of the deadlines, such payment may not be required from the consumer prior to the termination of the contract.

4. Where the information required by Article 16 (2) and Article 17 is contained in the contract document but is inaccurate, it shall be modulated, on the basis of the damage caused by the consumer, to the consequences. provided for in paragraphs 2 and 3 above.

Article 22. Modification of the total cost of credit.

1. The total cost of the credit may not be modified to the detriment of the consumer unless it is provided for in the mutual agreement of the parties in writing. These modifications shall be in accordance with the following paragraphs.

2. The change in the cost of credit shall be adjusted, upwards or downwards, to that of an objective reference index, without prejudice to the provisions of Article 85.3 of the recast of the General Law for the Defence of Consumers and Users and other complementary laws, approved by Royal Decree Legislative 1/2007 of 16 November.

3. The agreement concluded by the parties shall contain at least the following:

(a) The rights that are contractually corresponding to the parties in order to modify the total cost of the initially agreed credit and the procedure to be adjusted.

b) The differential to be applied, if any, to the benchmark used to determine the new cost.

(c) The identification of the index used or, failing that, a clear definition of the index and the procedure for its calculation. The data used as the basis for the index shall be aggregated in accordance with an objective procedure.

4. Changes in the total cost of credit other than those referred to in Articles 18 and 19 (2) shall be notified by the creditor to the consumer on an individual basis. Such notification, which shall be effected in good time, shall include the detailed calculation, in accordance with the agreed calculation procedure, which gives rise to such a change, and shall indicate the procedure which the consumer may use to claim before the lender in case you disagree with the calculation made.

Article 23. Liquidations to be made for the ineffectiveness or resolution of the procurement contract.

In the case of loans granted for the acquisition of certain goods, where the creditor or the seller recovers the good as a result of the nullity or the resolution of the contracts for the acquisition or financing of such goods. goods, the parties shall return the benefits to each other. In any event, the employer or the creditor to whom the contract is not liable shall be entitled to deduct:

(a) 10 per 100 of the amount of time paid in compensation for the holding of things by the buyer.

b) An amount equal to the initial disbursement for the commercial depreciation of the object. Where this amount is greater than the fifth part of the selling price, the deduction shall be reduced to the latter.

Due to the deterioration of the item sold, if any, the seller may also require the compensation to be provided.

Article 24. Currency obligations.

Where in the acquisition of goods or services the circumstances provided for in Article 29 (1) are met, if the consumer and his guarantor have been required to change by signing in letters of exchange or promissory notes, may object to the holder to whom the above circumstances affect the exceptions based on their relations with the supplier of the goods or services concerned.

Article 25. Undue recovery.

1. Any undue recovery arising from a credit agreement shall immediately become the legal interest. If the contractual interest is higher than the legal interest, the former shall immediately become the first.

2. If the wrongful recovery has been caused by the creditor's intent or negligence, the consumer shall have the right to compensation for the damages caused, which shall in no case be less than the legal interest increased by five points or to the of the contract, if it is superior to the legal interest, increased in turn by five points.

Article 26. Effectiveness of consumer contracts linked to obtaining a credit.

1. The effectiveness of consumer contracts, the object of which is the purchase by a consumer of goods or services, in which the consumer and the supplier have agreed that the payment of the price by the consumer is financed in whole or in part (a) by means of a credit agreement, it shall be conditional upon the effective obtaining of that credit. The agreement in the consumer contract whereby the consumer is obliged to pay cash or other payment formulas shall be void in the event that the intended credit is not obtained.

The clauses in which the supplier requires that the credit for its financing can only be granted by a given lender shall be taken for not.

2. Without prejudice to Article 29, the ineffectiveness of the consumer contract shall also determine the ineffectiveness of the credit agreement intended for its financing, with the effects provided for in Article 23.

3. In any event, the identity of the supplier of the goods or services in the consumer contract and that of the creditor in the credit agreement must be documented, so that each person appears to the consumer as a subject. of the operations related to the respective contracts of which it is a party.

The consumer will have at all times the option of not entering into the credit agreement, making the payment in the form that he agrees with the supplier of the consumer contract.

Article 27. Credit contracts of indefinite duration.

1. The consumer may, at any time, for free and at any time, for the usual procedure or in the same way in which he has concluded it, terminate an indefinite credit agreement unless the parties have agreed to a period of notification. The notice period shall not exceed one month.

2. If this has been agreed in the credit agreement, the creditor may terminate the usual procedure for a credit agreement of indefinite duration giving the consumer a notice of at least two months, notified by document in paper or other durable medium.

3. If this has been agreed in the credit agreement, the creditor may, for objectively justified reasons, end the consumer's right to have an indefinite duration credit agreement.

The creditor shall inform the consumer of the termination of the contract, indicating the reasons for the termination of the contract, by means of a paper or other durable medium, as far as possible before the termination and, at the latest, immediately after it.

The information referred to in the preceding paragraph shall not be communicated where its communication is prohibited by a European Union rule or is contrary to public policy or public security objectives.

4. If a credit ancillary insurance contract has been concluded, the insurance contract shall be extinguished at the same time as the insurance contract and the consumer shall be entitled to reimbursement of the unconsumed premium part.

Article 28. Right of withdrawal.

1. The right of withdrawal of a credit agreement is the right of the consumer to leave the contract concluded without effect, thereby communicating it to the other contracting party within 14 calendar days without the need to indicate the reasons for the contract. without any penalty.

The time limit for exercising the right of withdrawal will be initiated on the date of subscription of the credit agreement or, if later, on the date on which the consumer receives the contractual terms and the information collection in Article 16.

2. The consumer exercising the right of withdrawal shall have the following obligations:

(a) Communicate it to the creditor before the expiry of the period provided for in paragraph 1, in accordance with the information provided by the latter in accordance with Article 16 (2) (p), by means of allowing the constancy of the notification in any way accepted in law.

The time limit shall be deemed to have been respected if the notification has been sent before the expiry of the period, provided that it has been effected by paper or any other durable medium at the disposal of the creditor. and accessible to the.

(b) Pay the creditor the capital and the accrued interest on that capital between the date of the provision of the credit and the date of repayment of the capital, without undue delay and no later than 30 calendar days have sent the notification of withdrawal to the lender.

Interest due shall be calculated on the basis of the agreed borrowing rate.

The lender shall not be entitled to claim to the consumer any other compensation in the event of withdrawal, except compensation for non-reimbursable expenses paid by the lender to the Public Administration.

3. Where a creditor or a third party provides an ancillary service related to the credit agreement on the basis of an agreement between that third party and the creditor, the consumer shall no longer be bound by that ancillary service if exercises its right of withdrawal in respect of the credit agreement in accordance with the provisions of this Article. In the event that this ancillary service is a life insurance contract, the right of withdrawal shall be governed by whatever is applicable in accordance with Article 83.a) of Law 50/1980 of 8 October of the Insurance Contract, and in the rest of cases, the consumer shall be entitled to reimbursement of the unconsumed premium part.

4. If the consumer has the right to withdraw under the above paragraphs, Articles 10 and 11 of Law 22/2007 of 11 July 2007 on the distance marketing of financial services for consumers, or Article 110 of the recast text of the General Law for the Defense of Consumers and Users and other complementary laws, approved by the Royal Legislative Decree 1/2007 of 16 November.

Article 29. Linked credit agreements. Exercisable rights.

1. A linked credit agreement means the one in which the credit contracted serves exclusively to finance a contract relating to the supply of specific goods or to the provision of specific services and both contracts constitute a business unit from a target point of view.

2. If the consumer has exercised his right of withdrawal in respect of a contract for the supply of goods or services wholly or partly financed by a related credit agreement, he shall no longer be bound by the latter contract without penalty for the consumer.

3. The consumer, in addition to being able to exercise the rights which correspond to the supplier of the goods or services acquired by means of a linked credit agreement, may exercise those same rights vis-à-vis the creditor, provided that all of the following requirements are met:

(a) that the goods or services covered by the contract have not been delivered in whole or in part, or are not in accordance with the terms of the contract.

b) That the consumer has sought judicial or extrajudicial, by any means accredited in law, against the supplier and has not obtained the satisfaction to which he is entitled.

Article 30. Early repayment.

1. The consumer may, in full or in part and at any time, liquidate the obligations arising from the credit agreement. In such a case, it shall be entitled to a reduction in the total cost of the credit which includes interest and costs, even if they have already been paid, corresponding to the duration of the contract to elapse.

2. In the event of early repayment of the credit, the creditor shall be entitled to fair and objectively justified compensation for the possible costs directly arising from the early repayment of the credit, provided that the early repayment is produces within a period in which the borrowing rate is fixed.

Such compensation may not exceed 1 per 100 of the amount of the credit repaid in advance if the remaining period between the early repayment and the agreed termination of the credit agreement is greater than one year. If the period does not exceed one year, the compensation may not exceed 0,5 per 100 of the amount of the credit repaid in advance.

3. No compensation may be claimed for early repayment:

(a) If the reimbursement has been made in compliance with an insurance contract intended to guarantee the repayment of the credit.

b) In case of discovered possibility.

c) If the early repayment occurs within a period for which the borrowing rate has not been fixed.

4. If the creditor demonstrates the existence of losses directly incurred as a result of the early repayment of the credit, he may exceptionally claim a higher compensation than that laid down in paragraph 2 of this Article. Article.

If the compensation claimed by the lender exceeds the losses actually incurred, the consumer may demand the corresponding reduction.

In this case, the losses will consist of applying to the anticipated amount the difference between the interest rate initially agreed and the interest rate at which the lender can lend the amount of the early repayment in the the market at the time of such reimbursement, also taking into account the impact of early repayment on administrative expenditure. For these purposes, the market rate shall be considered to be the Euribor within the period closest to the maturity date of the loan.

5. No compensation shall exceed the amount of interest that the consumer would have paid during the period of time between the early repayment and the agreed end date of the credit agreement.

6. Early repayment of claims with insurance linked to the repayment of the credit or to the subscription of which the granting of the credit or its grant is conditional on the conditions offered shall give rise to the repayment by the the consumer insurer of the unconsumed premium party.

Article 31. Assignment of rights.

1. Where the rights of the creditor under a credit agreement or the contract itself are transferred to a third party, the consumer shall be entitled to oppose the same exceptions and defences against the third party against the third party. originating creditor, including compensation.

2. The consumer shall be informed of the transfer referred to in the preceding paragraph, except where the original lender, in agreement with the new holder, continues to provide the services relating to the consumer credit.

CHAPTER V

Equivalent annual rate

Article 32. Calculation of the equivalent annual fee.

1. The annual rate equivalent, which equals on an annual basis the current value of all existing or future commitments assumed by the creditor and by the consumer, shall be calculated in accordance with the mathematical formula set out in Part I of the Annex I.

The commitments referred to in the preceding paragraph include the provisions of the credit, repayments and expenses referred to in Article 6 (a).

2. For the calculation of the annual percentage rate, the total cost of the credit shall be determined for the consumer, with the exception of the costs which the consumer would have to pay for the failure to comply with any of his obligations under the credit agreement and the costs, different from the purchase price, which will be borne by the consumer in the purchase of goods or services, whether the transaction is paid in cash or on credit.

The maintenance costs of an account that records at the same time payment transactions and the provision of the credit, the costs related to the use of a means of payment that allows both transactions, as well as other relative costs payment transactions shall be included in the total cost of the credit to the consumer, except where the opening of the account is optional and the costs of the account have been clearly and separately specified in the credit agreement or any other contract concluded with the consumer.

3. The calculation of the annual percentage rate shall be calculated on the basis of the basic assumption that the credit agreement will remain in force for the agreed period of time and that the creditor and the consumer will fulfil their obligations under the conditions set out in the and within the time limits agreed in the credit agreement.

4. In credit agreements containing clauses allowing for changes in the borrowing rate and, where appropriate, expenditure included in the annual rate equivalent that are not quantifiable at the time of calculation, the annual percentage rate of charge shall be calculated on the basis of the basic assumption that the borrowing rate and other charges will be fixed at the initial level and applied until the end of the credit agreement.

5. If necessary, the equivalent annual fee may be calculated on the basis of the additional assumptions set out in Annex I.

CHAPTER VI

Credit Intermediaries

Article 33. Obligations of credit intermediaries with respect to consumers.

1. These are obligations of credit intermediaries:

(a) Indicate in their advertising and in the documentation intended for consumers the scope of their functions and representation, specifying in particular whether they work exclusively with one or more companies or as intermediaries independent.

(b) Where the consumer is required to pay a remuneration to the credit intermediary for his services, inform the consumer and agree with the consumer of the amount of the payment, which must be on paper or other durable medium, prior to the conclusion of the credit agreement.

(c) Where the consumer is required to pay a remuneration to the credit intermediary for its services, the latter shall report the amount of the remuneration to the creditor for the purpose of calculating the annual percentage rate of charge.

2. The provisions of the above paragraph shall be without prejudice to the obligations laid down in Law 2/2009 of 31 March 2009 governing the procurement of credit and mortgage credit and service consumers with consumers. intermediation for the conclusion of loan or credit agreements, and without prejudice to the obligations laid down in Law 26/2006 of 17 July on private insurance and reinsurance mediation, if the granting of the credit is conditional on the conditions offered for the conclusion of an insurance contract.

CHAPTER VII

Sanctioning Regime

Article 34. Administrative infringements and penalties.

1. Failure to comply with the provisions of this Law by natural and legal persons other than those provided for in Article 2 shall be punishable as a matter of consumption, subject to the provisions of the general sanctioning regime of protection of consumers and users provided for in Title IV of the first book of the recast text of the General Law for the Defense of Consumers and Users and other complementary laws, approved by the Royal Legislative Decree 1/2007, of 16 November, and other applicable rules, as well as the rules laid down in the autonomous laws corresponding.

However, failure to comply with the provisions relating to information prior to the contract, as provided for in Article 10, and the obligation to assess the solvency of the consumer as provided for in Article 14, provided that they do not occasional or isolated character shall be regarded as serious infringements, which may be considered as very serious infringements in the light of the criteria laid down in Article 50 of the recast text.

2. In the case of credit institutions, the provisions of Chapter I of Chapter II of Chapter II of Chapter III, with the exception of Article 15 (1), in Chapter II, shall be considered to be rules of management and discipline. V, in Chapter VI, with the exception of Article 33 (2), Articles 16 to 20 and Article 35 of this Law. Failure to comply, provided that it is not occasional or isolated, will be punished as a serious infringement, as provided for in Law 26/1988 of July 29 on Discipline and Intervention of Credit Entities.

3. Civil or commercial matters shall not be resolved in the sanctioning file which may result in failure to comply with the provisions of this Law.

4. Where the failure to fulfil the duties of information referred to in Article 7 (3) of this Law is a breach of the provisions of the Organic Law 15/1999 of 13 December 1999 on the Protection of Personal Data, The system of the latter will apply, corresponding the competition in sanctioning matter to the Spanish Agency of Data Protection.

CHAPTER VIII

Impeaching regime

Article 35. Extra-judicial claim.

1. The creditor, the credit intermediary and the consumer may submit their disputes to consumer arbitration, by means of the accession of those to the Consumer Arbitration System or to other out-of-court dispute settlement systems, which appear in the the list published by the European Commission on alternative dispute resolution systems with consumers and respecting the principles laid down by European legislation, as well as the mechanisms provided for in the legislation on protection of the clients of financial services, in so far as the lender or the intermediary of credit are subject to the mechanisms provided for therein.

2. The consumer arbitration bodies or bodies provided for in the legislation on the protection of the clients of financial services, who are involved in the resolution of these complaints, will have to cooperate in the resolution of the conflicts of cross-border nature to be produced at the intra-Community level, through the cross-border non-judicial reporting network on financial services or any other mechanism that is enabled for that purpose.

Article 36. Cessation action.

Against conduct contrary to this Law, the cessation action may be exercised as provided for in Articles 53 (1) and (2) of 54, 55 and 56 of the recast text of the General Law for the Defence of Consumers and Users and other complementary laws, approved by the Royal Legislative Decree 1/2007 of 16 November, and, as not provided for by this, will be applicable Law 1/2000, of January 7, of Civil Procedure.

Transitional disposition. Pre-existing contracts.

This Act shall not apply to ongoing credit agreements on the date of their entry into force.

Subject to the provisions of the preceding paragraph, Articles 18, 19, 27 and 31, as well as Article 20 (2) and (3) of this Law, shall apply to credit agreements of indefinite duration which have been held prior to the entry into force of this Law.

These contracts shall be adapted to the provisions of this Law within twelve months from their date of entry into force. To this end, the entities will forward to their clients, through the agreed means of communication, the contractual modifications resulting from the application of this Law, so that they can grant their consent to the changes introduced. If the means of communication have not been agreed, the notification shall be made through a reliable and independent means of the reporting entity for the purposes of establishing the communication.

If three months after the receipt of the communication the client has not expressed his opposition to these changes, this consent will be considered tacitly granted. This circumstance, together with the one referred to in the following paragraph, shall, preferably and prominently, be included in the personalized communication that the entity makes to the client.

When the customer manifests his/her disagreement with the new conditions set out, he/she will be able to resolve, at no charge, the contracts up to then.

Repeal provision.

The following provisions are repealed:

(a) Law 7/1995, of March 23, of Credit to Consumption.

b) How many rules of equal or lower rank are opposed to this Act.

Final disposition first. Sectoral regulations.

The provisions of this Law shall apply to credit institutions, without prejudice to the sectoral rules applicable to them, provided that they do not object to the provisions contained therein.

Final disposition second. Amendment of Law 28/1998 of 13 July on the sale of movable property in instalments.

Article 2 and Article 7 (7) of Law 28/1998, of July 13, of Sale in instalments of movable property are amended in the following terms:

One. Article 2 shall have the following

:

" Contracts subject to this Law that are also included in the scope of the Consumer Credit Contracts Act shall be governed by the provisions of this Act.

This Law shall be applied on a supplementary basis to the contracts referred to in the preceding paragraph. "

Two. Article 7 (7) shall have the following wording:

"The indication of the equivalent annual rate defined in Article 32 of the Consumer Credit Contracts Act."

Final disposition third. Amendment of Law 1/2000 of 7 January of Civil Procedure.

Article 519 of Law 1/2000, of January 7, of Civil Procedure, happens to have the following wording:

" Article 519. Executive action of consumers and users founded in a sentence of conviction without individual determination of the beneficiaries.

When the judgment of conviction referred to in the first rule of Article 221 has not been determined by the individual consumers or users who have benefited from it, the court responsible for enforcement, at the request of one or more interested parties and with a hearing of the sentenced person shall give a ruling on whether, according to the data, characteristics and requirements laid down in the judgment, he recognises the applicants as beneficiaries of the sentence. With testimony to this car, the recognized subjects will be able to urge the execution. The tax ministry may request the execution of the judgment for the benefit of the consumers and users concerned. "

Final disposition fourth. Amendment of the assumptions for the calculation of the equivalent annual fee.

If the assumptions set out in Article 32 and Part II of Annex I to this Act are not sufficient to calculate the equivalent annual rate in a uniform manner or are no longer in line with the market situation of the market, Minister for Economic Affairs and Finance may determine the additional assumptions required for the calculation of the annual percentage rate or to amend existing ones, in accordance with Article 19 (5) of Directive 2008 /48/EC. of the European Parliament and of the Council of 23 April 2008 on credit agreements with consumption and repealing Council Directive 87 /102/EEC.

Final disposition fifth. Competence title.

This Law is dictated by the provisions of Article 149.1. 6. ª. ª., 11. and 13. ª. of the Spanish Constitution.

Final disposition sixth. Incorporation of European Union law.

By this Law, Directive 2008 /48/EC of the European Parliament and of the Council of 23 April 2008 on consumer credit agreements and repealing the Directive is incorporated into the Spanish legal order. 87 /102/EEC of the Council.

Final disposition seventh. Entry into force.

This Law will enter into force three months after its full publication in the "Official State Gazette".

Therefore,

I command all Spaniards, individuals and authorities, to keep and keep this law.

Madrid, 24 June 2011.

JOHN CARLOS R.

The President of the Government,

JOSE LUIS RODRIGUEZ ZAPATERO

ANNEX I

I. Basic equation which translates the equivalence of the provisions of the credit, on the one hand, and of the repayments and payments, on the other

The base equation, which defines the annual rate equivalent (TAE), expresses the annual equivalence between, on the one hand, the sum of the updated values of the credit provisions and, on the other, the sum of the updated values of the amounts of reimbursements and expense payments, i.e.:

			Ck (1 + X)-tk	=	Σ	l1 + X)-sl
k= 1			l = 1

Where:

-X is the SAD.

-m is the order number of the last disposition of the credit.

-k is the order number of a credit disposition operation, so 1 ≤ k ≤ m.

-C_k is the amount of disposition k.

-t_k is the time interval, expressed in years and fractions of year, between the date of the first disposition operation and the date of each of the following provisions, so that t¹ = 0.

-m' is the order number of the last reimbursement or expense payment.

-l is the order number of a reimbursement or expense payment.

-D_l is the amount of a reimbursement or expense payment.

-s_l is the time interval, expressed in years and fractions of year, between the date of the first disposition and the date of each reimbursement or expense payment.

Remarks:

(a) The sums paid by each of the parties at different times are not necessarily equal or necessarily paid at equal intervals.

b) the initial date is the date of the first disposition of funds.

c) The intervals between the dates used in the calculations shall be expressed in years or fractions of the year. One year has 365 days (in the case of leap years, 366), 52 weeks or twelve months normalized. A normalized month has 30,41666 days (i.e. 365/12), regardless of whether the year is leap or not.

d) The result of the calculation shall be expressed with a precision of at least one decimal place. If the figure in the following decimal is greater than or equal to 5, the first decimal is rounded to the top figure.

e) The equation can be reformulated using only one summatorium and using the notion of flows (A1), which will be positive or negative, i.e., respectively paid or perceived in periods 1 to k, and expressed in years, to know:

		n
Σ	k (1 + X)-tk
		k= 1

Where S is the balance of the updated flows, the value of which will be null if the equivalence of the flows is to be preserved.

II. Additional assumptions for calculating the equivalent annual rate

(a) If the credit agreement gives the consumer the freedom to provide the funds, the consumer shall be deemed to have disposed of the total amount of the credit immediately and in total;

(b) If the credit agreement provides for different forms of arrangement of funds with different rates or types of loan, the total amount of the loan shall be deemed to be at the highest rate of the loan or rate applied to the loan. transaction category most commonly used in that type of credit agreement;

(c) If the credit agreement gives the consumer freedom of provision of funds in general, but establishes between the different forms of provision of funds a limitation on the amount and time period, it shall be deemed to be that the amount of the credit has been disposed of at the earliest date provided for in the agreement and in accordance with those limits for the provision of funds;

d) If no repayment schedule has been set, it will be assumed:

i) That the credit is granted for a period of one year, and

ii) that the credit will be returned in twelve equal monthly instalments;

e) If a repayment schedule has been fixed, but the amount of the refunds is flexible, the amount of each refund shall be deemed to be the lowest of those provided for in the contract;

(f) Unless otherwise specified, where the credit agreement provides for several repayment dates, the credit shall be granted and the repayments shall be made at the earliest date of the contract as provided for in the contract;

g) If the maximum amount applicable to the credit has not yet been agreed, it shall be presumed to be EUR 1,500;

(h) In the case of an overdraft, the total amount of the credit shall be deemed to have been disposed of in its entirety and for the entire duration of the credit agreement. If the duration of the credit agreement is not known, the equivalent annual fee shall be calculated on the basis of the assumption that the duration of the credit is three months;

i) If offered for a period or limited amount different interest rates and rates, the interest rate and rates shall be deemed to have been taken at the highest rate for the entire duration of the credit agreement;

(j) For consumer credit agreements for which a borrowing rate has been agreed for the initial period, at the end of which a new borrowing rate shall be determined which shall be adjusted periodically in accordance with the an agreed indicator, the calculation of the annual percentage rate shall be based on the assumption that, at the end of the period of the borrowing rate fixed, the borrowing rate is the same as the rate in force at the time of the calculation of the annual percentage rate, depending on the value of the agreed indicator at that time.

ANNEX II

European Standard Information on Consumer Credit

1. Identity and contact details of the lender and/or the intermediary.

Lender Address Phone number (*) Mail electronic (*) Fax number (*) Web page address (*)	[Identity] [Social address for use of the consumer]
place, Address Address Address Email (*) Number fax (*) Web page address (*)	[Identity] [Social address for consumer use]

(*) This data is optional for the lender.

Where "where" is indicated, the creditor shall have to fill in the paragraph if the information is relevant to the credit product, but if the information is not relevant to the type of credit in question, delete the corresponding data or the entire section.

The indications in brackets are an explanation for the lender to be replaced by the corresponding information,

2. Description of the main features of the credit product.

Type
Amount of credit That is, the maximum amount or the sum of all amounts made available to the consumer in the framework of a credit agreement.
Conditions governing the disposition of funds. That is, when and how the consumer will get the money.
Credit Contract Duration
The deadlines and, where applicable, the order in which payments will be made to deadlines.	You must pay the following: [the amount, number, and frequency of payments to be made by the consumer] Interest and/or expense to be paid by the consumer as follows:
Total amount you will have to pay That is, the amount of capital lent plus interest and possible expenses related to your credit.	[Sum of Total Credit and Total Credit Amount]
If place, Credit is granted in the form of deferred payment for a good or service or is related to the provision of specific goods or to the provision of a service. Product/Service Name Spot Price
Place, Required Guarantees Warranty Description that you offer in connection with the credit agreement.	[Warranty Type]
If applicable, Refunds not assume the immediate amortization of capital.

3. Credit costs.

The debtor type or, if applicable, the different debtor types that apply to the credit contract

[% -fixed or -variable (with index or reference type applicable to initial debtor type) -periods
Equivalent Annual Rate (TAE) The TAE is the total cost of the credit expressed as an annual percentage of the total amount of the credit. The TAE serves to compare different offers.	[%. Here will be a representative example that includes all assumptions used to calculate the rate]
it mandatory to get the credit itself, or -take an insurance policy that guarantees credit, or -another accessorial service? If the costs of these services are not known to the lender, they are not included in the SAD.	Yes/no; [if yes, type of insurance] Si/no; [if yes, accessorial service type]
Costs
Yes, to keep one or more accounts required to register both payment transactions and the disposition of the credit
If applicable, Amount of costs to use a specific payment means (for example, a credit card)
If applicable, Demas costs derived from the credit agreement.
If place, Conditions in which the above expenses related to the credit agreement can be modified
If place, Mandatory notary fees.
Costs in case of late payments The failure to make a payment will be able to bring you serious consequences (e.g. forcible sale) and make it difficult to obtain a credit.	You will have to pay [... (applicable interest rate and agreements for your adjustment and, if applicable, default)] for late payments.

4. Other important legal aspects.

of withdrawal You are entitled to withdraw from the credit agreement within 14 calendar days	Yes/
repayment You have the right to repay the full or partial credit in advance-mind time
If place, The lender is entitled to compensation in case of early repayment	[Determination of compensation (calculation method) in accordance with Article 30 of the Consumer Credit Contracts Act
of a database The lender has to inform you immediately and no charge of the result of a query of a database if the credit request is rejected the basis of such a consultation. This does not apply if the dissemination of such information is prohibited by a law or by European Union law or is contrary to public policy or public security objectives.
to a credit agreement project You are entitled, upon request, to obtain a copy of the credit agreement project for free. This provision will not apply if at the time of application the lender is not willing to hold the credit agreement with you.
If there is place Period during which the lender is bound by the pre-contractual information. Yes,	This information will be valid from ... to ...

5. Additional information in case of distance marketing of financial services.

	) Relative to the lender
If there is a place, lender representative in your home Member State Address Phone number (*) Email (*) Fax number (*) Web Page Address (*)	[Identity] [Social Address for Consumer Use]
If place, Record	[The business record in which the lender is enrolled and its record number or equivalent identification means in that record]
place,
b) Relative to the credit agreement
Yes, Exercise of the right of withdrawal	[Practical instructions to exercise the right of withdrawal indicating, inter alia, the period for the exercise of that right; The notification of the right of withdrawal should be sent; the consequences of not exercising the right of withdrawal
If applicable, The legislation that the lender accepts as a basis for establishing relationships with you prior to the conclusion of the credit agreement.
place, Clause on applicable legislation governing in relation to the competent credit and/or court contract.	[Here will be the relevant clause]
If applicable, Language Regime	The information and contractual terms will be provided in [language]. With your consent
	for the duration of the credit agreement we will communicate with you in [language or languages]
c) Relative to the resource
existence and access to out-of-court procedures claim and resource	[Whether or not there is access to out-of-court procedures claim and resource for the consumer who is a party to the distance contract, and, if so, how the consumer can access them

(*) These data are optional for the lender

ANNEX III

European Consumer Credit Information

For:

1. Discovered.

2. Consumption credits offered by certain credit organisations (Article 2 (5) of Directive 2008 /48/EC).

3. Debt conversion.

1. Identity and contact details of the lender/credit intermediary.

Lender Address Phone number (*) Mail electronic (*) Fax number (*) Web page address (*)	[Identity] [Social address for consumer usage]
place Credit Broker Address Phone number (*) Email (*) Fax Number (*) Web Page Address (*)	[Identity] [Social Address for Consumer Use]

(*) These data are optional for the lender

Where "where applicable" is indicated, the creditor shall have to fill in the paragraph if the information is relevant to the credit product, but if the information is not relevant to the type of credit in question, delete the corresponding data or the entire section.

The indications in brackets are an explanation for the lender to be replaced by the corresponding information.

2. Description of the main features of the credit product.

Type
Credit Amount That is, the maximum amount or sum of all the amounts made available to the consumer in the framework of a credit agreement.
Credit Contract Duration
If applicable, You may be asked to refund the credit amount in full, upon request, at any time.

3. Credit costs.

Debtor type or, if applicable, the different debtor types that apply to the credit agreement

[% -fixed, or -variable (with the index or reference type applicable to the initial debtor type)]
Yes place, Equivalent Annual Rate (TAE) (*) The TAE is the total cost of the credit expressed as an annual percentage of the total amount of the credit. The SAD serves to compare different offers.	[% Here will be a representative example that includes all assumptions used to calculate the rate]
If place, Costs If applicable, Conditions in which these expenses can be modified	[The applicable costs at the time the credit contract was concluded
Costs in case of late payments	You must pay [... (applicable interest rate and agreements for your adjustment and, if applicable, default)] for late payments

(*) Not applicable to credit agreements in the form of a possibility to be discovered and to be reimbursed upon request or within the maximum period of three months.

4. Other important legal aspects.

contract termination	[Conditions and procedure for terminating the credit agreement]
Query of a database The lender must inform you immediately and without charge of the result of a query of a database if the application for credit on the basis of such a consultation. This does not apply if the dissemination of such information is prohibited by a law or by European Union law or is contrary to public policy or public security objectives.
If applicable, Period during which the lender is bound by the pre-contractual information If applicable,	This information will be valid from ... to ...

5. Additional information if pre-contractual information is provided by certain credit organisations (Article 2 (5) of Directive 2008 /48/EC) or if it is offered for a consumer credit for the conversion of a debt.

Plashes and, where applicable, the order in which those deadlines will be assigned.	The following must be paid: [Sample Representative of a Time Frame that includes the amount, number, and frequency of payments by the consumer
amount you will need refund
Advance Reimbursement You are entitled to repay the credit in full or in part at any time. If applicable, The lender is entitled to compensation in case of early repayment Yes,	[Determination of compensation (calculation method) pursuant to Article 30 of the Consumer Credit Contracts Act

6. Additional information in case of distance marketing of financial services.

	) Relative to the lender
If there is a place, lender representative in the Member State where you reside Address Phone number (*) Email (*) Fax number (*) Page web (*)	[Identity] [Social address to be used by the consumer]
If applicable, Record	[The business record in which the lender is enrolled and its record number or equivalent identification means in that record
Yes place, The monitoring authority
b) Relating to the credit agreement
Right of Withdrawal You have the right to withdraw from the credit agreement within 14 calendar days. If applicable, Withdrawal right exercise	Yes/no
If applicable, The law chosen by the lender as the basis for establishing relationships with you prior to the celebration of the credit agreement
If applicable, Clause on the applicable credit and/or court of credit agreement	[Here the clause will appear relevant
If place, Language system	The information and contractual terms will be provided in [language]. With your consent, for the duration of the credit agreement we will communicate with you in [language or languages]
c) Relative to the resource
Existence and access to out-of-court complaint and resource procedures	[If there is access to extra-judicial complaints and redress procedures for the consumer who is a party to the distance contract, and, if so, how the consumer access to them

(*) This data is optional for the lender.