Revolving credit: strengthening
Since 19 October 2014, a new decree regulates renewable credits.
Strengthening the Hamon Law of March 19, 2014
The Law of 19 March 2014 aimed to better regulate consumer credit in order to fight against over-indebtedness. This new decree reinforces the law by allowing the cancellation of a revolving credit inactive for 1 year, against 2 years ago. The revolving loan, which has been inactive for more than one year, can not be tacitly renewed without the prior consent of the borrower.
Application of the measure
This new decree applies to contracts taken out since 19 March 2014. For these contracts, the financial institution must send at least 3 months before the deadline of one year, an approval document to be returned signed. at least 20 days before the due date. Without return of the document, the revolving credit agreement will be terminated automatically. For contracts prior to March 19, 2014, an extension is granted and extends to annual renewals that will take place on July 1, 2015.
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