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New European Consumer Credit Law Regulations in the European Union Member States -- Germany as One Case Here -- as of June 11, 2010

By Andis Kaulins

As written at The Irish Times in Money management, Member States of European Union (EU) were obligated to transpose the European Directive on Consumer Credit into national law by June 11, 2010 (corrected from an originally published May 12, 2010 here).

This has happened, for example, in Germany, pursuant to Article 11 (1) -- Artikel 11 Absatz 1 - of the Gesetz zur Umsetzung der Verbraucherkreditrichtlinie (Gesetz zur Umsetzung der Verbraucherrichtlinie, des zivilrechtlichen Teils der Zahlungsdiensterichtlinie sowie zur Neuordnung des Widerrufs- und Rückgeberrechts - Act to Implement the Consumer Credit Directive and the Civil-Law Part of the Payment Services Directive as well as to Restructure the Provisions on Powers of Revocation and Return), as new consumer credit law regulations went into effect last Friday, June 11, 2010 (see Reformiertes Verbraucherkreditrecht).

All credit card customers in Germany already have or should be getting notices in the mail from their banks concerning the changed regulations.

The Federation of German Consumer Organisations, i.e. the Verbraucherzentrale Bundesverband e.V. - abbreviated vzbv, has a .pdf in German on the major changes that have taken place. Unfortunately, they have not kept up their English pages in recent years so that these changes are not available there in English. But official German organs have also provided no useful translated materials. This is rather remarkable given the importance of the new regulations for consumer protection in a multicultural Europe.

There will surely be more news in English about this online at other sources in the coming days and weeks.

Full post as published by LawPundit on June 14, 2010 (boomark / email).