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Directive (EU) 2023/2225 CHAPTER XII — CREDITORS AND CREDIT INTERMEDIARIES

Article 37–Article 38 · 2 articles

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Admission, registration and supervision of non-credit institutions and non-payment institutions

Article 37

1.   Member States shall ensure that creditors and credit intermediaries are subject to an adequate admission process, to registration and to supervision arrangements set up by an independent competent authority. 2.   The requirement of an adequate admission process and of registration shall not apply to creditors that are: (a) credit institutions as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013; (b) payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366, for the services referred to in Annex I, point 4, of that Directive; or (c) electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC, for the granting of credit referred to in Article 6(1), first subparagraph, point (b), of that Directive. 3.   Member States may decide not to apply admission and registration requirements as referred to in paragraph 1 to suppliers of goods or providers of services who qualify as micro, small and medium-sized enterprises as defined in Recommendation 2003/361/EC, acting as: (a) credit intermediaries in an ancillary capacity; or (b) creditors in an ancillary capacity, granting credit in the form of deferred payment to purchase goods and services offered by them, if the credit is provided free of interest and with only limited charges payable by the consumer for late payments imposed in accordance with national law.

Specific obligations for credit intermediaries

Article 38

Member States shall require that credit intermediaries: (a) indicate, in advertising and documentation intended for consumers, the extent of their powers and whether they work exclusively with one or more creditors or as an independent intermediary; (b) disclose to the consumer any fees payable by the consumer to the credit intermediary for services to be provided; (c) reach an agreement with the consumer on any fees referred to in point (b) on paper or another durable medium before the conclusion of the credit agreement; (d) communicate any fees referred to in point (b) to the creditor, for the purpose of calculation of the annual percentage rate of charge.

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