Measures to limit borrowing rates, annual percentage rates of charge or total costs of credit to the consumer
Article 31
1. Member States shall introduce measures to effectively prevent abuse and to ensure that consumers cannot be charged with excessively high borrowing rates, annual percentage rates of charge or total costs of credit to the consumer, such as caps. 2. Member States may adopt prohibitions or limitations regarding specific charges or fees applied by creditors on their territory. 3. By 20 November 2027, the Commission shall make the measures introduced by Member States in accordance with paragraph 1 publicly available. Member States shall report to the Commission on those measures by 20 November 2026. 4. By 20 November 2029 the European Banking Authority shall publish a report on the implementation of the measures referred to in paragraph 1. That report shall include an assessment of the measures put in place in Member States, including methodologies to establish caps where relevant, and of their effectiveness in limiting the excessively high borrowing rates, annual percentage rates of charge or total costs of credit to the consumer, and shall include a best practice approach for establishing such measures.