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What it is

Rules for loans and credit you take out as an individual

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 23 December 2010. Introduced by: Gobierno.

Official title: Government bill on Consumer Credit Contracts.

Follow this law

Source: Congreso de los Diputados, file 121/000104· updated 11 Nov

Automatic summary, not yet reviewed

  1. The law governs contracts where a lender grants a consumer credit as deferred payment, a loan or an open credit line. It does not apply to mortgage-backed credit, credit under €200 or other cases it lists.
  2. Before signing, the lender must give you free detailed information about the credit on a standard European form, and advertising that mentions costs must include basic data such as the interest rate and the annual percentage rate of charge. If you ask for it, you can also get a binding offer that stays valid for at least fourteen days.
  3. The lender must check your creditworthiness before signing the contract and, if your application is denied based on a credit database check, must immediately and free of charge tell you the result of that check.
  4. The contract must be in writing with minimum required content (interest rates, payments, fees, consequences of missed payments, among others). If the written form is missing, the contract can be voided, and if the annual percentage rate is not stated you only have to pay the legal interest rate.
  5. It grants rights during the life of the credit: withdraw from the contract within fourteen days, repay the credit early in full or in part with a reduction of the total cost, end open-ended contracts, and claim against the lender the rights you have against the seller in linked contracts.
  6. Breaches are sanctioned: as a consumer protection offense for other parties and as a banking discipline offense for credit institutions. In addition, out-of-court claims and consumer arbitration are available.

Who it affects

  • Consumers taking out consumer credit: They get more information before signing, a right of withdrawal, early repayment rights and protection if the contract breaks the law.
  • Lenders (banks and other entities granting the credit): They must inform, check the customer's creditworthiness and meet minimum contract content; otherwise they face sanctions.
  • Credit intermediaries: They must state in their advertising and documents what their role is and, if they charge the consumer, disclose the amount before signing.
  • Sellers of goods or services who finance the purchase: If they only act as subsidiary intermediaries, they are exempt from pre-contractual information duties, which fall on the lender.

Words worth knowing

Tasa anual equivalente (TAE)
Annual percentage rate of charge: the total cost of the credit, including interest and fees, expressed as a yearly percentage. It lets you compare offers.
Tipo deudor
The interest rate, fixed or variable, applied each year to the credit you have used.
Posibilidad de descubierto
An overdraft: a contract letting the bank allow you to spend more money than you have in your account.
Contrato de crédito vinculado
A loan used only to finance a specific purchase of goods or services, forming a commercial unit with that purchase.
Anulabilidad
The contract can be set aside if the person who signed it was harmed by a defect, such as missing information.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced23 December 2010Someone registers the text in the Congreso.
  2. Admitted25 January 2011The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendments28 January 2011Groups propose changes.
  4. Committee12 March 2011A committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senate12 April 2011The Senate can pass it, amend it or veto it.
  7. BOE8 June 2011It is published in the Official State Gazette (BOE) and comes into force.
See the 8 official steps on a timeline
Dec 2010Jan 2011Feb 2011Mar 2011Apr 2011May 201111. 23 December 2010: Presentación22. 25 January 2011: Comisión de Justicia Publicación desde 25/01/2011 hasta 28/01/201133. 25 January 2011: Calificación44. 28 January 2011: Comisión de Justicia Enmiendas desde 28/01/2011 hasta 12/03/201155. 12 March 2011: Comisión de Justicia Informe desde 12/03/2011 hasta 30/03/201166. 30 March 2011: Comisión de Justicia Aprobación con competencia legislativa plena desde 30/03/2011 hasta 12/04/201177. 12 April 2011: Senado desde 12/04/2011 hasta 08/06/201188. 8 June 2011: Concluido - (Aprobado con modificaciones) desde 08/06/2011 hasta 13/07/2011

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Law 16/2011, of 24 June, on consumer credit agreements.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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