New Consumer Credit

Thanks to the directive 2008/48 on consumer credit , implemented by the Government at its meeting on July 30th, Italian consumers will have new rights when taking out loans.


The reform, which will come into force in 2011, after the issuance of secondary regulations by the Bank of Italy and the Interministerial Credit and Savings Committee, will force intermediaries to incorporate their contents within 90 days of the implementation of the implementing regulations.

The scope of the reform concerns all the contracts stipulated for consumer credit and therefore the finalized loans , personal loans , from the transfer of the fifth salary or pension for amounts included in the economic range from 200 euros up to 75 thousand euros.


The main changes are guaranteed by the customer’s right of withdrawal , within 14 days from the stipulation of the loan , without the obligation of moitvazione and with the return of the principal and accrued interest. In the temporary contracts, the right will not expire. So if you buy a car with a loan and within two weeks it turns out that you could make a loan more advantageous, just send a registered letter and repay the sum received.


Even in the case of non-fulfillment of the supplier who offers defective goods or services, the related loan agreement will automatically be canceled and the consumer will have the right to withdraw and repay installments paid.

The advertisements must be based on criteria of greater clarity and transparency, clearly illustrating the interest rate, the expenses and the annual percentage rate of charge (the cost measure of the loan), the amount of the installments and that of the final amount that is the total sum paid at the repayment of the last installment.


The information will be standardized with a single Community model (Secci, Standard European Consumer Credit Information). The Council of Ministers also introduced a ban on commercial intermediaries (supermarkets, large retail chains) to “promote and conclude” credit revolving contracts.

It follows that the loyalty credit card can no longer be stipulated in the supermarket but only there advertised; on the other hand, the entire financial intermediaries (banks and consumer credit companies) will take over the formal transaction.