Consumer Loans Must Spell Out Exit Period, ECJ Says
Law360, London (March 26, 2020, 4:44 PM GMT) -- Consumer loans must clearly and concisely state how long customers have to back out of the agreement before they become locked in to repayments in order to protect customers rights, Europe’s top court ruled Thursday.
The European Court of Justice ruled that credit agreements secured by mortgages must specify how long consumers have to withdraw from the loan terms before the arrangement becomes binding.
Credit agreements must spell out how the withdrawal period is calculated and can’t cite domestic law instead, if that law itself simply refers to other parts of national law.
“Where such a series of references occurs, the...
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