a The legislation was approved by 608 votes to eight with 15 abstentions during the plenary session in Strasbourg, and includes a part that protects cancer survivors through the “right to be forgotten.”
In other words, ten years after treatment ends, people who have had cancer cannot be discriminated against on the basis of their prior clinical history when they apply for a credit that requires insurance.
Meanwhile, MEPs approved the directive, already agreed between European Parliament and Council negotiators in December 2022, which aims to ensure the “smooth operation of credit markets”, while protecting consumers.
The legislation, which will cover loans of up to 10,000 euros, was approved by a majority of 608 votes to eight, with 15 abstentions.
With these changes, the 27 will begin requiring the transferor, before entering into a credit contract, to conduct a comprehensive assessment of the consumer’s creditworthiness.
In this way, “irresponsible” loan granting and over-indebtedness are avoided.
In order to advance consumer protection, the European Parliament also agreed that non-banking institutions and credit intermediaries should undergo an admission, registration and supervision process by independent authorities in each country.
Credit ads will now include a “clear and prominent warning that borrowing costs money.”
The 27 countries must also ensure that consumers can terminate credit contracts without any reason within 14 days.
Read also: Members of the European Parliament agree to increase the share of renewable energy sources in the European Union to 42.5%
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