Act No. 2010-737 of 1 July 2010, reforming the consumer credit, was published in the Journal Officiel.
This law, whose genesis was particularly long, aims, mainly according to its proponents, to ensure more responsible marketing of consumer credit and better help people in serious debt.
It also implements certain provisions of the European Directive of 23 April 2008 relating to contracts for Consumer Credits.
This statute provides, in a larger framework of the advertising of credit.
It also regulates more strictly the activities of acquisition or combination of credit and revolving loans or credits "revolving".
It requires maturity and each includes a revolving credit, now, a minimum damping of the capital borrowed.
She also reform the rules governing loyalty cards large surfaces so that obtaining credit is effectively decoupled from the supply of commercial advantage.
This law also requires credit agencies to assess the creditworthiness of borrowers.
It also extends from 7 to 14 days the period of withdrawal for the borrower.
In the same vein, it falls from 21,500 to 75,000 Euros the maximum loan amount for which the rules of consumer protection under the Consumer Code apply automatically.
The law provides, finally, to streamline procedures for indebtedness.
This law is therefore an important step, even if it is insufficient to cope with situations of excessive debt faced by many households.
Yann Gre - Lawyer, All rights reserved. www.yanngre.com 
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