Consumer credit reform bill

A bill reforming consumer credit was presented to the Council of Ministers on April 22, 2009 by Christine Lagarde. It was adopted on June 17, 2009 at first reading. It will be examined at first reading at the National Assembly in September 2009. These new legal texts aim to:

  • to frame credit advertising
  • the distribution of consumer credit
  • optimize information and consumer protection.

The main measures of this bill

Advertising prevention

A mention will be imposed on all advertising for credit, this mention must occupy 10% of the advertising at least. For the moment the texts under discussion are "a loan commits you and must be repaid" and "Beware of over-indebtedness. Check your repayment capacity before you commit ".
Online credit application

Loyalty card and revolving

The new law aims quite simply to prohibit the link between loyalty card and revolving account. Clearly we will no longer be able to impose the subscription of a revolving credit to benefit from a loyalty card. A credit card must first automatically offer cash payment. The credit function can be activated at the customer's express request.
Credit cards

Study of credit files

Before granting a loan? banks will be obliged to consult the National File of Payment Incidents 5ficp °. In the event of non-consultation, sanctions could be taken.
Creation of a new file which would summarize all the credits held by an individual (on a personal basis): the positive file or Central Individual Credit Register. This new file will prevent individuals from making false statements or forgetting credits. It will also allow bankers to have a complete view of their clients' budgets.
To be registered FICP

Wear Rate

The government wants to review the way the usury rate is calculated so that, if the cost of money drops, consumers can automatically benefit.
Wear rates.


The government wants the over-indebtedness files to be processed within 3 months instead of 6 currently.

If adopted, the laws would be applied at the end of 2010.

To consult:
Open an account with ING Direct.
Open an account with Hello bank !.
Open an account with Bridgepayday.

A loan commits you and must be repaid.
Check your repayment capacity before you commit.

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