The Main Problems in the Transposition of the Mortgage Credit Directive into Hungarian and Czech Law : Charles University in Prague Faculty of Law Research Paper
Abstract
The previously unregulated gap in European consumer credit law was relatively quickly filled by Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property under the pressure stemming from the financial crisis. The deadline of the transposition expired on 21.3.2016, however only 9 member states published their national implementing measures in time, namely the United Kingdom, Germany, Austria, Estonia, Hungary, etc.
In less developed mortgage markets with a highly reserved consumer law approach, like the Hungarian and Czech markets, the regulatory framework was created mostly because of the pressure of obligatory transposition. After a brief appraisal of the directive (1) and a short introduction on the already existing Hungarian and Czech mortgage credit regulation (2), this article will examine the main problem areas of these two national implementations: the information provision requirements towards credit intermediaries and creditors (3), and the admission of intermediaries (4).