S.L. 378.10 Art. 1Citation and purpose.

(1) The title of these regulations is Credit Agreements for Consumers relating to Residential Immovable Property

Regulations.

(2) The scope of these regulations is to:

(a) transpose the provisions of Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010; and

(b) transpose article 28 of Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU.

(3) These regulations lay down a common framework for certain aspects of laws, regulations and administrative provisions concerning credit agreements, including an obligation to carry out a creditworthiness assessment before granting credit, as a basis for the development of effective underwriting standards in relation to residential immovable property, and for certain prudential and supervisory requirements, including for the establishment and supervision of credit intermediaries.