The bill to reform consumer credit and credit revolving presented by the Minister of Economy, Mrs. Christine Lagarde, Wednesday, March 24 at the National Assembly is slightly different from that adopted in the Senate June 2009.
Key points of reform:
- Changing requirements for advertising and information. It is an end to attack ads on revolving credit or “cash reserve”. The actual rate will no longer be at the bottom of various small advertisements and will be the same size as the promotional rate of call. The consumer can more easily compare offers from different credit agencies through a standardized information. Only the term “revolving credit” will be used, all other terms (reserve money, revolving credit account available) will be banned. Finally, any advertising will be referred to the message ‘credit urge you and must be repaid. (continue reading…)