Our support of the draft bill applies, for example, to
- the limitation of the right of withdrawal for consumers,
- the easing of formal requirements for the conclusion of loan and loan brokerage agreements, and
- the extension of the scope of the protective provisions to short-term loans and loans under EUR 200 and the associated obligation to carry out a creditworthiness check.
However, the draft bill also contains provisions that, in the opinion of DLA, are unclear or unduly restrict lending business in Germany – Europe’s largest market for consumer loans. Please have a read of our statement here (in German only).