What EU Consumer Credit Directive 2023/2225 - BNPL Coverage, AI Scoring Transparency, 14-Day Withdrawal requires
Directive (EU) 2023/2225 of 18 October 2023 repeals and replaces Directive 2008/48/EC (Consumer Credit Directive). Key changes: scope extended to cover credit agreements from EUR 200 to EUR 100,000 (down from EUR 75,000 upper limit); Buy-Now-Pay-Later (BNPL) arrangements above EUR 200 with deferred payment beyond 50 days are brought in scope (Article 2(5) narrow BNPL exemption requires disclosure even for exempt products); Article 14 preserves a 14-day unconditional withdrawal right; Article 10 mandates pre-contractual disclosure via the Standard European Consumer Credit Information (SECCI) form; Article 18 requires creditworthiness assessment using verified income data and prohibits approval where affordability cannot be confirmed; AI-based scoring decisions must be explainable on request under Article 18(5) (data categories used must be disclosed). Member States must transpose by 20 November 2025 and apply from 20 November 2026.
Pillar: Banking & Global Finance · Authority: European Parliament and Council of the European Union · Version: 1.0.1 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023L2225
SHA-256 integrity: 1c5d101cdd26c356def1a53c73e9b58c8b3705301a7f9866ec8a56c7a4e8ebe3
Primary Citations — 7 traced to source
- {"citation":"Directive (EU) 2023/2225 of the European Parliament and of the Council of 18 October 2023 on consumer credits, OJ L 2023/2225, 30.10.2023 (repeals Directive 2008/48/EC)","url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023L2225","year":2023}
- {"citation":"CCD2 Article 2(5)-(6) - BNPL scope: agreements below EUR 200 and within 50 days by non-credit institutions may be exempt; mandatory simplified disclosure applies to exempt BNPL","url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023L2225","year":2023}
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