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'was published in the implementing decree of Consumer Credit

Official Gazette No 29 of 5 February 2011 was published on the Economy Decree of 3 February 2011 "Determinations on Consumer Credit" .

This is implementing act and a series of proxies given by the Government to the Bank of Italy with reference to the new discipline of consumer credit covered by the Decree 141/2010 and subsequent regulations and aims to promote transparency and efficiency of the credit market to consumers, dissemination of responsible practices in the granting of credit and to ensure a high degree of consumer protection.

The Bank of Italy will be asked to regulate:

- the application of the rules on consumer credit payment services by credit card (art. 2);

- those APR calculation (Section 3), a percentage that will take into account all the costs involved in obtaining financing (including the cost of any intermediaries or the costs of opening e management of any cards revolving associates);

- the method of advertisements relating to credit agreements , (art. 4);

- information that the customer is entitled to apply before the conclusion of a credit agreement. It states that "before the conclusion of the credit agreement, the lender ensures that consumers can easily obtain for free and explanations that enable them to assess whether the proposed contract is right for you and to its financial position "(Article 5);

- information and conditions to be included in contracts (Article 8);

- the deadline for sending a communication in case of intrusion of the consumer and the conditions under which such encroachment is considered significant (art. 11).

In order to avoid situations of weakness to take advantage of certain categories of persons, donors must fulfill the obligation to verify the creditworthiness the consumer and the financial situation (art. 6).

access to databases containing information on credit and enable funding enabled the EU (art. 7).

In the long-term contracts, complete and clear communication of the development of report and conditions shall be provided at least annually (Article 9).

The remuneration of intermediaries of credit must be given to the lender and that compensation should be considered in the calculation of APR * (Article 12).

* SMALL GLOSSARY

DEFINITION OF APR or ISC

Synthetic index of cost or synthetic indicator of cost (ISC), formerly known as Annual Percentage Rate (APR) is an indicator of interest rate a financing transaction (and eg. a loan or hire purchase and goods or services).

is expressed as a percentage and indicates the actual cost of financing.

È stato introdotto per la prima volta nel sistema normativo italiano nella Deliberazione del Comitato Interministeriale per il Credito e il Risparmio n. 10688 del 4/03/2003, art. 9 comma 2, che ha demandato a Banca d'Italia di individuare quali siano le operazioni e i servizi a fronte dei quali detto indice, "comprensivo degli interessi e degli oneri che concorrono a determinare il costo effettivo dell'operazione per il cliente", debba essere segnalato, nonché la formula per rilevarlo.

Il Tasso Annuo Effettivo Globale rappresenta il costo effettivo dell'operazione espresso in percentuale che il cliente deve alla società che ha erogato il prestito o il finanziamento. 

Il T.A.E.G. racchiude contemporaneamente sia il T.A.N. (Tasso Annuo Nominale), cioè la percentuale di interesse che grava sul prestito, che le spese di emissione della pratica e della documentazione.

T.A.N. + spese di istruttoria e documentazione = T.A.E.G.