Part I, General Observations - Zoll.jura.uni-osnabrueck.de

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Galateia Kaloutathe consumer to his commitments based on the credit agreement, as well ascharges, other than the purchase price, for purchases of goods or services werealso according to the previous law being exempted from the calculation process ofthe annual percentage charge rate.Compliant with par. 1 lit. c in Annex IV of Law 39 (I) 2001, the costs ofmaintaining an account recording payment transactions and drawdownconcerning the credit payments, as well as other costs relating to paymenttransactions were also exempted from the calculation of the annual percentagecharge rate, unless these charges were to be extremely high.Otherwise, par. 4 and 5 of the new Law of 2010 (which also means par. 4 and 5of the Directive) correspond thoroughly to par. 2 lit. a (i), lit. b and par. 3 inAnnex IV of the previously applied law.As far the calculation method for the APR is concerned, the article 19,2008/48/EC does not seem to have brought any great changes to what it wasalso previously though Law 39 (I) 2001 been deployed.2.1.2. Implementation of “options” provided in Artt. 5 para. 6 sent. 2, 15 para. 2sent. 2 and Art. 23 of Directive 2008/48/EC.2.1.2.1/ Art. 5 par. 6 sent. 1 and 2, Directive 2008/48/EC.In Art. 5 par. 6 of the new Law upon consumer credits agreements it is statedthat in case of communication through telephone the following should be at leastdefinitely mentioned:- The total amount of credit and the conditions governing the drawdown (orelse what’s stated in Art. 5, par. 1 lit. c, Directive 2008/48/EC),- the duration of the drawdown (also found in Art. 5 Par. 1 lit. d, Directive2008/48/EC),- in case of a credit in the form of deferred payment for a specific good orservice and linked credit agreements, that good or service and its cashprice (Art. 5 Par. 1 lit. e, Directive 2008/48/EC),- the borrowing rate, the conditions governing the application of theborrowing rate and, where available, any index or reference rateapplicable to the initial borrowing rate, as well as periods, conditions andprocedure for changing the borrowing rate, if different borrowing ratesapply in different circumstances, the above mentioned information on allthe applicable rates (Art. 5 Par. 1 lit. f, Directive 2008/48/EC) and- the amount number and frequency of payments to be made by theconsumer and, where appropriate, the order in which payments will beallocated to different outstanding balances charged at different borrowingrates for the purposes of reimbursement (namely Art. 5 par. 1 lit. h,Directive 2008/48/EC).Also, the ARP followed by an explanatory and representative example as well asthe total amount that the consumer will have to pay.
Galateia Kalouta2.1.2.2. Art. 15 par. 2 sent. 2, Directive 2008/48/EC.The extent and conditions under which the remedies, in sense of Art. 15 par. 2sent. 1, are to be exercisable in Cyprus is being determined in Art. 15 par. 3 ofthe Law 107 (I)/2010 , upon consumer credit agreements. Under the terms ofthis article, the consumer shall have the right to pursue remedies against thecreditor only if he has previously tried to satisfy his claim before court and hasfailed to be satisfied by his creditor, either entirely or only partially.2.1.2.3. Art. 23, Directive 2008/48/EC.Penalties, in sense of Art. 23 of the Directive 2008/48/EC, are being explicitly laiddown in Art. 22 and 23 of the new Law 107 (I)/2010 on consumer creditagreements. The Authority responsible for the appliance of competition-law, aswell as for consumer protection, which is located within the Ministry of Trade,Industry and Tourism, is therefore, after the examination of a complaint or as aresult of an ex officio investigation, entitled to impose either one or more of thefollowing administrative penalties and fines:(a) The Authority can either demand or recommend to the violator, that hewithin a certain period of time must end the violation and also must avoidany kind of recurrence of the violation in the future. In case that theviolation has been stopped before the release of the Authority’s verdictupon the matter, the violation must be nevertheless stated in the verdict.(b) The Authority can furthermore either demand or recommend the violatorto take certain measures, which, under the opinion of the Authority, maylead to a recovery of the illicit situation that the violation has caused.(c) The Authority can issue a fine, in accordance to the nature, gravity andduration of the violation, which may reach the percentage of 5% of workcircle of the violator, but it is not allowed under any circumstances toexceed the amount of 500.000 Euros, during the year within the violationhas occurred or in the year exactly after the violation year.(d) In case of continuation of violation, a fine up to 1.700 Euros per day canbe ordered, depending on the gravity of violation and/or(e) To indict before Court any person, who according to the opinion of theAuthority, is responsible for the violation, under the conditions regulated inArt. 25, Law of 2010.The Authority is obligated to explain its decisions and has also the duty tosummon the violator, so that he or his mandate will be heard orally or in writtenform before issuing of the verdict.The verdict issuing a fine can be within 30 days, since the announcement of theAuthority’s decision, appealed before the Minister of Trade, Industry and Tourism.When the deadline to appeal before the Supreme Court, according to Art. 146 ofthe Constitution, inactively expires, the Authority is entitled to collect the fine.If a fine ordered by the Authority has not been paid, the Authority can indict theliable party to the civil courts and then the amount will be collected in form of acivil dept towards the Republic of Cyprus.
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Part I, General Observations - Zoll.jura.uni-osnabrueck.de

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