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

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Galateia Kalouta2.1.3 Implementation of other “options”.2.1.3.1. Art. 2 par. 5 and 6, Directive 2008/48/EC.Cyprus has taken fully the option regulated in Art. 2 par. 5 and 6 as it is stated inArt. 2 par. 4 (lit. a+b), par. 5 and par. 6 of the new Law 107 (I)/2010 onconsumer credit agreements. The regulation in the Cyprian legislative actconforms completely with the provision in the Directive.2.1.3.2. Art. 4 par. 2 lit. c (Directive 2008/48/EC).Art. 4 par. 2 lit. c, as well as Art. 4 par. 3 of the Directive 2008/48.EC are body ofthe Cyprian legislature, since Art. 4 par. 3 and par. 4 of the Law 107 (I)/2010upon consumer credit agreements is in force. The regulation in the Cyprianlegislative act conforms fully to the provision of the Directive.2.1.3.3. Art. 6 par. 2 (Directive 2008/48/EC).In Cyprus, the option, provided in Art. 6 par. 2 (Directive 2008/48/EC), was nottaken (according to Art. 6, par. 6 lit. b and Art. 3 par. 2, of the new Law 107(I)/2010).2.1.3.4. Art. 10 par. 5 lit. f (Directive 2008/48/EC).Cyprus has adopted the option, according to which the annual percentage ratehas to be provided in case of a credit agreement in the form of overdraft facilities.So is stated in Art. 10 par. 7 lit. f of the recent Law 107 (I)/2010 on consumercredit agreements.2.1.3.5. Art. 14 par. 2 and 6 (Directive 2008/48/EC).Cyprus has not accepted the options denoted in Art. 14 par. 2, nor that of par. 6of the Directive.2.1.3.6. Art. 15 par. 2 sent. 2 (Directive 2008/48/EC).Cyprus has adopted the option of Art. 15 par. 2 of the Directive, about remediesthat the consumer can pursue against the creditor, in case of goods or servicescovered by a linked credit agreement, which were either not been supplied, orwere supplied only in part, or the supply was not in conformity with the contract.In Art. 15 par. 3 of the new Law concerning consumer credit agreements (2010),has been regulated the extent and the conditions of such remedies. According towhich the consumers’ right against the creditor can only then be exercised, if theconsumer has previously already brought up his claim against the provider beforeCourt and has failed either entirely or only partially to be satisfied by his provider.2.1.3.7. Art. 16 par. 4 (Directive 2008/48/EC).Cyprus has accepted the option given in Art. 16 par. 4 of the Directive. In accordto Art. 16 par. 5 lit a (i) the compensation demanded from the creditor can beclaimed on the condition that the amount of the early repayment is at least10.000 Euros within any period of 12 months.Furthermore, Art. 16 par. 4 b of the Directive corresponds fully to Art. 16 par. 5lit. a (ii), b und c, of the recent Law about consumer credit agreements (2010).
Galateia Kalouta2.1.4. Implementation of selected “new” regulations.2.1.4.1. Advertising requirements, Art. 4(1)Art. 4 par. 1 of the new Law 107 (I)/2010, concerning standard information thathas to be included in advertising, refers on the one hand to the national Lawabout illicit trade practices undertaken by companies against consumers and onthe other hand to Art. 4 par. 2, of the recent Law 107 (I)/2010, about consumercredit agreements.In Art. 4 par. 2, of the new Law (2010) stands, that the provisions of Art. 4 of thenew Law 107 (I)/2010 are not be applied in case of advertising consumer creditagreements, when the annual percentage rate of charge is being depicted in sucha way, that neither the interest rate nor any figures relating to any credit costsare being mentioned.(2)The APR has to be specified also for overdraft facilities, in compliance with Art. 6par. 6 and par. 2 lit. f, of the new Law 107 (I)/2010 on consumer creditagreements.2.1.4.2. Art. 19 of the Directive; Fixed calculation method for the APR.Art. 19 Nr. 1 of the Directive accords to Art. 19 par. 1 of the new Law 107(I)/2010.Art. 19 Nr. 2 par. 1 of the Directive is embodied in the Cyprian legislature throughArt. 19 par. 2 of the recent Law107 (I)/2010.Art. 19 Nr. 2 par.3 of the Directive corresponds fully to Art. 19 par. 3 (Law 107(I)/2010).Art. 19 Nr. 3 of the Directive is Art. 19 par. 4 (Law 107 (I)/2010).Art. 19 Nr. 4 of the Directive is in Cyprus Art. 19 par. 5 (Law 107 (I)/2010).Art. 19 Nr. 5 of the Directive is Art. 19 par. 6 (Law 107 (I)/2010).2.1.4.3. Art. 8 2008/48/EC; CreditworthinessAccording to Art. 8 par. 1 of the new Law (107 (I)/2010), the creditor before theconclusion of any kind of credit assesses the consumer’s creditworthiness on thebasis of the sufficient information provided from the consumer himself and whenneeded, also on the basis of a consultation of a relevant database, which legallyoperates within the Republic of Cyprus. Such an assessment can be permittedonly under reserve of the Law concerning misuse of personal data and dataprotection.Moreover, in Art. 8 par 2 of the recent Law (2010), it is stated that if the partiesagree to change the total amount of the credit after the conclusion of the creditagreement, the creditor updates the financial information at his disposalconcerning the consumer and assesses the consumer’s creditworthiness before
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