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

Galateia Kaloutaany significant increase in the total amount of the credit (exactly as in Art. 8 par2 2008/48/EC).2.1.5. Implementation of aspects requiring interpretationNo problems were related to the transposition of Art. 5 par. 1 and 6 or Art. 8 par.1.2.1.5.1. Art. 5 par. 1; “in good time”.Art. 5 par. 1 sent. 1 of the Directive corresponds exactly to Art. 5 par. 1 of thenew Law107 (I)/2010. “In good time” has been transposed in Cyprus with theequivalent phrase in Greek.2.1.5.2. Art. 5 par. 6; “in adequate explanations”In Art. 5 par. 10 of the recent Law it is stated that creditors and, whereapplicable, credit intermediaries provide adequate explanations to the consumer,so that the consumer will be able to assess if the proposed credit agreement isadapted to his needs and to his financial situation.Moreover, because of Art. 5 par. 11 of the new Law, 107 (I)/2010, the followinghas been converted into Cyprian Law; The creditor and, where applicable, creditintermediaries, where appropriate, must;(a) explain the pre-contractual information in accordance to par. 4 and 5 and(b) point out the essential characteristics and the specific effects they mayhave on the consumer, including the consequences of default in paymentby consumer.In other words, Art. 5 par. 10 and 11 of the Cyprian Law is in entire accordanceto Art. 5 par. 6 of the Directive. The “adequate explanations” needed are notbeing further elucidated within this legislative act 107 (I)/2010. The phrase hasbeen solely translated into the equivalent phrase in Greek.2.1.5.3. Art. 8 par. 1; “sufficient information”.The sufficient information has to be provided from the consumer himself or, whenneeded, they may occur after a survey through a relevant database, whichoperates legally within the Republic of Cyprus. This “sufficient information” mustcomply with the provisions of the Law about misuse of personal data and datasecurity (Art. 8 par. 1 of the Cyprian Law).2.1.6. Regulated Aspects which fall outside the scope of the Directive as definedin Art. 2 of the Directive.2.1.6.1. Has the scope of the implementing legislation been extended beyondthat of the Directive?Yes, it also concerns Land Mortgages up to the amount of 35.000 EUR.