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A new Consumer Credit Act came into effect on 1 January 2011

January 2011 - Corporate & Commercial. Legal Developments by Delphi.

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A new Consumer Credit Act (Sw. Konsumentkreditlagen (2010:1846)) came into effect on 1 January 2011.

The Act implements the Consumer Credit Directive (Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC). The Directive's purpose is to enhance consumer protection by addressing some of the indebtedness problems caused by text message loans (Sw. ) and other so called fast loans (Sw. ).

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