ARTICLE · 20 APRIL 1995

Neiertz Law - Overindebtedness

Arthur Andersen

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FranceEmployment and HR

Law No. 89-1010 of December 31, 1989 (known as the "Neiertz law") repealed the "Scrivener laws" which protected borrowers in connection with consumer credit (Law No. 78-22 of January 10, 1978) and real estate credit (Law No. 79-596 of July 13, 1979). The Neiertz law sets out a number of procedures designed on the one hand to prevent overindebtedness of private individuals, and on the other hand to set matters right in cases of overindebtedness.

These preventive measures are aimed to improve the information and protection of borrowers and guarantors, and also to improve the information of lenders by setting up a national data base maintained by the Bank of France, of payment defaults.

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