On 7 May 2024, the government presented a memorandum concerning
repeal of the Certain Consumer Credit-Related Operations Act
("LVK"). In combination with this, it is
instead proposed that provision and brokering of consumer credit
will be licensable according to the Banking and Financing Business
Act ("LBF").
The effects of the proposal for companies that currently conduct
operations according to LVK must be described as significant.
According to LBF, requirements pertaining to organisation, capital
and the business per se are set at a significantly higher level for
companies with a license. An additional consequence will be that
all companies that provide consumer credit will need to receive
deposits from the public, which means that the companies'
financing structure will also be substantially affected. Companies
that provide loans within the framework of the Payment Services Act
or the Mortgage Business Act are, however, not affected.
