Regulatory Alerts1992-07-08
Deliberations of the CICR and Emergency DM - Emergency Decree of the Minister of the Treasury, President of the CICR, of July 8, 1992, No. 435927
The Italian Minister of the Treasury, acting as President of the Interministerial Committee for Credit and Savings, issues an emergency decree to establish the calculation methods for the Annual Percentage Rate of Charge (TAEG) and rules for early repayment reductions. This regulation implements specific articles of Law No. 142/1992, which transposes EU directives on consumer credit, by defining the elements to be included in the TAEG calculation and the procedures for supervisory controls. The decree also references Law No. 154/1992 on banking transparency and builds upon previous ministerial decrees to ensure consistent application of consumer credit protections.
MODULARIO T. RGS. 11 SECRETARIAT OF THE INTERMINISTERIAL COMMITTEE FOR CREDIT AND SAVINGS MOD. 211
435927 The Minister of the Treasury
HAVING REGARD TO the Royal Decree-Law of 12 March 1936, No. 375 and subsequent amendments and integrations as well as the decree legislative of the Provisional Head of State of 17 July 1947, No. 691;
HAVING REGARD TO Title II, Chapter II, Section I, of the Law of 19 February 1992, No. 142, containing provisions for the transposition of the directives of the Council 87/102/EEC and 90/88/EEC in matters of consumer credit;
HAVING REGARD TO Article 19, paragraph 2, of the aforementioned Law 142/92, according to which "the Interministerial Committee for Credit and Savings establishes by its own deliberation, to be published in the Official Gazette, the methods to be applied in the calculation of the Annual Percentage Rate of Charge (APRC), identifying in particular the elements to be computed therein";
HAVING REGARD TO Article 21, paragraph 10, of the same Law 142/92, pursuant to which, if the consumer exercises the option for early performance or for termination of the contract, he has "the right to an equitable reduction of the consideration for the credit, in accordance with the provisions that will be established in the deliberation of the Interministerial Committee for Credit and Savings referred to in Article 19, paragraph 2";
HAVING REGARD TO Article 23, paragraph 3, of the aforementioned Law 142/92, according to which the control of compliance with the provisions in matters of consumer credit is exercised "in the forms established by deliberation of the Interministerial Committee for Credit and Savings";
HAVING REGARD TO the Law of 17 February 1992, No. 154, containing "Norms for the transparency of banking and financial operations and services";
HAVING REGARD TO its own decree of 24 April 1992, published in the Official Gazette No. 108 of 11 May 1992, issued in application of the same Law 154/92;
HAVING REGARD TO Article 5, paragraph 10, of the Decree-Law of 3 May 1991, No. 143, as modified by the conversion Law of 5 July 1991, No. 197, which attributes to the nucleus
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