Regulatory Alerts2000-02-09
CICR Deliberation of 9 February 2000 on Early Repayment of Mortgage Loans
The Interministerial Committee for Credit and Savings issued this regulation to enforce transparency requirements for the comprehensive compensation fee charged to borrowers upon the early repayment of mortgage loans. The decree mandates that loan contracts must explicitly state the calculation formula, provide illustrative examples based on specific principal amounts and time horizons, and prohibit any additional charges beyond the agreed fee. Furthermore, lenders are required to disclose the potential early repayment cost in periodic account statements, with the regulation entering into force 60 days after publication.
Share