Deliberations of the CICR and Urgent Decree of the Minister of Economy and Finance - President of the CICR, of 9 July 2026

1 Segreteria del Comitato Interministeriale per il Credito e il Risparmio The Ministry of Economy and Finance President of the Interministerial Committee for Credit and Savings Having regard to Chapter II (“Consumer Credit”) of Title VI of Legislative Decree No. 385 of 1 September 1993, hereinafter referred to as TUB, as last amended by Legislative Decree No. 212 of 31 December 2025, and in particular: a) Article 121, paragraph 3, of the TUB, which assigns to the Bank of Italy, in accordance with the deliberations of the CICR, the task of establishing the methods for calculating the APR; b) Article 122, paragraph 4, of the TUB, which provides that for payment deferrals and other favorable repayment methods for an existing debt, agreed upon by the parties following a default or probable default by the consumer, the provisions of Chapter II of the TUB apply only partially, in the cases established by the CICR; c) Article 122, paragraph 5-bis, which assigns to the Bank of Italy, in accordance with the deliberations of the CICR, the task of identifying, in accordance with Article 2, paragraph 8, of Directive 2023/2225/EU, the provisions that do not apply to credit contracts with a total credit amount of less than 200 euros, those in which the payment of interest or other charges is excluded, and those where the consumer is required to pay only insignificant commissions, provided that the repayment of the credit must take place within three months from the use of the funds; d) Article 122-bis, paragraph 3, which entrusts to the Bank of Italy, in accordance with the deliberations of the CICR, the implementation of the rules on the general principles of diligence, fairness, and transparency, the free provision of information, and the prohibition of discrimination regarding the request, conclusion, or ownership of a credit contract by consumers legally residing in the European Union; e) Article 123, paragraph 2, of the TUB, according to which the CICR, upon proposal by the Bank of Italy, identifies the cases in which it is possible to derogate from specific provisions regarding advertising information, the types of prohibited advertisements, the characteristics of the information to be included in advertisements, and the methods of their dissemination;

2 f) Article 123-bis, paragraph 2, according to which the Bank of Italy, in accordance with the deliberations of the CICR, specifies the content, drafting criteria, and methods for making general information available; g) Article 124, paragraph 7, of the TUB, which entrusts to the Bank of Italy, in accordance with the deliberations of the CICR, the implementation of the rules on the pre-contractual obligations of lenders, with reference to the characteristics of pre-contractual information, the adequate clarifications to be provided to the consumer, as well as specific or derogatory obligations to be observed in certain cases; h) Article 124-bis, paragraph 3, of the TUB, which delegates to the Bank of Italy, in accordance with the deliberations of the CICR, the implementation of the provisions regarding the verification of the consumer's creditworthiness; i) Article 125, paragraph 1, of the TUB - applicable also to consumer mortgage credit contracts pursuant to Article 120-undecies.1, paragraph 1, of the TUB - which provides for the access of lenders from Member States of the European Union to credit databases on non-discriminatory terms compared to those guaranteed to Italian lenders, entrusting the CICR, after hearing the Data Protection Authority, with identifying the conditions of access that ensure respect for this principle; l) Article 125-bis, paragraphs 1 and 4, of the TUB, containing the rules on credit contracts and related communications, which provide that the Bank of Italy, in accordance with the deliberations of the CICR, identifies the information and conditions to be included in credit contracts and determines the content and methods of periodic communications to the consumer regarding the performance of the relationship; m) Article 125-septies, paragraph 2, of the TUB, which provides for communication to the consumer of the assignment of the credit, according to the methods defined by the Bank of Italy, in accordance with the deliberations of the CICR; n) Article 125-octies, paragraphs 2, 2-bis, and 3, of the TUB, which provides, in the case of significant overdraft lasting more than one month, the consumer's right to receive a communication regarding the overdraft, and in the case of regular overdraft, the lender's obligation to offer the consumer consulting services, where available, and to redirect them free of charge to debt consulting services, and entrusts to the Bank of Italy, in accordance with the deliberations of the CICR, the setting of the deadline for sending the communication and the criteria for determining the extent and regularity of the overdraft; o) Article 125-novies, paragraph 3, of the TUB, which delegates to the CICR the regulation of the obligation of the credit intermediary to communicate to the lender any compensation due to it by the consumer for the calculation of the APR; Having regard to the CICR Deliberation of 4 March 2003, entitled “Regulation on the transparency of contractual conditions of banking and financial operations and services”; Having regard to the Urgent Decree of the Minister of Economy and Finance, President of the CICR, of 3 February 2011, No. 117 (hereinafter, D.M. of 3 February 2011), entitled “Provisions on consumer credit and amendments to the deliberation of 4 March 2003 on the transparency of contractual conditions of banking and financial operations and services”; Considering the need to implement the new provisions of the TUB regarding consumer credit, in accordance with Directive (EU) 2023/2225, and to adapt the transparency rules to subsequent innovations; Deeming that the objective of ensuring the organicity and coherence of the transparency rules requires the coordination of the implementation provisions of Chapter II of Title VI of the TUB with those adopted under other Chapters of the same Title VI; On the proposal formulated by the Bank of Italy, in agreement with CONSOB; Having heard the Data Protection Authority, with reference to the implementation of Article 125, paragraph 1, of the TUB; Deeming it urgent to proceed, pursuant to and for the effects of Article 3, paragraph 2, of the TUB; DECREES ART. 1 (Amendments to the D.M. of 3 February 2011)

1. The following amendments are made to Section I of the D.M. of 3 February 2011: a) to Article 1:

1. in paragraph 1, the word “community” is replaced by the following: “of the European Union”;
2. after paragraph 1, the following paragraph is inserted: “1-bis. The lender and the credit intermediary: a) act with diligence, fairness, and transparency, taking into account the rights and interests of consumers, according to the methods established by the Bank of Italy; b) refrain from applying discriminatory conditions regarding the request, conclusion, or ownership of a credit contract by consumers legally residing in the European Union, on grounds related to citizenship, place of residence, or any other situation mentioned in Article 21 of the Charter of Fundamental Rights of the European Union, without prejudice to the possibility of offering different access conditions to credit if duly justified by objective criteria. Lenders and credit intermediaries are not obliged to provide services in sectors in which they do not operate.”;
3. in paragraph 2, the phrase “The information and explanations provided for by this section are given” is replaced by the following: “The information and adequate clarifications to be provided to the consumer, provided for by this section, are given free of charge,”; the word “personalized” is replaced by “personalized”;
4. paragraph 3 is replaced by the following: “When the information and adequate clarifications are contained in documents, these are drafted in compliance with the provisions regarding structure and content set out in Directive (EU) 2023/2225, according to methods that ensure graphic readability, syntactic simplicity, lexical clarity, logical structure, and are presented in a manner consistent with the communication tool used. The accessibility requirements provided by Directive (EU) 2019/882 remain unchanged.”; b) to Article 2:
5. in paragraph 2, the following words are deleted: “and identify the characteristics of credit cards that, performing solely payment functions, are subject only to the rules on payment services”;
6. in paragraph 3, after the words “following a default”, the following are inserted: “or a probable default”;
7. after paragraph 3, the following paragraph is inserted: “3-bis. The Bank of Italy establishes that the provisions listed in Article 2, paragraph 8, of Directive (EU) 2023/2225 do not apply to: a) credit contracts with a total credit amount of less than 200 euros. For the purpose of calculating the minimum threshold, credit fractions granted through multiple contracts are also taken into consideration, if they are attributable to the same economic operation; b) credit contracts in which the payment of interest or other charges is excluded, except for limited expenses that the consumer may be required to pay in case of payment delays; c) credit contracts where the consumer is required to pay only insignificant commissions, provided that the repayment of the credit must take place within three months from the use of the funds.”; c) to Article 3, the words “of Article 19 and Annex I of Directive 2008/48/EC” are replaced by the following: “of Article 30 and Annex III of Directive (EU) 2023/2225”; d) Article 4 is replaced by the following: “Article 4 (Advertising)

1. Advertisements relating to credit contracts include a clear and highlighted warning intended to make consumers aware that borrowing money involves costs, using the formulation “Warning! Borrowing money costs money” or an equivalent formulation.
2. In accordance with Article 123 of the TUB and Article 8 of Directive (EU) 2023/2225, advertisements that report the interest rate or other figures concerning any cost of credit indicate the basic information referred to in Article 123, paragraph 1. For advertisements that do not report the interest rate or other figures concerning the cost of credit, Article 7 of the Deliberation of 4 March 2003 applies.
3. The basic information: a) is reported in advertisements in the foreground and prominently, in a correct and non-misleading manner; b) is expressed clearly, concisely, highlighted, and specified by a representative example, in which the total credit amount and the corresponding repayment term correspond as closely as possible to the characteristics of the advertised credit contract; c) is easily readable or clearly audible, depending on the case, and adapted to the technical limits of the means used for advertising, such as mobile phone screens; in the text or presentation of advertisements, no item may have greater prominence than the APR; d) are clearly distinguished from any supplementary information relating to the credit contract.
4. Advertising relating to credit contracts: a) includes information suitable to allow the consumer to contact the lender quickly and effectively, and, where applicable, the credit intermediary; b) clearly identifies temporary promotional conditions, such as a lower rate for the initial period of the credit contract; c) if it is not possible to provide the total credit amount as the total sum made available to the consumer, particularly when a credit contract gives the consumer the option to withdraw with a limit relative to the amount, it indicates a maximum limit corresponding to the upper limit of the credit that can be made available to the consumer.
5. When the medium used for the advertisement does not allow the display of information, as in the case of radio advertising, letters e-bis) and f) of Article 123, paragraph 1, of the TUB do not apply. In cases where the electronic medium used to communicate the basic information does not allow them to be displayed clearly and prominently, such as on small mobile device screens, the information referred to in letters e-bis) and f) of Article 123, paragraph 1, of the TUB is made accessible by clicking or vertical or horizontal scrolling of the page.
6. Advertising of credit products is prohibited if it: a) encourages consumers to request credit by suggesting that credit would improve their financial situation; b) states that existing credit contracts or credits recorded in databases have a minimal or no influence on the assessment of a credit request; c) falsely suggests that credit involves an increase in financial resources, constitutes a substitute for savings, or can improve the consumer's standard of living.”; e) to Article 5:

1. Paragraph 1 is replaced by the following: “1. Pursuant to Articles 123-bis and 124 of the TUB, the Bank of Italy defines, in accordance with Articles 9, 10, and 11 of Directive (EU) 2023/2225, the criteria for drafting, the methods for making available, and the list of general and personalized information that the consumer has the right to receive before the conclusion of the credit contract. General information allows the consumer to know the range of products and services offered and their main characteristics.”;
2. in paragraph 2: 2.1) the words “if the proposed contract is suitable” are replaced by the following: “if the proposed contract and ancillary services are suitable”; 2.2) after the words “The Bank of Italy,” the following is added: “also”;
3. Paragraph 3 is replaced by the following: “The obligation to provide the consumer with clarifications regarding the credit contract pursuant to paragraph 2 does not apply to payment deferrals and other favorable repayment methods for an existing credit, agreed upon by the parties following a default or probable default by the consumer, as provided by Article 122, paragraph 4, of the TUB.”;
4. Paragraph 5 is replaced by the following: “5. For credit contracts marketed via telephony, the description of the main characteristics of the financial service provided for in Article 59-quinquies of the Consumer Code includes at least the information provided for in Article 10, paragraph 3, and Article 11, paragraph 2, of Directive (EU) 2023/2225.”; f) to Article 6:
5. Paragraph 1 is replaced by the following: “1. In order to avoid irresponsible lending practices and reduce the risks of over-indebtedness of the clientele, before the conclusion of the credit contract, lenders carry out a thorough assessment of the consumer's creditworthiness, also in the interest of the latter, without prejudice, where applicable, to prudential rules regarding the assessment and monitoring of the creditworthiness assessment of clients aimed at ensuring the sound and prudent management of lenders, including those provided for in Articles 53, 67, 108, 109, and 114-quaterdecies of the TUB and their implementing provisions.”;
6. after paragraph 1, the following is added: “1-bis. The Bank of Italy specifies the relevant factors for the verification referred to in Article 124-bis, paragraph 1, of the TUB, as well as the methods and conditions for its performance, ensuring consistency with European provisions and coordination with prudential provisions in this matter.”; g) to Article 7:
7. Paragraph 1 is repealed;
8. Paragraph 2 is replaced by the following: “2. Access to databases containing personal credit information used for the purpose of assessing the creditworthiness of consumers (“Databases”), provided for in Articles 120-undecies.1 and 125 of the TUB, is permitted to lenders from Member States of the European Union other than Italy who intend to acquire information on a consumer who has requested or received financing governed by Directive (EU) 2023/2225 or Directive 2014/17/EU, or on subjects with the same co-obligors, even jointly, on contractual conditions and within limits non-discriminatory compared to those provided for for lenders having their seat or otherwise established in Italy (“Italian lenders”). In particular, equivalent conditions are applied with regard to costs and quality of the data access service, the methods for its use, the quantity and type of information provided.”;
9. after paragraph 3, the following is added: “3-bis. This Article does not apply to the Risk Central of the Bank of Italy, in accordance with Article 125, paragraph 1-ter, of the TUB.”; h) Article 8 is replaced by the following: “Article 8 (Contracts)

1. Pursuant to Article 125-bis, paragraph 1, of the TUB, the Bank of Italy specifies the information and conditions to be included in credit contracts in accordance with Article 21 of Directive (EU) 2023/2225.”; i) to Article 11, paragraph 1, after letter b), the following is inserted: “b-bis) the conditions under which the overdraft is to be considered regular, taking into account its frequency or duration in a given time frame.”.

7 ART. 2 (Implementation and Repeals)

1. The Bank of Italy issues implementing provisions of this decree, also with the aim of coordinating and updating the rules on consumer credit with respect to those adopted pursuant to the Deliberation of 4 March 2003, as amended by the D.M. of 3 February 2011.
2. Lenders and credit intermediaries comply with the provisions of this decree by 20 November 2026 or, if the provisions of the Bank of Italy provided for in paragraph 1 enter into force after that date, within ninety days from the entry into force of such provisions.
3. Until the expiration of the deadline referred to in paragraph 2, the relevant provisions of the D.M. of 3 February 2011 and the Bank of Italy in force at the time of the entry into force of this Deliberation continue to apply, in accordance with Article 13 of the D.M. of 3 February 2011.
4. For contracts in progress at the time of the expiration of the deadline referred to in paragraph 2 and still in effect on that date, the provisions of this decree and the provisions of the Bank of Italy provided for in paragraph 1 apply in accordance with Article 47 of Directive (EU) 2023/2225 and within the limits provided therein. For remaining aspects, such contracts remain governed by the relevant implementing provisions of Chapter II of the TUB in force at the time of the entry into force of this decree. The present decree will be published in the Official Gazette of the Italian Republic. Rome, THE MINISTER OF THE ECONOMY AND FINANCE