On October 18, 2023, Parliament and the Council approved the new Directive (EU) 2023/2225 on consumer credit agreements, repealing Directive 2008/48/EC and introducing a new regulatory framework for these credit products.
From the new presented measures, we highlight:
- The Directive’s extended scope extension, which now covers credit agreements up to €100,000.00, whereas currently the same threshold was between €250 and €75,000;
- The classification of “buy now pay later” (BNPL) contracts as consumer credit products when concluded by third parties;
- The introduction of a new European Standardized Information Sheet (ESIS).
Member States must transpose this Directive by November 20, 2025, and these changes must enter into force on November 20, 2026.
The Directive entered into force on November 7, 2023 and is available here.
