March 8 (SeeNews) - Croatia has transposed the European Commission directive on mortgage credit which aims to create an EU-wide mortgage credit market with a high level of consumer protection, the Commission said on Thursday.
As a result, the Commission closed infringement proceedings against Croatia which had been launched in May 2016 after the country failed to abide by the Mortgage Credit Directive.
The main provisions of the directive include - conduct rules for providers, including an obligation to assess consumer creditworthiness and disclose information, competence and knowledge requirements for staff, provisions regarding certain aspects of mortgage credit, such as early repayment, foreign currency loans, tying practices, financial education, property valuation and arrears and foreclosures, the Commission said in a statement.