Impact in Spain of the transposition of the Directive 2014/17/EU of the European Parliament and of the Council of 04/02/2014 on credit agreements for consumers relating to residential immovable property: an overview
Impact in Spain of the transposition of the Directive 2014/17/EU of the European Parliament and of the Council of 04/02/2014 on credit agreements for consumers relating to residential immovable property: an overview

Summary/Abstract: This paper deals with the transposition to the Spanish legal system of the Directive 2014/17/EU through the Law Draft on the regulation of real estate contracts, in process to be approved in Parliament since November 2017. This Law Draft aims transposing the aforementioned Directive 2014/17/EU as well as enhancing legal security, transparency and a balance between parts in credit contracts with mortgage guarantee, besides regulating the legal regime of lenders and real estate credit intermediaries. The content of the current regulation and the Law Draft will be compared together to the evolution of mortgages in Spain in the last 10 years, which has had an impact on other aspects as business, finance, etc. The delay in the transposition of the EU normative appears as a disturbing issue, as it should have been implemented by March 2016, then exposing the country to potential infractions and economic sanctions by the European Commission.

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