Article 2 › 6

Member States may determine that only Articles 1, 2, 3, 7, 8, 11, 19 and 20, Article 21(1), first subparagraph, points (a) to (h) and (l), Article 21(3) and Articles 23, 25 and 28 to 50 apply to credit agreements which are concluded by an organisation whose membership is restricted to persons residing or employed in a particular location or to employees and retired employees of a particular employer, or to persons meeting other qualifications laid down under national law as the basis for the existence of a common bond between the members and which fulfils all of the following conditions: (a) it is established for the mutual benefit of its members; (b) it does not make profits for any other person than its members; (c) it fulfils a social purpose required by national law; (d) it receives and manages the savings of, and provides sources of credit to, its members only; (e) it provides credit on the basis of an annual percentage rate of charge which is lower than that prevailing on the market or which is subject to a ceiling laid down by national law. Member States may exempt from the application of this Directive credit agreements concluded by an organisation referred to in the first subparagraph where the total value of all existing credit agreements entered into by that organisation is insignificant in relation to the total value of all existing credit agreements in the Member State in which the organisation is based and the total value of all existing credit agreements entered into by all such organisations in that Member State is less than 1 % of the total value of all existing credit agreements entered into in that Member State. Member States shall each year review whether the conditions for the application of any such exemption as referred to in the second subparagraph are still fulfilled and shall take action to withdraw the exemption where they consider that they are no longer met.

1 national measure recorded under this provision, in 1 form — sign in to view the analysis.

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Source: EUR-Lex CELLAR · retrieved 2026-07-30