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In the coming weeks, the Dutch Parliament’s lower house is expected to address the legislative proposal on residential mortgage credit, which was submitted by the Dutch Minister of Finance and the Minister of Justice back in September 2015. The legislative proposal implements European Directive 2014/17/EU on credit agreements for consumers related to residential immovable property (the "Directive") which must be implemented by 21 March 2016.
A majority of these rules already apply through existing laws, regulations and codes of conduct currently in use. Below are the eight most important changes suggested in the new legislative proposal:
Mortgage creditors should check commercial and transaction documentation, internal processes and procedures as soon as possible. Furthermore, mortgage credit providers and intermediaries should consider reviewing their current cooperation agreements, especially in relation to the processes that lead to binding offers and the duty of care with respect to consumers that are behind on payments.