With the decree currently pending publication, Italy has transposed Directive (EU) 2023/225 (“CCD II”) on consumer credit agreements. Among the various legislative measures, particular significance attaches to the amendments to the Italian Consolidated Banking Act (Testo Unico Bancario – “TUB”) concerning the regulation of the offering and granting of consumer credit, as well as the conduct-of-business rules governing the provision of advisory services and the management of the contractual relationship itself.

More specifically, the amendments affect not only the information duties imposed on banks and intermediaries – which in turn have repercussions on the conduct-of-business rules applicable to advisory services – but also the rules governing creditworthiness assessment, the rights afforded to consumers over the term of the credit agreement, and the forbearance measures which the lender, on a proactive basis, should consider granting in the event of default.

All of this will inevitably have an impact on the standard contractual documentation and templates made available by intermediaries, as well as on their internal policies governing the offering of credit, the provision of advice, the granting of credit and any potential recovery phase.

Attorney Alessandro del Ninno delivered a presentation in which he examined in depth the legislative amendments introduced by the implementing decree of CCD II with regard to automated processing operations involving workers’ personal data and the use of new technologies for creditworthiness assessment.