Housing credit: law imposed new rules, but banks did not put them on their website or in the minutes of contracts

Only three of the 86 credit institutions that were inspected by the Bank of Portugal, in 2021, complied with the new rules on mortgage loans, which prevent customers from domiciling the current account associated with the credit. All the others had to correct these flaws.

“In housing and mortgage loans, inspections were carried out at 86 institutions to assess the information provided on the internet sites on compliance with legal provisions that began to prevent lending institutions from requiring customers to domicil the current deposit account. associated with credit, with specific orders being issued to 83 institutions to correct detected irregularities”, according to the Bank of Portugal’s behavioral supervision report, released this Wednesday, May 11.

The rules went into effect on January 1, 2021, but the sites they did not have all the information required to show customers that they were not obliged to associate deposit and credit.

But the problems weren’t just with us. sitessince the drafts of the contracts themselves had, in the overwhelming majority of entities, flaws and inadequacy in relation to the rules: “the compliance of the draft contracts of 86 institutions was also verified, and the correction of irregularities detected in 83 institutions was also required” .

In 2021, many limitations came into force in the collection of commissions or rules (mostly imposed by Parliament), and there were also problems in consumer credit.

“Drafts of contracts from 97 institutions were analyzed to assess compliance with legal provisions that prevent the conclusion or renegotiation of consumer credit agreements from the acquisition or maintenance of other financial products or services, namely the deposit account. order. Specific orders were issued to 81 institutions to correct the irregularities detected”, reports the same report.

In practice, the banks did not timely comply with the requirements for publicizing the new rules, as well as their inclusion in the draft contracts.

Source: Expresso by expresso.pt.

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