Reports to Banco de Portugal regarding credit products commercialization through digital channels

Reports to Banco de Portugal regarding credit products commercialization through digital channels

Circular Letter CC/2018/00000004 of Bank of Portugal

Circular letter CC/2018/00000004 establishes the following obligations for the credit institutions and financial companies that celebrate consumer credit agreements through digital channels:

  1. Before commercialization: credit institutions and financial companies shall submit to Bank of Portugal, with at least ten working days notice, the (i) questionnaire in annex to the circular-letter, (ii) the standardized information sheet (FIN) and (iii) the credit technical sheet.
  2. If the institution already commercializes credit through digital channels: it shall submit to Bank of Portugal, until 28/FEV/2018, the (i) questionnaire in annex to the circular-letter, (ii) the standardized information sheet (FIN) and (iii) the credit technical sheet.
  3. In case of amendment of the digital commercialization procedure: institutions shall submit to Bank of Portugal, with at least ten working days notice, a new questionnaire, standardized information sheet and credit technical sheet, reflecting the said amendments.

Interlocutor appointment: institutions that commercialize credit through digital channels shall appoint an interlocutor, for contacting purposes, within ten working days.