Credit intermediaries: Extension of the transitional period until 31/07/201911 February, 2019
The Decree-Law 81-C/2017, of July 07, established the legal regime for credit intermediaries, which entered into force on 01/01/2018.
This new legal regime for credit intermediaries regulates:
– Credit intermediation services (presentation or offering of consumer credit agreements and/or assistance in concluding such contracts)
– Consultancy services (recommendations addressed specifically to a consumer regarding one or more credit agreements)
To this purpose, the new regime creates three types of credit intermediaries:
– Tied credit intermediaries (intermediaries contracted by the creditor, acting on their behalf and under their full and unconditional responsibility)
– Untied credit intermediaries (intermediaries contracted by the consumers)
– Credit intermediaries in an ancillary capacity (suppliers of goods or services that intermediate credits aimed for financing the acquisition of their goods or services)
The new regime is having a massive impact, since it provides that only credit intermediaries who are authorized and registered with the Bank of Portugal can carry out the activity.
In order for credit intermediaries to register, the legislator has granted a transitional period, after which the credit intermediaries that have not completed the register will no longer be able to carry on the activity. This transitional period ended on 31/12/2018.
However, since Bank of Portugal has not been able to respond in time to all of the submitted requests for authorization and registration, the Decree-Law 122/2018, of December 28, has extended the transitional period until 31/07/2019, but only for credit intermediaries who have submitted the request until 31/12/2018.
Nuno Nogueira Pinto