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European Union (Consumer Mortgage Credit Agreements) Regulations 2016 [S.I. No. 142 of 2016]Introductory TextPart 1 Preliminary (regs. 1-6)Regulation 1 CitationRegulation 2 CommencementRegulation 3 InterpretationRegulation 4 "Mortgage credit intermediary" - definitionRegulation 5 Application of these RegulationsRegulation 6 Competent authorityPart 2 Financial education (reg. 7)Regulation 7 Financial education of consumersPart 3 Conditions applicable to creditors and mortgage credit intermediaries (regs. 8-10)Regulation 8 Conduct of business obligations when providing credit to consumersRegulation 9 Obligation to provide information free of charge to consumersRegulation 10 Knowledge and competence requirements for staffPart 4 Information and practices preliminary to the conclusion of the credit agreement (regs. 11-17)Regulation 11 General provisions applicable to advertising and marketing and provision concerning Consumer Credit Act 1995's applicationRegulation 12 Standard information to be included in advertisingRegulation 13 Tying and bundling practicesRegulation 14 General informationRegulation 15 Pre-contractual informationRegulation 16 Information requirements concerning mortgage credit intermediariesRegulation 17 Adequate explanationsPart 5 Annual percentage rate of charge (reg. 18)Regulation 18 Calculation of the annual percentage rate of charge (APRC)Part 6 Creditworthiness assessment (regs. 19-21)Regulation 19 Obligation to assess the creditworthiness of consumerRegulation 20 Property valuationRegulation 21 Disclosure and verification of consumer informationPart 7 Database access (reg. 22)Regulation 22 Database accessPart 8 Advisory services (reg. 23)Regulation 23 Standards for advisory servicesPart 9 Foreign currency loans and variable rate loans (regs. 24-25)Regulation 24 Foreign currency loansRegulation 25 Variable rate creditsPart 10 Sound execution of credit agreements and related rights (regs. 26-29A)Regulation 26 Early repaymentRegulation 27 Flexible and reliable marketsRegulation 28 Information concerning changes in the borrowing rateRegulation 28A Information regarding modification of terms and conditions of credit agreementRegulation 29 Arrears and proceedings for possessionRegulation 29A Assignment of the creditor's rights or of the credit agreement itselfPart 11 Requirements for establishment and supervision of mortgage credit intermediaries (regs. 30-35)Regulation 30 Authorisation of mortgage credit intermediariesRegulation 31 Supplemental provisions in relation to Regulation 30 (duration of authorisation, amendment of it, grounds for refusing its grant, etc.)Regulation 32 Credit intermediaries tied to only one creditorRegulation 33 Freedom of establishment and freedom to provide services by mortgage credit intermediariesRegulation 34 Revocation of authorisation and provisions concerning appeals against such revocations or refusals to grant authorisations or decisions to amend themRegulation 35 Supervision of mortgage credit intermediariesPart 12 Admission and supervision of non-credit institutions (reg. 36)Regulation 36 Admission and supervision of non-credit institutionsPart  13 Cooperation between competent authorities of different member states (regs. 37-38)Regulation 37 Obligation to cooperateRegulation 38 Settlement of disagreements between competent authorities of different Member StatesPart 14 Miscellaneous (regs. 39-42)Regulation 39 Penalties and sanctionsRegulation 40 Dispute resolution mechanismsRegulation 41 Anti-avoidanceRegulation 42 Transitional provisionsPart 15 Amendments of other enactments (regs. 43-45)Regulation 43 Amendment of European Communities (Consumer Credit Agreements) Regulations 2010Regulation 44 Amendment of Consumer Credit Act 1995Regulation 45 Amendment of Central Bank Act 1942Schedule 1 Minimum knowledge and competence requirementsSchedule 2 European Standardised Information Sheet (ESIS)Schedule 2, Part ASchedule 2, Part B Instructions to complete the ESISSchedule 3 Calculation of the Annual Percentage Rate of Charge (APRC)Given underExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 22 March 2016 - onwards

Regulation 27 Flexible and reliable markets

(1) A creditor shall keep appropriate records concerning the types of immovable property accepted by the creditor as security, as well as the related mortgage underwriting policies used.

(2) A creditor who contravenes paragraph (1) commits an offence.

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