This member circular is relevant for consumer credit providers which is intended to be shared to the handling department within the member company's organization.
NLD BAC advise about adjustments as per the consumer credit lending standards.
Together with the Association of Financing Companies in the Netherlands (VFN), NLD BAC rewrote the methodology in 2024 to avoid differences in interpretation.
This is also in order to minimize differences and make the document more readable.
NLD BAC state that extra attention has been paid to rewriting the final provisions, and an important new addition is stimulation of sustainable loans through consumer credit.
This is through introducing an extension for the financing of energy-saving measures.
The guidelines for the use of source data, however, have been postponed to 2025.
Effectiveness
The updated Code of Conduct for Consumer Credit is effective as of Nov. 19, 2024.
