Banks and financial intermediaries must provide customers who wish to take out a mortgage with pre-contractual information and standardized warnings.
So it appears in the ministerial order that, together with a royal decree of development of the mortgage law, has approved on Friday the Council of Ministers and that is, in turn, a transposition of a European directive that should have been incorporated into the Spanish order three years ago. years, in March 2016.
Economy Minister Nadia Calviño said Friday at the press conference after the Council of Ministers that the royal decree will be processed by urgent means and trusts that finally the European Commission (EC) does not impose a fine on Spain. 100,000 euros a day for the delay in the transposition of this directive.
According to Economy, the royal decree establishes the requirements for the provision of advisory services, the telematic means that must be used for the remission to the notary of the pre-contractual information, or the information to be provided to the clients during the term of the contract, which must be accessible for people with disabilities.
The order also regulates aspects such as the extension of the advertising rules of the banking activity to lenders and real estate credit intermediaries, the terms of the information of the loans in foreign currency and the minimum requirements of knowledge and competencies required of the personnel and Managers of credit lenders, including banks.
In addition, measures that guarantee the maintenance of the protection of the holders of reverse mortgages have been incorporated.