Federal Consumer Credit Act (Switzerland)
Swiss federal law / From Wikipedia, the free encyclopedia
The Federal Consumer Credit Act (German: Bundesgesetz über den Konsumkredit, KKG, French: Loi fédérale sur le crédit à la consommation, LCC, Italian: Legge federale sul credito al consumo, LCC), is a Swiss federal law that aims to increase the protection of borrowers against overindebtedness.[1] The law covers consumer credits and leasing contracts to natural persons without professional or commercial intention, credit and loyalty cards as well as bank overdrafts.
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Federal Consumer Credit Act | |
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Federal Assembly of Switzerland | |
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Territorial extent | Switzerland |
Enacted by | Federal Assembly of Switzerland |
Enacted | 23 March 2001 |
Commenced | 1 January 2003 |
Repeals | |
Federal Consumer Credit Act (1993) | |
Status: Current legislation |
It was adopted on 23 March 2001 by the Federal Assembly and came into force on 1 January 2003, replacing the previous law from 1993.[2]
The Ordinance on the Federal Consumer Credit Act (SR 221.214.11; German: Verordnung zum Konsumkreditgesetz, VKKG, French: Ordonnance relative à la loi fédérale sur le crédit à la consommation, OLCC, Italian: Ordinanza concernente la legge sul credito al consumo, OLCC),[3] issued by the Federal Council, regulates a number of special implementing provisions, including the maximum annual interest rate of 10% above the SARON 3-month rate.[4]