9 May 2025 - Bill to enhance transparency in credit agreements and protect debtors
Volt MP Alexandra Attalidou has submitted a bill to amend the Interest Rate Liberalisation and Related Matters Law, with the aim of substantially enhancing the protection of debtors and enhancing transparency in the financial sector.
With the proposed amendment, credit institutions, credit purchasers, credit acquisition companies and non-credit institutions will be required to explicitly state in credit facility agreements:
The exact amount of charges or expenses recovered and related to the credit facility
The manner and when these are modified during the term of the agreement
This regulation is an important step in favor of debtors as it provides them with more complete and clear information about their financial obligations, preventing hidden charges and surprise increases. At the same time, it enhances transparency in the financial sector, creating conditions for healthy competition between institutions, since consumers will be able to compare and choose more consciously the services that benefit them.
At Volt, we believe in substantive reforms, not big words. Through targeted and practical proposals, we work to empower citizens, promote trust in institutions and shape a fairer market for the benefit of all.