in contracts "secured credit" means the ability to repay the loan in advance is a right given by law to the borrower, but, generally, even in contracts of general law is conventionally provided for this possibility. The borrower can then decide at a certain point of depreciation, to terminate the contract, returning the capital on which apparently still had to stop paying interest.
Against this loss of earnings, the bank could, if provided in the contract, require a fee (penalty). According to a resolution of the ICRC on February 9, 2002, however, was dictated only to loans "secured credit", the fee was (in the case) be set as a "unique" and "comprehensive", and the contract provided with appropriate and express statement that "no other charge may be charged." Not only that needed to be specifically indicated the formula for calculating the compensation, using, where appropriate, financial ratios can be ascertained from sources readily accessible and included in the contract or in an annex to one or more examples of application of the formula.
The fee for early repayment was to be expressly stated in the prospectus is European Information (ESIS) and the "fact sheet" and in the summary document prescribed by the ICRC
Under a variable rate mortgage amortization schedule regular, the compensation, if it existed, was generally set in percentages contained.
Utmost care, however, was to be provided in case of fixed-rate mortgages, or with very flexible repayment plans: in such cases, banks were used to accentuate, sometimes in terms not entirely clear, the amount of penalty to the stated intent to cope with any changes in the cost of money.
With the entry into force (on 3 April 2007) of Law No 40, April 2, 2007 with amendments of the conversion Decree-Law of 31 January 2007, no 7, the rewards (or penalties) for cancellation or curtailment for the assets were disposed of with respect to the following contracts: loans granted by financial institutions, banks and security institutions required (INAIL, INPS, etc. ..) for buy and renovate housing units are used for habitation or the conduct of his business and professional by individuals.
The new rules on penalty clauses apply to loans contracted after February 2, 2007 (date of entry into force of Decree-Law).
For loans taken out before 2 February 2007, the actual cost charged to the customer in the event of early termination, it was established a agreement between the Italian Banking Association (ABI) and consumer groups signed May 2, 2007 , which then reduce the fees previously pattuiti.L 'adoption of new legislation has provided the inspiration for the Inland Revenue Agency in Italy with a Joint Circular (No. 6 published 14 June 2007) reaffirmed the compatibility of the system facilitated the substitute under Presidential Decree No 601 of 1973 (see Tax Treatment of Mortgage ) with the option of early repayment of the loan by the subject finanziato.A front of the measure, which allows the contract to the fiscal benefits of the substitute provided that the funding has a minimum duration of more than eighteen months, "an isolated decision of the Supreme Court (No. 11165 of May 26, 2005) had found that duration incompatible with clauses which provide for the ability of the debtor to disband the ratio of financing at any time. Referring to the ruling, some local offices of the revenue from the borrowers had proceeded to request the registration tax equal to 2% of the mortgage, ignoring the application of the discount. The figures in question were also important, especially in view of the contemporary rise rates and the first manifestation of the negative consequences of the U.S. credit crisis subprimes.Il National Council of Notaries, in the person of its President, addressed by the development of interpretive studies, the explicit request for clarification and the establishment of pilot actions against the first set of attempted recoveries from individual Internal Revenue Service, and has thus contributed to the tax authorities rivedesse its equity line of argument is brought back to the system. It 'been pointed out, among other things, such as the possibility of early discharge is a prerequisite because, even in the field of mortgages, to achieve a regime of greater competition between different banks: it is indeed clear that a tax penalty under the aspect of performance could also block the early legal action (so-called Bersani Decree-bis) to allow the possibility of replacing the loan with the least possible burden consumatori.L for the 'intervention of the Notary has, therefore, allowed to bring legal certainty and helped raise, with the aforementioned Circular 6 of 2007, a clarifying intervention by the Internal Revenue Service: It was, in fact, clearly stated in the contracts that the presence of medium-and long-term provisions that expressly allows the borrowers to terminate the relationship through the extinction of the debt even before running in the minimum established by law, does not determine the incompatibility of such agreements with the favorable tax regime. So were finally overcome the conflicting conclusions of an earlier circular (No. 6 of December 5, 2006), which led to the need to include clauses in many contracts that limit the right to performance in advance.
Against this loss of earnings, the bank could, if provided in the contract, require a fee (penalty). According to a resolution of the ICRC on February 9, 2002, however, was dictated only to loans "secured credit", the fee was (in the case) be set as a "unique" and "comprehensive", and the contract provided with appropriate and express statement that "no other charge may be charged." Not only that needed to be specifically indicated the formula for calculating the compensation, using, where appropriate, financial ratios can be ascertained from sources readily accessible and included in the contract or in an annex to one or more examples of application of the formula.
The fee for early repayment was to be expressly stated in the prospectus is European Information (ESIS) and the "fact sheet" and in the summary document prescribed by the ICRC
Under a variable rate mortgage amortization schedule regular, the compensation, if it existed, was generally set in percentages contained.
Utmost care, however, was to be provided in case of fixed-rate mortgages, or with very flexible repayment plans: in such cases, banks were used to accentuate, sometimes in terms not entirely clear, the amount of penalty to the stated intent to cope with any changes in the cost of money.
With the entry into force (on 3 April 2007) of Law No 40, April 2, 2007 with amendments of the conversion Decree-Law of 31 January 2007, no 7, the rewards (or penalties) for cancellation or curtailment for the assets were disposed of with respect to the following contracts: loans granted by financial institutions, banks and security institutions required (INAIL, INPS, etc. ..) for buy and renovate housing units are used for habitation or the conduct of his business and professional by individuals.
The new rules on penalty clauses apply to loans contracted after February 2, 2007 (date of entry into force of Decree-Law).
For loans taken out before 2 February 2007, the actual cost charged to the customer in the event of early termination, it was established a agreement between the Italian Banking Association (ABI) and consumer groups signed May 2, 2007 , which then reduce the fees previously pattuiti.L 'adoption of new legislation has provided the inspiration for the Inland Revenue Agency in Italy with a Joint Circular (No. 6 published 14 June 2007) reaffirmed the compatibility of the system facilitated the substitute under Presidential Decree No 601 of 1973 (see Tax Treatment of Mortgage ) with the option of early repayment of the loan by the subject finanziato.A front of the measure, which allows the contract to the fiscal benefits of the substitute provided that the funding has a minimum duration of more than eighteen months, "an isolated decision of the Supreme Court (No. 11165 of May 26, 2005) had found that duration incompatible with clauses which provide for the ability of the debtor to disband the ratio of financing at any time. Referring to the ruling, some local offices of the revenue from the borrowers had proceeded to request the registration tax equal to 2% of the mortgage, ignoring the application of the discount. The figures in question were also important, especially in view of the contemporary rise rates and the first manifestation of the negative consequences of the U.S. credit crisis subprimes.Il National Council of Notaries, in the person of its President, addressed by the development of interpretive studies, the explicit request for clarification and the establishment of pilot actions against the first set of attempted recoveries from individual Internal Revenue Service, and has thus contributed to the tax authorities rivedesse its equity line of argument is brought back to the system. It 'been pointed out, among other things, such as the possibility of early discharge is a prerequisite because, even in the field of mortgages, to achieve a regime of greater competition between different banks: it is indeed clear that a tax penalty under the aspect of performance could also block the early legal action (so-called Bersani Decree-bis) to allow the possibility of replacing the loan with the least possible burden consumatori.L for the 'intervention of the Notary has, therefore, allowed to bring legal certainty and helped raise, with the aforementioned Circular 6 of 2007, a clarifying intervention by the Internal Revenue Service: It was, in fact, clearly stated in the contracts that the presence of medium-and long-term provisions that expressly allows the borrowers to terminate the relationship through the extinction of the debt even before running in the minimum established by law, does not determine the incompatibility of such agreements with the favorable tax regime. So were finally overcome the conflicting conclusions of an earlier circular (No. 6 of December 5, 2006), which led to the need to include clauses in many contracts that limit the right to performance in advance.
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