Toni Nogolica participated in the drafting of Croatia’s new Consumer Credit Act
Toni Nogolica participated as a member of the Working Group for Croatia’s new Consumer Credit Act. The new legislation is intended to modernise the Croatian legal framework for consumer credit, align national law with the revised EU Consumer Credit Directive, and strengthen consumer protection in the financial services sector.
The Ministry of Finance has publicly presented the Draft Proposal of the Consumer Credit Act, which will introduce a new and consolidated regulatory framework for consumer lending in Croatia. The draft Act implements Directive (EU) 2023/2225, known as CCD 2, the revised EU directive on consumer credit agreements.
The new Consumer Credit Act is relevant for banks, credit institutions, non-bank creditors, credit intermediaries, financial service providers, fintech companies, retailers offering consumer finance, and consumers.
What is the purpose of the new Consumer Credit Act?
The purpose of the new Croatian Consumer Credit Act is to create a more transparent, predictable and consumer-focused legal framework for consumer credit agreements, as well as to align the Croatian legislature with the Directive (EU) 2023/2225, or CCD 2..
According to the Ministry of Finance presentation, the proposed Act aims to:
consolidate the existing rules on consumer credit and residential consumer credit;
strengthen consumer protection;
improve transparency in advertising and pre-contractual information;
introduce clearer creditworthiness assessment obligations;
regulate tying and bundling practices;
establish rules on debt advisory services;
define authorisation requirements for creditors and credit intermediaries; and
align Croatian law with the requirements of Directive (EU) 2023/2225, or CCD 2.
Toni Nogolica’s role in the drafting process
We are pleased to announce that Toni Nogolica participated in the drafting committee responsible for preparing the new Consumer Credit Act.
Commenting on the legislative initiative, Toni Nogolica said:
“The new Consumer Credit Act is an important step in modernising Croatia’s consumer finance framework. It aims to create clearer rules for creditors and intermediaries while strengthening the level of protection available to consumers. For market participants, the Act will be particularly relevant because it introduces a more structured and transparent regulatory environment aligned with the latest EU consumer credit standards.”
Toni’s participation in the drafting committee reflects Nogolica & Partners’ continued involvement in complex regulatory matters, particularly in the areas of financial regulation, consumer credit, banking law, EU law and compliance.
Why the new Consumer Credit Act matters
The Croatian consumer credit market has changed significantly in recent years. Consumer finance is no longer limited to traditional bank lending. Credit products are increasingly offered through digital platforms, fintech business models, online sales channels and point-of-sale financing arrangements.
The new Consumer Credit Act addresses these developments by introducing a broader and more modern legal framework. It is expected to have practical implications for creditors, credit intermediaries and other businesses involved in offering, arranging or advertising consumer credit in Croatia.
For consumers, the Act is intended to improve transparency, strengthen protection before and during the credit relationship, and ensure that credit agreements are offered on the basis of clearer information and more responsible lending practices.
For businesses, the Act will require careful review of advertising materials, pre-contractual documentation, internal approval processes, creditworthiness assessment procedures, contractual terms, compliance policies and authorisation requirements.
Legal areas affected by the new Consumer Credit Act
The new Consumer Credit Act is relevant to several legal and regulatory areas, including:
consumer credit regulation in Croatia;
banking and finance law;
EU financial services regulation;
consumer protection law;
fintech regulation;
regulatory compliance;
advertising and marketing of credit products;
creditworthiness assessment;
credit intermediary regulation; and
supervision of creditors and financial service providers.
Our continued monitoring of the legislative process
Nogolica & Partners will continue to monitor the legislative process and provide updates on the final text of the Consumer Credit Act, its entry into force and its practical implications for the Croatian financial services market.
Our team advises clients on consumer credit regulation, banking and finance, financial services compliance, fintech regulation, EU law and consumer protection matters in Croatia.
For further information on the new Consumer Credit Act or its potential impact on your business, feel free to get in touch.