BELGIUM Law and Practice Contributed by: Joan Carette, Philippe De Prez and Thomas Derval, Simont Braun
This legal regime sets out compulsory rules for aspects of the contractual relationship, such as:
provisions will apply as of 20 November 2026. This revision of the former Directive on con - sumer credit agreements aims at removing legal uncertainty and further harmonising the EU con - sumer credit regulatory framework, in particular, regarding new credit products developed in the online environment. These upcoming changes are expected to have a particular impact on (cur - rently unregulated) “Buy Now Pay Later” (BNPL) products. Peer-to-peer lending between consumers is not regulated and is only subject to general contract law (see directly below). However, it should be noted that peer-to-peer consumer lending may not result in a public offering. For this reason, consumer peer-to-peer lending practices in their purest form (where consumers lend directly to other consumers through a matchmaking plat - form) are not allowed in Belgium. Alternative (indirect) peer-to-peer models are, however, present. SME credit offered by CIs, other lenders or licensed crowdlending platforms The regime applicable to credit to SMEs is less regulated than the one applicable to consumer credit. The regime applies not only to Belgian companies (to the extent that they do not exceed the thresholds of SMEs), but also to organisa - tions and individuals who do not act for private purposes (eg, a self-employed natural person). The Law of 21 December 2013 on the financing of SMEs (the “SMEs Law” ) notably sets out: • pre-contractual information obligations; • an obligation to the lenders to adopt a code of conduct in relation to the granting of loans to SMEs; and • specific rules for early reimbursements.
• pre-contractual information; • content of the agreement; • security interests; • rules for termination; • maximum interest rates;
• joint offer of insurance products; and • extrajudicial management complaints.
Lenders are subject to an obligation to obtain prior validation of their credit agreement tem - plates by the FPS Economy. Consumer credit offered to consumers by CIs, other licensed lenders or indirect peer- to-peer consumer lending platforms Consumer credit is subject to a highly regulat - ed regime in Book VII of the CEL – see Articles VII.64–122 (rules of conduct) and VII.148–216 (prudential requirements). This regime sets out compulsory rules for aspects of the contractual relationship, such as:
• pre-contractual information; • content of the agreement; • security interests; • rules for termination; • maximum interest rates;
• joint offer of insurance products; and • extrajudicial management complaints.
Lenders are subject to an obligation to obtain prior validation of their credit agreement tem - plates by the FPS Economy. On 18 October 2023, the EU legislature adopted EU Directive 2023/2225 on credit agreements for consumers (CCD2). Member states have until 20 November 2025 to transpose CCD2, and its
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