#ECOT2606963AOrder of March 24, 2026, on the Protection of Funds Received by Credit Managers
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law mandates credit managers in France to safeguard borrowers' funds by storing them in separate bank accounts. It also allows credit managers to outsource fund management to licensed third parties, with strict rules to ensure transparency and fund protection. This affects credit managers, buyers, and borrowers in the credit sector and requires immediate compliance with operational adjustments.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Credit managers must keep borrowers' funds in separate bank accounts.
- Allows outsourcing of fund management to authorized third parties.
- Requires adherence to strict fund protection and transparency rules.
Obligations
What this law requires
Open and maintain a separate dedicated bank account with an approved credit institution in an EU Member State for borrower funds held on behalf of credit buyers, with the account title clearly indicating the purpose of deposited funds
Demonstrate compliance with separate account requirements to the Autorité de contrôle prudentiel et de résolution upon request at any time
Provide minimum six-month notice before closing the separate bank account
Restrict separate account operations to debits and credits only for borrower fund receipt and transfer to credit buyers or overcharged borrowers; prohibit payment cards, cash withdrawals, and fee deductions
Submit a draft separate account agreement to the Autorité de contrôle prudentiel et de résolution as certification for regulatory approval