#2013-544Regulations on Credit Institutions and Financing Companies
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law incorporates financing companies into the existing financial regulatory framework. It expands the definition and roles of credit institutions in France to include financing companies, thus subjecting them to similar regulations as other financial entities. The law impacts how these companies operate, receive funds, and engage in various financial activities.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Inclusion of financing companies in the financial regulatory framework
- Redefinition of credit institutions to encompass new entities
- Prohibition on certain fund collection activities by financing companies
Obligations
What this law requires
Financing companies must not issue cash bonds (bons de caisse). Any such issuance is prohibited.
Financing companies may only collect reimbursable funds from the public under conditions fixed by the minister responsible for the economy, provided that the proceeds do not constitute reimbursable public funds as defined in article L. 312-2.
Financing companies may perform ancillary operations to their activity limited to those mentioned in items 1, 2, 5, and 6 of Article L. 311-2 I.
Financing companies are subject to regulations on credit facility documentation requirements, including disclosure of the company's legal name in credit agreements and related documentation.
Financing companies must comply with lending regulations including those on credit facilities, personal guarantees, and documentation requirements previously applicable only to credit institutions.