An administrative fine of € 3.000 in Hellenic Bank Public Company Ltd was imposed by the Consumer Protection Service as a violation was found in an advertisement of Elliniki for a mortgage loan with a subsidy.
An announcement of the Service specifically states that in the issuance of an administrative decision for violation of a provision of the Regulatory Administrative Acts of K.D.P. 138/2018 and K.D.P. 139/2018 issued under the Credit Contracts for Consumers in Relation to Real Estate intended for Residence Law (Law 41 (I) / 2017).
The announcement states that the specific decision, which concerns the Hellenic Bank Public Company Ltd, was the result of a wider ex-officio investigation conducted by the Office in the context of the implementation of the mentioned legislative framework, of Law 41 (I) / 2017, on Consumer Credit Contracts Law (Law 106 (I) / 2010), and the Law on Unfair Commercial Practices of Companies to Consumers of 2007 (Law 103 (I) / 2007), in relation to the legality of advertisements (television , radio, print, online and billboards) used by credit institutions in Cyprus, for the purpose of promoting the credit they provide to consumers.
"The constant pursuit of the Service is the implementation of laws, in order to provide a high level of protection to consumers through the safeguarding of their rights," he said.
The Service, in accordance with its decision and on the basis of the powers granted to it by law 41 (I) / 2017, considered that the television advertisement "mortgage loan with subsidy", is contrary to the provision of sub-paragraph (e) of paragraph 5 of K .Δ.Π. 138/2018 ”and therefore imposed on Hellenic Bank Public Company Ltd, an administrative fine of € 3.000.
As noted in the decision, among other things, the inclusion of appropriate risk warnings in advertisements involving a credit agreement for the purchase of housing in an inconspicuous manner " institution, something they would not do if they knew the risks in advance ”.
Source: economytoday