Credit, insurance, atypical investments, precious metals, these are the areas that see their operation evolve with the Consumer Law or Hamon law passed on February 13, 2014. Assa de Patrimoine explains what's changing for you.
The 5 advantages of the Hamon law
The subscription of a death-disability insurance is mandatory when signing a mortgage. This is most often offered by the banking establishment and, despite the Lagarde Act of 2010 introducing the possibility of delegating this insurance at the time of signing the loan, you generally have no choice but to take out the loan. accept in order to obtain more advantageous loan conditions. The lending bank takes advantage of its position to convince borrowers to subscribe to its own insurance, under penalty of being offered a less attractive rate.
From now on, the Consumption Law allows you to replace this death-disability insurance with another one within one year from the signature, provided that the provisions of the new contract are at least equivalent. Be careful however, it is the lending bank that assesses the nature of these conditions and this, within 10 days. If it can not modify the initial contract, it can offer you a new contract aligned with the competing contract.
Revolving or redeemable credit
Many purchases can be made, in store or remotely, thanks to a revolving credit. If the sellers were already supposed to offer customers other forms of credit for amounts over € 1000, they are now obliged by the Hamon Law to offer the classic depreciable credit. This allows the borrower to know exactly the amount due and the maturity of the loan, which is not the case with the revolving credit. This measure aims to limit the risk of over-indebtedness and will be put in place within 9 months after the publication of the application decree, the date of which remains unknown.
Consult our comparative credit to know the best offers of the moment.
Auto and home insurance
Finish the cancellation limited to the anniversary date of the auto and home insurance contracts. The Hamon law allows you to terminate the said contracts at any time, after one year of affiliation however. If real estate owners enjoy complete freedom in this area, renters, like motorists for car insurance, will have to motivate their decision.
The steps necessary for this termination will be made by the new insurer. As for the old one, it will not be able to impose the customer neither costs nor penalties and will have a month maximum to confirm the cancellation.
Note that insurance contracts associated with the purchase of certain consumer goods (household appliances, telephony ...) enjoy the same flexibility. Mutuals nevertheless remain excluded from this measure.
Finally, for these contracts as for all purchases made following distance or following a canvassing at home, the withdrawal period goes from 7 to 14 days.
Sale of precious metals
Buying counters for gold and other precious metals for individuals are flourishing in the country, riding the wave of the quest for household purchasing power. This activity is now framed. The signature of a detailed contract - nature of the goods, weight, purity, price, taxes ... - between the buying professional and the individual salesman becomes obligatory.
In addition, the individual seller has a withdrawal period of 24 hours, excluding transactions on bullion and gold coins.
The acquisition of certain goods is like a form of placement: old books, works of art, wine, etc. (see our e-book 11 anti-crisis investment ideas) These atypical investments, which fall outside the regulation of financial instruments, could so far be presented to investors in a very embellished manner. The AMF is now keeping an eye on all those proposing the acquisition of such assets for financial return, considered as "intermediaries in various goods". As is the case for traditional investment products, all communication around these assets must respect the principles of accuracy, precision and sincerity dear to the AMF. The risks inherent in these investments will have to be precisely described.
As you will have understood, all of these measures aim to strengthen consumer protection. But this does not exempt you from systematically studying the contracts that you are asked to sign.