An amendment submitted to Parliament today, Thursday, by Development Minister Takis Theodorikakos ensures that consumers can continue to make purchases in instalments and use financing schemes as the new regulatory framework for consumer credit is implemented.
The measure provides for a transitional period for the licensing of consumer credit intermediaries and businesses that provide credit as an ancillary activity, so that consumers are not affected by possible delays in the licensing process for these businesses.
Specifically, these businesses will be able to continue operating temporarily until their licensing process is complete, provided they submit an application to the Bank of Greece by 20 November 2026. Applications must be processed by 30 June 2027 at the latest.
The measure forms part of the new framework established by Law 5317/2026, which transposed the European directive on consumer credit and introduced stricter requirements for granting consumer credit, as well as licensing and supervision obligations under the competent supervisory authority. The aim is to improve transparency and provide more effective consumer protection.
The temporary continuation of business activity entails no compromise on consumer protection. Throughout the transitional period, businesses remain subject to supervision by the Bank of Greece, are required to comply with all consumer protection legislation and are entered in the relevant registers, with a specific indication that they are operating under a temporary regime.
According to the Development Ministry, the measure ensures that consumers continue to have access to credit intermediation services and schemes for purchasing goods and services with payment in instalments.
It also safeguards their interests and rights, as businesses continue to meet all their obligations to consumers, without disrupting the smooth functioning of the market or the continuation of commercial transactions.
Development Minister Takis Theodorikakos said: “This amendment ensures that consumers have uninterrupted access to credit intermediation services, enabling them to benefit from schemes for purchasing goods and services with payment in instalments. We are protecting consumers’ interests without making concessions on businesses’ obligations to them, at a time of intense inflationary pressures caused by the global geopolitical situation”.