Article 6
Ability to hold funds
1. Member States shall determine whether credit servicers, when performing credit servicing activities in their territory, are either:
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(a) |
allowed to receive and hold funds from borrowers in order to transfer those funds to credit purchasers; or |
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(b) |
prohibited from receiving and holding funds from borrowers. |
2. In cases where credit servicers are allowed to receive and hold funds from borrowers under paragraph 1, point (a), Member States shall:
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(a) |
lay down, in addition to the requirements for the granting of an authorisation set out in Article 5(1), a requirement that the applicant has a separate account in a credit institution into which all funds received from borrowers are to be credited and kept until their channelling to the respective credit purchaser, under the conditions agreed with the credit purchaser; |
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(b) |
ensure that those funds are protected in accordance with national law in the interest of the credit purchasers against the claims of the other creditors of the credit servicers, in particular in the event of insolvency; |
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(c) |
determine that, when a borrower makes a payment to a credit servicer in order to, partially or totally, reimburse the amounts due related to a creditor’s rights under a non-performing credit agreement, or to the non-performing credit agreement itself, that payment is treated as having been paid to the credit purchaser; |
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(d) |
require a credit servicer to deliver a receipt or a letter of discharge to the borrower, on paper or another durable medium, whenever the credit servicer receives funds from the borrower, acknowledging the amounts received. |
3. Where a credit servicer does not intend to receive and hold funds from borrowers as part of its business model, the credit servicer shall convey that intention in its application for the authorisation referred to in Article 4(1). In such cases, the requirements laid down in accordance with paragraph 2, point (a), of this Article shall not apply.