Institut prijevremene otplate potrošačkih kredita u Evropskoj uniji i u BiH
The concept of early repayment of credit agreement in the European Union and BiH

Summary/Abstract: The concept of early credit repayment is the right of borrower to pay off the credit in full and before a certain deadline for repayment of the credit, with the right to its refund or reduction of all credit costs, and the bank, as the credit provider, has the right to the agreed compensation due to early credit repayment. Given that Bosnia and Herzegovina is a signatory to the Stabilisation and Association Agreement (SAA), in accordance with the provisions of Article 70 on approximation of legislation to the acquis, the Entities were obliged to transpose the rules of the credit agreement, including the concept of early repayment of credit from the EU legislation into domestic legislation. Having compared the legislation between the two Entities in BiH and the Republic of Croatia, it is evident that the provisions of Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC2 have been almost fully transposed in the legislation of the Entities, but that there has been no further alignment with the new legislation in this area adopted by the European Union. Considering that the EU legislation changes relatively quickly and adapts to the market, it is necessary that the legislators in both Entities monitor and update the legislation in line with the EU acquis to ensure a high level of consumer protection in BiH.

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