The Commission de Surveillance du Secteur Financier (CSSF) has informed the public that a new law regarding mortgage intermediaries came into force at the beginning of January.
The Law has introduced new legislation concerning mortgage intermediaries into Chapter 6 of the Code of Consumption entitled “Mortgage Loan Contracts”.
This legislation introduces the intermediary status of mortgage loans into Luxembourgish law. In order to obtain such an agreement to become an intermediary, interested persons are required to justify their professional respectability and show a certain level of knowledge and skills relevant to the contracts sector.
When this is agreed upon, the concerned persons receive a European passport and can carry out their activities through the establishment of branches in EU Member States.
The CSSF can, however, punish any person who does not respect the requisites of this law.
