TITLE: Austria Enacts Consumer Credit Rights Amendment Act Repealing and Replacing Consumer Credit Legislation
BODY:
On June 10, 2026, Austria's Federal Gazette published the Consumer Credit Rights Amendment Act 2026 (Verbraucherkreditrechts-Änderungsgesetz 2026 – VerKRÄG 2026), a federal law that repeals and replaces Austria's existing consumer credit legislation.
The VerKRÄG 2026 repeals the Consumer Credit Act (Verbraucherkreditgesetz) and enacts a new Consumer Credit Act 2026 in its place. The legislation also amends five related acts: the Broker Act (Maklergesetz), the Consumer Protection Act (Konsumentenschutzgesetz), the Consumer Authority Cooperation Act (Verbraucherbehördenkooperationsgesetz), the Banking Act (Bankwesengesetz), and related provisions. The Austrian Ministry of Justice (Bundesministerium für Justiz) submitted the legislation to parliament. The National Council approved the act on May 21, 2026, following committee review. The Federal Council subsequently approved it on June 3, 2026, following its own committee assessment. The legislation implements European Union Directive 2023/2225, as referenced by its CELEX number 32023L2225.
The VerKRÄG 2026 represents a comprehensive overhaul of Austria's consumer credit regulatory framework, affecting credit institutions, brokers, and consumer protection authorities. The act applies to consumer credit contracts and related activities across Austria's financial services sector.
The legislation is now in force as of its publication date of June 10, 2026. Stakeholders in Austria's financial services industry, including credit providers, brokers, and consumer protection bodies, should review the new provisions to ensure compliance with the updated regulatory requirements.
REFERENCES:
https://www.ris.bka.gv.at/eli/bgbl/I/2026/36/20260610