1.This Directive shall not apply to: (a) credit agreements or agreements promising to grant credit: — intended primarily for the purpose of acquiring or retaining property rights in land or in an existing or projected building, — intended for the purpose of renovating or improving a building as such; (b) hiring agreements except where these provide that the title will pass ultimately to the hirer; (c) credit granted or made available without payment of interest or any other charge; (d) credit agreements under which no interest is charged provided the consumer agrees to repay the credit in a single payment; (e) credit in the form of advances on a current account granted by a credit institution or financial institution other than on credit card accounts. Nevertheless, the provisions of Article 6 shall apply to such credits; (f) credit agreements involving amounts less than 200 ECU or more than 20 000 ECU; (g) credit agreements under which the consumer is required to repay the credit: — either, within a period not exceeding three months, — or, by a maximum number of four payments within a period not exceeding 12 months.
2.A Member State may, in consultation with the Commission, exempt from the application of this Directive certain types of credit which fulfil the following conditions: — they are granted at rates of charge below those prevailing in the market, and — they are not offered to the public generally. ▼M1
3.The provisions of Article 1a and of Articles 4 to 12 shall not apply to credit agreements or agreements promising to grant credit, secured by mortgage on immovable property, insofar as these are not already excluded from the Directive under paragraph 1 (a). ▼B
4.Member States may exempt from the provisions of Articles 6 to 12 credit agreements in the form of an authentic act signed before a notary or judge.