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Article 4 – Approaches and information for credit risk assessment and loan valuation ⬅️ | ➡️ Article 6 – Information to be considered in the credit risk assessments of crowdfunding projects or project owners
Article 5 - General requirements for credit risk assessments of crowdfunding projects or project owners
1.
When assessing the credit risk of crowdfunding projects or project owners, crowdfunding service providers shall assess the project owner’s current and future ability to meet the financial obligations set out in the loan agreement.
2.
Crowdfunding service providers shall well document decisions on the assessment referred to in paragraph 1 and shall keep that documentation for at least 5 years after the repayment of the final instalment of the loan.
3.
For the purpose of paragraph 2, any personal data as defined in 2016 shall be kept for no longer than 5 years after the repayment of the final instalment of the loan.