Residential consumer credit agreements; power to issue a statutory instrument

(1) Section 18a(1) to (10) of the Banking Act applies correspondingly to the granting of residential consumer credit agreements. For the creditworthiness assessment conducted by undertakings not subject to supervision by the Länder supervisory authorities, the guidelines of the statutory instrument issued under section 18a(10a) of the Banking Act apply correspondingly.
(2) The Federal Ministry of Finance is authorised, by statutory instrument requiring the consent of the Bundesrat, to issue more detailed provisions on the knowledge and competence required under subsection (1), in conjunction with section 18a(6) of the Banking Act, of internal and external staff involved in the granting of residential consumer credit agreements. The Federal Ministry of Finance may, by statutory instrument requiring the consent of the Bundesrat, transfer the authorisation under the first sentence to the Federal Institute.