Obligations Upon Receipt of the License
Loan brokers and employees who are
directly involved in advising or brokering loans are subject to a statutory continuing education
requirement.
The continuing education requirement stipulated in § 34k of the Trade Regulation Act (GewO) is further elaborated in the Loan Brokerage
Ordinance (DarlVermV). Both business
operators and their employees to whom professional expertise has been delegated are required to
undergo continuing education. It is also
possible to delegate the continuing education requirement to management personnel. Section 6 of the DarlVermV specifies the content and manner in which continuing education must be conducted.
A fixed number of hours for continuing education is not required.
Important Information
Pursuant to the newly added Section 162 of the Trade Regulation Act (GewO), a so-called “grandfather clause” will be
introduced.
As a general rule: A licensing requirement under § 34k GewO will apply starting November 20, 2026
“Long-time practitioners” provision: Business operators who already hold a license under § 34c GewO
for loan brokerage may submit an application for a license
under § 34k GewO until May 31, May 2027 and are not required to take a proficiency exam
at the Chamber of Industry and Commerce if they can prove that they
have been engaged in loan brokerage activities continuously since January 1, 2021.
The old license under Section 34c(1), sentence 1, no. 2 of the GewO will then expire either upon a
final decision on the application under Section 34k of the GewO or, in the absence of action,
no later than the end of November 19, 2027.
Competency Requirements
A new requirement is the mandatory proof of expertise.
The examination covers, among other things:
• credit law,
• consumer protection,
• advisory obligations,
• loan brokerage,
• legal foundations.
In the future, professional competence will be a key requirement for obtaining a license.
In the case of legal entities (e.g., GmbH), the
managing director does not necessarily have to possess this expertise personally.
It may also be demonstrated through sufficiently qualified employees, provided
they supervise the brokerage activities and are authorized to act on behalf of the business. The
business operator must ensure that he or she, as well as all employees directly involved in advising
or brokering, possess sufficient knowledge and undergo
regular continuing education.
However, formal proof of expertise is not required for all employees.
Upon commencing commercial operations, the
license holder and the persons in
management positions responsible for brokerage and consulting must be entered into the public broker registry.
Registration is carried out through the Broker Registry. For more information, see “Forms, Information Sheets, Links.”
