The basis for new consumer credit legislation has been adopted by the Government.

This will implement EC regulations that all member states, including Poland, must adopt by 11 June 2010.

The key changes to be introduced by the new legislation will include:

  • extending the scope to cover credit up to €75,000 (PLN 255,550). The current limit is PLN 80,000. The new regulation will also cover mortgage loan agreements in Poland, although this is not required by EC regulations
  • requiring businesses granting consumer credit to provide consumers with wider scope of information on a standard form to be introduced in all member states. The information will cover all basic details of the credit, including costs, the full repayment amount, interest rate, required security interests and other details. This will also apply to consumer mortgage loans of any amount
  • requiring credit advertising that states the rate of interest or other credit cost figures to provide a representative example containing details of the interest rate, the total amount of credit and the annualised percentage charge
  • extending to 14 from 10 days the time limit for consumers to rescind a credit agreement
  • allowing creditors to charge compensation fees, within specified limits, where the consumer repays a specified amount of the fixed interest rate credit early
  • cancelling the upper limit on the total amount of fees, commissions and other costs relating to entering into a consumer credit agreement (currently 5 % of the value of the credit facility)
  • requiring all businesses granting consumer credit (not merely banks, as currently) to examine the applicant's creditworthiness

Law: Directive 2008/48/EC dated 23 April 2008

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The original publication date for this article was 12/01/2010.