Forthcoming Changes To Consumer Credit Laws

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