Immigration law /

COVID-19 Special Act – significant changes on the consumer loans market

COVID-19 most probably will have a significant impact on the consumer loan market. Today a draft of the so called COVID-19 Special Act was published on the website of Polish parliament along with justification.

The projected changes in consumer loans market are inter alia the following:

  • new limitation of non-interest loan costs for consumer loans with repayment term shorter than 30 days – maximum of 5% of the body of the loan
  • new limitation of non-interest loan costs for consumer loans with repayment term of at least 30 days – maximum of 15% of the body of the loan + 6% per annum, whereas currently it is 25% + 30% per annum
  • in no event can the non-interest loan costs exceed 45% of the body of the loan (throughout entire duration of the loan agreement), whereas currently it is 100% of the body of the loan
  • the 120 days limit rule (loan rolling ban) is extended to related entities
  • breaching the above limitations can be treated as unfair market practice
  • above limitations are supposed to apply for 365 days after the COVID-19 Special Act comes into force

It is unclear if the projected changes will apply to new loans, or also to the loans already granted on the day of the Act entering into force. According with the justification to the draft, new rules will apply to new agreements only, however this is not reflected in the draft act itself. Also, what is crucial – the vacatio legis is only 1 day after publishing in the official gazette.

Author team leader DKP Legal Piotr Putyra
Contact our expert
Write an inquiry: [email protected]
check full info of team member: Piotr Putyra

Contact us

Flaga Polski.POZNANPOLAND
Młyńska 16
61-730 Poznań
+48 61 853 56 48[email protected]
Flaga Polski.WARSAWPOLAND
Rondo ONZ 1
00-124 Warsaw
+48 22 300 16 74[email protected]
Flaga Polski.WROCLAWPOLAND
Swobodna 1
50-088 Wrocław
+48 61 853 56 48[email protected]
Flaga Polski.KRAKOWPOLAND
Opolska 110
31-355 Kraków
+48 61 853 56 48[email protected]
Flaga Polski.ZIELONA GÓRAPOLAND
Jana Sobieskiego 2/3
65-071 Zielona Góra
+48 61 853 56 48[email protected]