On April 1, 2011 the Sejm approved the changes to the Act on Consumer Credit.

The changes provide for i.a. prolongation of the period to withdraw from an agreement up to 14 days (nowadays it is 10 days). The Act will be applicable for all financial institutions, including i.a. SKOKs [co-operative savings and credit unions] also with respect to evaluation of consumers’ creditworthiness. The draft Act introduces also a unified credit form which will include basic information on the credit and its costs which in turn should make it easier for consumers to compare offers of different banks. Now it is time for the Senate to approve the Act.

Contact person: Paweł Tomasik, pt@pnplaw.pl, Peter Nielsen and Partners Law Office