BN-01
Polish legislation relating to consumer loans
ACT of 29 August 1997
Banking Law 1
Chapter 5
Article 69. Loan agreement
- Under a loan agreement, the bank undertakes to place at the borrower’s disposal, for the period specified in the agreement, a sum of money intended for an agreed purpose, and the borrower undertakes to use it under the terms specified in the agreement, to repay the amount of the loan used together with interest on the specified repayment dates, and to pay a commission on the loan granted.
- The loan agreement should be concluded in writing and should specify in particular:
1) the parties to the agreement;
2) the amount and currency of the loan;
3) the purpose for which the loan was granted;
4) the rules and deadline for repayment of the loan;
5) the interest rate on the loan and the conditions for its change;
6) the method of securing repayment of the loan;
7) the scope of the bank’s rights related to monitoring the use and repayment of the loan;
8) the dates and method of making the funds available to the borrower;
9) the amount of commission, if the agreement provides for it;
10) the conditions for amending and terminating the agreement.