The Anti-Usury Act has been passed

Poland
Available languages: PL

An act to amend the laws to combat usury[1] (the “Act”) has been passed. It introduces important changes to the operations of lending institutions and to the lending of capital to consumers. Although the purpose of the Act is to combat rogue lenders, the changes provided for in the Act will affect all entities offering financing to Polish consumers.

What changes does the Act provide for?

The Act introduces the following key changes:

  • Reduction of limits on non-interest costs of consumer credit
  • Changes to the creditworthiness assessment process
  • Supervision of lending institutions by the PFSA
  • Increased minimum share capital of lending institutions

When will the changes come into force?

In principle, financial market entities will have to apply the Act since 18 May 2023. However, many of the changes will enter into force on 18 December 2022, including changes regarding limits on non-interest costs of consumer credit or the minimum share capital of lending institutions. The PFSA's supervision of the activities of lending institutions will begin on 1 January 2024.

For further information please contact CMS experts Ewa Świderska and Patrycja Sikorska-Tuğcu.


[1] Act of 6 October 2022 on amending laws to counter usury.