On December 18, 2011, the Act of May 12, 2011 on consumer credit entered into force (Journal of Laws of 2011 No. 126, item 715, as amended) – in other words the “Act on Penal Code”. This act replaced the Act of 20 July 2001 on consumer credit. It defines the obligations of creditors and credit intermediaries as well as consumer rights related to the conclusion of a consumer credit agreement. This Act is also applied to consumer credit agreements offered by cooperative savings and credit unions. The definition of consumer credit contained in the Act states that it is a credit agreement in the amount not exceeding USD 255 550 or the equivalent of this amount in another currency, which the creditor grants or promises to grant to the consumer in the scope of its activity.
To check whether a cash loan in a foreign currency is a consumer loan, all you need to do is recalculate its value based on the average exchange rate of that currency announced by the National Bank of Poland on the last day of the quarter preceding the date of the contract.
The promise to grant a cash loan is treated broadly as all offers, loan advertisements, promises.
First of all, a consumer loan is considered to be: a loan agreement, a loan agreement within the meaning of the banking law, an agreement to postpone the date of payment of a cash benefit to the consumer, a loan agreement in which the creditor incurs a liability to a third party and the consumer undertakes to return the creditor , revolving loan agreement.
The Act does not apply to contracts: “0% loan”, leasing (when the contract does not provide for the obligation to transfer ownership of the subject of the contract to the consumer), for a loan, which is the result of a court settlement, a settlement concluded before an arbitral tribunal or a settlement resulting from mediation proceedings, for a loan granted only to employees of a given employer as an additional activity, for a loan granted under special provisions (using lower interest rates than those commonly used on the market or if the consumer is not obliged to pay interest rates or using other conditions), the subject of which is the permanent or successive provision of services to the consumer or the supply of goods of the same kind.