Nowe wymogi dla prowadzenia działalności pożyczkowej

In light of the publication of a new Polish law, namely the Act of 6 October 2022 on amending laws to prevent usury, on November 17, 2022 and the subsequent amendments to the Act of 12 May 2011 on consumer credit (Consumer Credit Act), the Polish Financial Supervision Authority (KNF) has published a statement as regards the performance of lending activities by credit institutions.
Specifically, the KNF notes that the Act imposes certain additional requirements upon institutions to be registered in the so-called „register of credit institutions“ which is a prerequisite to perform any lending activity in Poland. Specifically institutions will have to
– have the legal form of a joint stock company or a limited liability company both of which must have a supervisory board;
– have at least PLN 1 million in share capital in form of cash and such cash may not come from specified sources (bond issuances, loans, etc.); and
– ascertain that board members have not been convicted of any of the specified offenses.
„From May 18, 2023, the KNF will be authorized to remove from the „register of credit institutions“ an entity that has been removed from the register of entrepreneurs in the National Court Register.“ Latter registry is necessary to even be listed in the „register of credit institutions“.
Credit institutions not meeting the above noted requirements, but that are already included in both registers may continue to perform lending activities up to December 31, 2023. However, to continue to do so beyond January 1, 2024, they must notify the KNF by November 30, 2023 informing of the measures they are planning to take to meet the new requirements. The noted requirements must be ultimately met and confirmed by the National Court Register by December 31, 2023; otherwise they will be removed from the „register of credit institutions“.
„Additionally, from January 1, 2024, reporting obligations will be imposed on credit institutions as set out in the Act and in the planned regulation of the Minister of Finance, which will specify the scope and deadlines for submitting this information and templates of reporting forms. Reporting will be carried out in accordance with the Act electronically, via reporting forms and communication channels made available by the KNF“.
Furthermore, credit institutions will be subject to additional supervisory fees which will be based on total revenues from consumer credit business of the prior year (not more than 0.5%), but which will be no less than EUR 5,000 or any equivalent in different currencies (the conversion method is outlined in the statement). Additional information in this context, such as the payment deadlines or method of payment, will be communicated by the Prime Minister in form of a regulation in due course.