Recently, the Polish loan market has been developing extremely dynamically, responding to the changing needs of consumers and businesses. The sector’s increasing flexibility and innovation is evidenced by the offering of more and more diversified and customized products, such as deferred payments (Buy Now, Pay Later, BNPL), payment credits, credit cards, factoring and payday loans provided through sophisticated mobile and web applications.
The dynamics of the lending industry is directly influenced by the changing legal environment, which for the most part concerns the area of consumer finance. The key regulation that recently changed the landscape of the loan market in Poland was primarily the Act of October 6, 2022 on amending laws to counteract usury (the so-called “Anti-usury Act”), as a result of which loan institutions were placed under the supervision of the Financial Supervision Authority (KNF).
Raczyński Skalski & Partners Law Firm is aware of the dynamic development taking place in the loan market and is actively engaged in providing comprehensive legal services to loan companies implementing diversified financial products. Our offer includes not only assistance in complying with EU and Polish laws and avoiding the risk of violation of regulations, but also support in developing business strategy and maximizing the benefits of new market opportunities.
Our services
Legal services provided by Raczynski Skalski & Partners in the area of lending activities are comprehensive and include, in particular:
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Regulatory consulting
We track and analyze legal developments in the market for consumer loans (B2C) and loans to businesses (B2B). We design and adapt business structures to the specifics of our clients’ business activities, taking into account aspects of private law and public law, including tax law. We effectively advise on how to combine lending activities with other activities, including, in particular, provision of payment services.
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Registration procedures
We provide services for registering lending institutions in the register maintained by the KNF. Our advisory services include, in particular, establishing a new commercial company that meets the requirements of the Consumer Credit Act, or auditing and undertaking adjustment work within an existing company, as well as drafting and sending an appropriate application to the KNF. We also represent loan companies in other registration procedures concerning, for example, the conduct of pawnbroking activities or the provision of payment services.
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Contracts and regulations
We provide services for the preparation and review of loan / consumer credit agreements with appropriate debt security mechanisms. We prepare AML/ CFT procedures, complaint procedures, privacy policies and any other internal documents required by law or resulting from recommendations of supervisory authorities. We successfully safeguard the interests of our clients, in particular ensuring that the documentation we prepare complies with consumer protection and e-commerce regulations.
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Surveillance procedures
We advise clients on fulfilling ongoing obligations to supervisory authorities, including the KNF and the General Inspector of Financial Information (GIIF). We assist in the preparation of periodic reports and in responding to requests for specific information or explanations. We participate in inspections carried out and challenge supervisory decisions to administrative courts, including those imposing financial penalties on supervised institutions for non-compliance with applicable regulations.
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Litigation and debt collection
We offer comprehensive support in litigation between loan companies and their clients and in enforcement proceedings. We prepare and bring lawsuits to the courts and participate in alternative dispute resolution procedures, such as mediation procedures. Litigation and recovery activities at our firm are handled by a separate financial litigation department with extensive experience in handling disputes in the financial market.
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Pawnbroking activities
We also provide our legal services to entities running pawn business, the essence of which is providing financing to consumers with the establishment of collateral on movable property. In the past, we have successfully advised pawnbroker networks on obtaining registration in the register maintained by the KNF, preparing new contractual documentation and internal procedures, including complaints procedures and AML/CFT procedures.
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Credit intermediation
An extremely important part of our daily work is the advice we provide to credit intermediaries, including mortgage brokers and their agents and consumer credit intermediaries. We analyze the regulatory requirements of such activities and obtain entries in the relevant registers of credit intermediaries maintained by the KNF. We comprehensively advise whether certain innovative business models are subject to the regulations on credit intermediation.
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Training and education
We organize various types of training, tailored to the needs of our clients, on the latest trends, regulations and practices in the lending industry. We combine the experience and legal knowledge we have gained over the years with a good knowledge of the industry environment and the technical tools available, including those relating to the analysis of a client’s creditworthiness (rating / scoring) and verification of client’s identity. The offer of the workshops we conduct can be individually tailored to the needs of each client.
Raczyński Skalski & Partners offers comprehensive legal support to the lending sector
Raczyński Skalski & Partners is aware of the regulatory challenges facing the lending sector. Our team of experienced attorneys keeps abreast of the latest trends and changes in financial legislation to offer our clients comprehensive legal advice specifically tailored to diverse and innovative business models. We act as a trusted partner, helping you stay competitive in a dynamic financial environment.