The Commission declared violations of the provisions of Law No. 202/2013 on consumer credit contracts by OTP Bank S.A. and its intention to apply to the courts to invalidate the provisions of the contracts that violate the rights of the bank’s borrowers and their guarantors.
In the information published today, the National Commission for Financial Market reveals the details. After considering the relevant complaint of the bank’s client, the regulator conducted a review of the legal framework in relation to loan and guarantee agreements concluded with CB “OTP Bank” SA and found violations of Law No. 202/2013 on consumer loan agreements.
The bank is accused of concealment of information and illegal conditions for early repayment of the loan. In particular, “OTP Bank” SA did not provide standard pre-contractual information, which the client is obliged to study before signing the loan agreement. The contracts included unlawful and unreasonable requirements restricting the client’s right to close the loan early.
The lender “failed to provide standard pre-contractual information and included non-compliant early repayment provisions, including unjustified imposition of prior notice and misuse of certain costs,” the NCFM said in an official statement.
At the same time, the regulator identified other contractual provisions limiting the rights of financial services consumers.
“Some provisions, such as penalty clauses or the concept of a ‘banking day’, are vaguely and incomprehensibly worded. Abusive provisions were also found in surety contracts that excessively restrict the rights of guarantors,” the regulator notifies.
