Government adopts draft anti-usury act

The Council of Ministers has adopted a draft law against usury. It improves the security of citizens and prevents loan companies from exploiting their position with respect to vulnerable consumers.

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Photo: Adam Guz / Chancellery of The Prime Minister of Poland

The proposed solutions will enable effective fight against the scourge of usurious loans. As emphasised by Prime Minister Mateusz Morawiecki, this issue affects many Polish citizens and the victims of this practice are usually elderly people, whose difficult financial situation is exploited by unscrupulous loan companies. The draft anti-usury act aims to eliminate traps set for citizens the head of the government said.

The proposed regulations will prevent setting extra charges for instalment purchases. Strict regulations will also apply to short-term loans for small amounts, or the so-called payday loans. The aim is to ensure that in practice, e.g. flats and houses and/or life earnings are not taken away from people who have not repaid loans of many times lower amounts.

At today’s meeting, the government also discussed the compensation scheme providing for subsidies for companies from the energy-intensive industry.

We believe that inaction of the state, amid the rapidly evolving market conditions, would be equal to abandoning Polish entrepreneurs said the Prime Minister. That is why we proposed about PLN 1.9 billion in subsidies for energy-intensive industry he explained.

As the Prime Minister recalled, Poland is among the leaders in terms of job creation in industry. We create opportunities for increased employment, especially in medium-sized cities Prime Minister Mateusz Morawiecki stressed. We hope for a level-playing field for the companies in energy-intensive industries he added.

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