Book contents
- Frontmatter
- Contents
- List of contributors
- Introduction: conceptualising unconscionability in Europe
- PART I Conceptualising unconscionability
- PART II Conceptualising unconscionability in financial transactions
- 8 Usury and the judicial regulation of financial transactions in seventeenth- and eighteenth-century England
- 9 Protection of the vulnerable in financial transactions – what the common law vitiating factors can do for you
- 10 Borrowers as consumers: new notions of unconscionability for domestic borrowers
- 11 Conceptualising and understanding fairness: lessons from and for financial services
- 12 Open the box: an exploration of the Financial Services Authority's model of fairness in consumer financial transactions
- 13 Conceptualising unconscionability in the context of risky financial transactions: how to converge public and private law approaches?
- 14 Conceptualising unconscionability in the post-Soviet era: the Lithuanian case of legal transplants
- 15 Bank loan contracts in Polish law: the legal position of the borrower
- 16 Financial contracts and ‘junk title’ purchases: a matter of (in)correct information
- 17 Kickback payments under MiFID: substantive or procedural standard of unconscionability?
- 18 Unfairness under the Consumer Protection from Unfair Trading Regulations 2008
- Conclusions
- Index
- References
15 - Bank loan contracts in Polish law: the legal position of the borrower
from PART II - Conceptualising unconscionability in financial transactions
Published online by Cambridge University Press: 06 August 2010
- Frontmatter
- Contents
- List of contributors
- Introduction: conceptualising unconscionability in Europe
- PART I Conceptualising unconscionability
- PART II Conceptualising unconscionability in financial transactions
- 8 Usury and the judicial regulation of financial transactions in seventeenth- and eighteenth-century England
- 9 Protection of the vulnerable in financial transactions – what the common law vitiating factors can do for you
- 10 Borrowers as consumers: new notions of unconscionability for domestic borrowers
- 11 Conceptualising and understanding fairness: lessons from and for financial services
- 12 Open the box: an exploration of the Financial Services Authority's model of fairness in consumer financial transactions
- 13 Conceptualising unconscionability in the context of risky financial transactions: how to converge public and private law approaches?
- 14 Conceptualising unconscionability in the post-Soviet era: the Lithuanian case of legal transplants
- 15 Bank loan contracts in Polish law: the legal position of the borrower
- 16 Financial contracts and ‘junk title’ purchases: a matter of (in)correct information
- 17 Kickback payments under MiFID: substantive or procedural standard of unconscionability?
- 18 Unfairness under the Consumer Protection from Unfair Trading Regulations 2008
- Conclusions
- Index
- References
Summary
Introduction
The purpose of this chapter is to examine the legal position of the borrower under a loan agreement entered into with a bank. As Polish financial and capital markets develop, a growing amount of banking products have become available. This is particularly evident with respect to bank loans, which have become increasingly affordable.
Despite the fact that many banks are present on the market, the competition to secure a client base does not always guarantee that contracts equally protect the interests of the client and the bank. Apart from including abusive clauses and burdening the borrower with onerous duties, banks assume that the borrower is aware of the legal effects of creating security for the loan. However, in practice, the borrower does not comprehend the effect this has on his legal position. Moreover, this position entails legal effects not only for the borrower during his lifetime, but also for his heirs upon his death.
Poland's accession to the European Union must be viewed as having had a positive influence on the development of banking practice and consumer protection in the field of bank loans. Directives such as the Consumer Credit Directive, Door-Step Selling Directive, e-Commerce Directive, Distance Marketing Directive, and the Unfair Terms Directive are aimed at increasing the safety and transparency of transactions, with particular attention paid to the protection of consumers.
- Type
- Chapter
- Information
- Unconscionability in European Private Financial TransactionsProtecting the Vulnerable, pp. 289 - 307Publisher: Cambridge University PressPrint publication year: 2010