Clifford Chance

Amendment to Slovak Consumer Loans Act

27 March 2015

On 3 February 2015 the Slovak Parliament adopted an amendment to Act No. 129/2010 Coll. on Consumer Loans and Other Loans and Credits for Consumers as amended (the "Consumer Loans Act") that introduces several major changes to the consumer loan market. The main goals of the amendment are to increase transparency, improve the oversight of consumer loans, and provide consumer loan providers with the tools necessary to assess the creditworthiness (repayment ability) of potential consumers. Major changes to the Consumer Loans Act include the introduction of the Register of Consumer Loan Information, an obligation to obtain licence from the National Bank of Slovakia (the "NBS") in order to provide consumer loans, and the transfer of the oversight of the industry from the Slovak Trade Inspection to the NBS.

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