Porobija & Porobija updates

 
Overview of act on loan agreements with international element
Porobija & Porobija
  • Banking
  • Croatia
  • August 10 2018

The Act on Nullity of Loans with an International Element Concluded in the Republic of Croatia was created following a period of time wherein certain foreign credit unions continually granted loans to Croatian borrowers. As a result, some consumer organisations pushed to have such loans annulled in order to stop the ongoing enforcement procedures over Croatian borrowers' assets. However, concerns over the act have been raised, including the fact that it is unconstitutional and contravenes EU law.

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