Type: Judgment

Authority: European Authorities: Euopean Union' Court of Justice

Date: 06/10/2021

Subject: The Court affirmed that a consumer who has taken out a loan denominated in a foreign currency and who does not know that a term in the loan agreement is unfair cannot be subject to any limitation period for the repayment of sums paid on the basis of that term. The information provided by the lender to the consumer concerning the existence of a foreign exchange risk does not satisfy the requirement of transparency if it is based on the assumption that the exchange rate between the account currency and the payment currency will remain stable throughout the term of the agreement

Parties: BNP Paribas Personal Finance

Classification: Solidarity - Art. 38 Consumer protection

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