Type: Judgment

Authority: European Authorities: Euopean Union' Court of Justice

Date: 06/05/2019

Subject: The Court affirmed that Directive 91/13/EEC on unfair terms in consumer contracts does not preclude the legislation of a Member State under which a loan agreement is not invalid if it is denominated in foreign currency and, although it specifies the sum corresponding to that set out in the consumer’s application for finance in domestic currency, does not indicate the exchange rate applicable to that sum for the purpose of determining the definitive amount of the loan in foreign currency, but at the same time stipulates, in one of its terms, that that rate will be set by the lender in a separate document after the agreement has been concluded, where that term is in plain intelligible language and where that term is not unfair

Parties: GT

Classification: Solidarity - Art. 38 Consumer protection

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