President János Áder has signed the Accounting Act within the deadline, said Anita Altorjai, a spokeswoman for the Office of the President of the Republic, on MTI inquiries on Sunday.
On 24 September, Parliament adopted legislation requiring banks to account for overpayments to their customers due to the lack of exchange rate margins and unilateral contract changes.
This is the second law passed after the first foreign currency
Lending law passed in early July, which was voted by Parliament in connection with the Court’s unity resolution on consumer credit agreements with financial institutions.
The law regulates the settlement required under invalid contractual terms of consumer credit, as such contractual clauses have resulted in overpayment to the benefit of consumers.
Settlements must be made at different times, depending on whether they are forint or foreign currency loans, and whether the bank has filed a lawsuit, but must be sent no later than September 30, 2015, or 60 days after the end of civil litigation. to customers. The basic formula of settlement will be stipulated by MNB decree.
All costs related to the settlement shall be borne by the bank
Banks are also required to settle accounts with final repayers at the customer’s request.
The settlement also includes the definition of a new installment, and the law also announces a moratorium on interest increases until April 30, 2016.
According to a Fidesz faction leader’s announcement in mid-September, 400 financial institutions are required to settle all consumer foreign exchange and forint loans, affecting a total of approximately 1.3 million families – approximately 680,000 in foreign currency and 650,000 in forint-based loans. For an average foreign currency borrower, installments and interest may fall by 25 percent, or it may be as high as 30 percent.
The amount the Hungarian banking system
According to Antal Rogán, the amount the Hungarian banking system has to repay to families is around one billion forints.
Most of the clearing law will come into force on November 1st.
The Office of the President of the Republic had previously informed MTI that the legislation had arrived on September 29 and that the President of the Republic had five days to sign, meaning that the deadline had expired on October 4 (MTI).