First-instance court rejects OTP leasing unit's defense of contract changes

Issues

The Budapest Municipal Court rejected OTP Ingatlanlizing's defense of changes it made to borrowers' contracts in a first instance ruling yesterday.

Under legislation approved in the summer, Hungarian banks must refund clients for unilateral modifications of contracts unless they can successfully defend the practice in court.

The court earlier suspended the case and turned it to the Constitutional Court. The Constitutional Court decided, however, on November 11 that the summer legislation did not go against the fundamental law.

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