First-instance court rejects OTP leasing unit's defense of contract changes
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.