Regulatory Alerts2024-01-01
Decree No. 56/2024 Coll. on Determining Comparable Fixed Interest Rate Periods and Grouping Housing Consumer Credit for Early Repayment Cost Reimbursement
The Czech National Bank issued Decree No. 56/2024 Coll. to implement Article 117a(3) of the Consumer Credit Act by establishing rules for reimbursing costs associated with the early repayment of certain housing consumer credits. The decree defines five specific comparable lengths for fixed borrowing interest rate periods, ranging from up to one year to over ten years. It further mandates the division of housing consumer credits into groups based on these comparable periods and their security status, whether secured or not secured by a mortgage.
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