Lendtech financial institutions

THE LAW FIRM PROVIDES COMPREHENSIVE LEGAL SERVICES TO DYNAMICALLY DEVELOPING LOAN INSTITUTIONS

Thanks to technology, lending to consumers and businesses via the Internet is becoming more and more widespread, taking place more and more quickly, largely using electronic communication tools and modern technology. This is the essence of the term lending technology, referred to as LendTech for short. By using new technologies, lending and consumer credit services can be provided more conveniently and efficiently.

The LendTech and Digital Lending sectors are developing very rapidly, with new financial instruments, requiring up-to-date and practical knowledge of the law, as well as - the ability to find solutions and legal rules for completely new areas. A particular challenge is the effective adaptation of already existing legal rules to the dynamically changing world of technology and unlimited business creativity. For more than 10 years, we have been offering comprehensive legal services to lending institutions, payment institutions as well as banks. Our experts have successfully introduced more than a dozen financial institutions to the Polish market and provide ongoing legal services to support them in their day-to-day challenges.

WHAT DO WE OFFER?

Based on national, European and international regulations on consumer credit and lending activities, we offer comprehensive legal advice to rapidly growing LendTech and Digital Lending financial institutions providing lending and consumer credit services in the Polish and foreign markets. Based on Polish and European regulations, including documents such as:

- Act of 12 May 2011 on consumer credit;

- The Act of 1 March 2018. On counteracting money laundering and terrorist financing (the so-called anti-money-laundering law, AML Act);

- Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC, 2013/36/EU and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC (Text with EEA relevance);

Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (Consumer Credit Directvie, CCD);

- Act of 5 August 2015 on the handling of complaints by financial market entities and the Financial Ombudsman;

- Act of 30 May 2014 on consumer rights;

- Act of 16 February 2007 on competition and consumer protection;

- Guidelines and recommendations of the European Banking Authority (EBA) and the Financial Supervision Commission (FSC);

- Act of 29 August 1997. Banking Law;

- Act of 9 April 2010 on providing access to business information and exchange of business data;

- Act of 8 March 2013 on counteracting excessive delays in commercial transactions;

- Decisions of UOKIK and the Financial Ombudsman;

- Act of 19 August 2011 on payment services;

- Act of 18 July 2002 on the provision of services by electronic means;

- Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons in relation to the processing of personal data and on the free flow of such data and repealing Directive 95/46/EC (General Data Protection Regulation);

- Act of 21 July 2006 on the supervision of the financial market;

- Act of 6 March 2018. Entrepreneurs' Law;

we are looking for practical, optimal-to-implement solutions to support innovative business ideas of clients - companies and lending institutions from the LendTech and Digital Lending industries.

IF YOU ARE WONDERING OR ARE IN DOUBT:

- how - from a legal point of view - to start a business in the loan company sector in Poland?

- how - from the legal point of view - to offer credit products to consumers (consumer credit, loan agreement, credit agreement within the meaning of the provisions of the Banking Law, agreement on deferring the fulfilment of monetary performance to the consumer if the consumer is obliged to pay the costs connected with deferring the performance, credit agreement in which the creditor assumes an obligation towards a third party and the consumer to return the performed performance to the creditor, revolving credit agreement)?

- how to design credit products for individuals and SMEs (electronic micro-loans for consumers, working capital loans and debt relief loans for companies)?

- what AML requirements must lending institutions comply with?

how to protect personal data of clients - consumers in loan institutions?

- how to start up business in Poland while already operating in another country?

- how to respond correctly to consumer demands related to loans and how to conduct complaint processes correctly?

- how to respond to requests from the Financial Ombudsman or the Polish Financial Supervision Authority?

- how to act correctly in proceedings conducted by the Office of Competition and Consumer Protection?

- is it necessary to start up as a Small Payment Institution (MIP) or a National Payment Institution (NIP)?

- what regulatory requirements must be met in order to operate as a Small Payment Institution (MIP) or National Payment Institution (NIP)?

- how to provide services in the bnpl (by now pay later) model?

- how to implement modern forms of credit based on the credit card?

- what conditions need to be met in order to cooperate with or become a credit card issuer ?

- how to process your customers' personal data and protect it properly?

contact our lawyers who specialise in consumer credit, LendTech and Digital Lending.

 

 

SELECTED SERVICES:

- comprehensive support to lending institutions in day-to-day operations, in particular on issues such as data protection, RODO, compliance and AML;

- legal risk management in the area of personal data protection, RODO, compliance and AML;

- ongoing monitoring of legislation, case law of common courts and the Court of Justice of the European Union (CJEU), decisions and positions of the Office of Competition and Consumer Protection (UOKiK) and the Financial Ombudsman (RF) - recommendations on the application of guidelines resulting from these acts;

- ensuring compliance with the guidelines and recommendations of the Polish Financial Supervision Authority (PFSA);

- support at the stage of designing and creating credit products, both short-term loan agreements, instalment loan agreements and bundled loan agreements;

- advising on the establishment of institution structures and on the creation of product offerings using modern technologies and mobile applications;

- drafting and providing opinions on draft consumer credit agreements, ensuring their compliance with the provisions of the Consumer Credit Act, current decisions of the Office of Competition and Consumer Protection (UOKiK) and case law of common courts;

providing data protection advice to financial institutions and lending institutions;

- provision of data protection officer (DPO) services and ongoing support to the DPO appointed by the client;

- support to lending institutions on particularly sensitive issues such as maximum non-interest credit costs, early repayment of consumer credit, bundled credit agreements, marketing of credit products or creditworthiness assessment including automated decision-making mechanisms;

- support in the negotiation and conclusion of agreements with business partners such as credit reference agencies, credit assessment support providers and financial intermediaries;

- advice on raising finance through activities such as issuing corporate bonds;

- support for the introduction of innovative solutions for building competitive advantage, such as behavioural data analysis in credit assessment, behavioural targeting, identity verification using behavioural data, in particular - identity verification using image;

- creation, development and implementation of documents such as regulatory documentation and internal regulatory procedures, as defined by the provisions of the AML/CFT Act (the so-called AML), including the obliged institution's internal procedure, breach notification and reporting procedure;

- organisation and delivery of training courses on personal data protection, tailored to the requirements of the management staff of loan institutions, customer service, verification and recovery departments;

- organisation and delivery of training on AML/CFT for employees of obliged institutions;

- advising on the development of internal procedures for lending institutions on issues such as customer verification, customer service, debt collection or complaint processes;

- representation of loan institutions and LendTech companies in relations with administrative authorities - the Office of Competition and Consumer Protection (UOKIK), the Office of Personal Data Protection (UODO), the Polish Financial Supervision Authority (KNF) and the Financial Ombudsman (RF);

- introduction of financial institutions to the Polish market;

- legal risk mapping, legal risk management in LendTech;

- implementation of cloud solutions in LendTech companies;

- outsourcing of AML-related processes.

WHOM WE ADVISE

We support leading Polish and European entities - financial institutions, granting consumer loans and loans to entrepreneurs, as well as consumer E-lending microlending - companies operating in the broader LendTech sector.

We advise individuals who hold board member, head of lending, compliance officer and AML officer positions.

We represent loan institutions in relations with administrative bodies - the Office for Competition and Consumer Protection, the Personal Data Protection Office, the Polish Financial Supervision Authority, the Financial Ombudsman.

We monitor legislation and case law relating to the LendTech sector in Poland, the European Union and non-EU countries. We encourage you to read our blog where we share our practical experience gained in the course of various projects for LendTech companies.

In 2021, legal advisor Monika Macura received a prestigious award from the Lendtech Foundation, which creates and supports the FinTech & LendTech and digital lending ecosystem in Poland, for her substantive contribution, innovation and commitment to the development of the LendTech ecosystem in Poland. We regularly participate in the most important industry events for LendTech and Digital Tech companies, such as the annual LendTech Congress. We are also an active member of the Polish Association of Loan Institutions. 

 

Check out our experience

CONTACT DETAILS

THE LAW FIRM

ul. Odyńca 7/13
02-606 Warsaw

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