Ongoing legal services of an international lending institution
We began our cooperation with the client with establishing a limited liability company in accordance with the regulatory requirements for operating as a lending institution and obtaining registration in the register of lending institutions.
Before establishing of a company, we also advised on the determination of the value of the share capital and its source and on the selection of persons suitable to serve on the board of directors.
As a next step, after the company was established and registered as a lending institution, we developed a legal documentation for consumer loan (loan agreement, information form) as well as terms and conditions for the mobile application, which is the exclusive channel for our client as a lending institution to provide loans to its customers. The process of providing legal services included drafting documentation ensuring that the lending process complies with the law (worth noting is the fact that penalty for acting in violation of the law may amount to over 3 million EUR).
Our legal advise included not only regulation on consumer credit but also on data processing and anti-money laundering and anti-terrorist financing. During our cooperation we also support the client in daily compliance matters, related to supervision of to the Financial Supervision Authority’s supervision of the consumer credit market, which is conducted by Financial Supervision Authority from January 2024.
Legal services for the client are provided in English, as the capital group to which the Polish company belongs, comes from an Asian country.
See also:
We provide ongoing legal services to our client who provides consumer credit as a lending institution. The legal services include performing compliance functions in areas of the company’s operations, including legal advice on personal data protection and anti-money laundering and terrorist financing.
We are representing our client, a leading lending institution and a small payment institution (SME) in proceedings before Polish Supervisory Authority for authorisation to provide payment services as a national payment institution (NPI).