The article discusses the boundaries of applying the institution of interest-free credit by members of the Cooperative Savings and Credit Union (SKOK). The concept of interest-free credit was introduced into Polish law as a result of implementing the EU Directive 2008/48/EC, allowing member states to establish sanctions for breaches of national provisions adopted in accordance with this directive.
According to Polish law, a consumer can demand repayment of credit without interest and other costs if the creditor has violated the informational obligations specified in the Consumer Credit Act. Similar sanctions already existed in national law, but their formulation underwent changes, including the requirement of written declaration by the consumer.
However, the interest-free credit sanction appears to be disproportionate and one-sided, negatively impacting the economic interests of the creditor. Particularly problematic is its implementation in the case of SKOKs, where members have extended financial liability for the union's activities.
Analyzing the principle of proportionality in the context of applying the interest-free credit sanction against SKOKs highlights the need to maintain a balance between consumer interests and the financial stability of the union. In the case of SKOKs, which operate on the basis of shared ownership by members and a common economic purpose, applying the interest-free credit sanction requires particular caution and consideration of the specific nature of these relationships.
The author of the article emphasizes the need to change the regulations concerning interest-free credit to account for differences in creditor misconduct and the specific economic relationships between the creditor and the consumer. The de lege ferenda proposal suggests introducing differentiated sanctions and considering the actual harm to the consumer, which would allow for more proportionate and fair regulations regarding consumer protection and the stability of SKOK-type financial institutions.