07 May 2020

News on the withdrawal from consumer credit agreements – ECJ and BGH lock horns forcing credit institutions into a balancing act

Do credit institutions need to act? The ECJ demands that contracts contain clear information on how the withdrawal period is calculated instead of “cascading references” – German BGH retorts immediately.

Most recently, the ECJ declared in a sensational decision of 26 March 2020 that the German model revocation instructions for consumer credit agreements do not meet the standards required by European law. The BGH contradicted this decision in a direct answer already on 31.03.2020. The current GSK Update analyses the effects of both decisions and examines the question of whether and where there is a need for action for lenders with regard to existing or future consumer credit agreements against this background.

Print


Press contact
presse@gsk.de
+49 30 203907-7763

Back

GSK Updates
  • 24 August 2021

    GSK Update: New marketing rules for investment management companies

    Read more
  • 23 June 2021

    GSK Update: The new German law on corporate due diligence in supply chains

    Read more
  • 21 June 2021

    GSK Update: Global data transfer: The new standard data protection clauses – What needs to be done?

    Read more
Contact person

Dr. Antonius Jonetzki

Local Partner*

+49 40 369703-62

antonius.jonetzki@gsk.de

Dr. Timo Bernau

Partner*

+49 89 288174-662

timo.bernau@gsk.de

Philippe Lorenz

Local Partner*

+49 89 288174-662

philippe.lorenz@gsk.de

* Partner: A partner within the meaning of the partnership company law.
   Local Partner: not a partner within the meaning of the partnership company law.
CO2 Neutral