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“NULLITY OF LOAN AGREEMENTS WITH INTERNATIONAL ELEMENTS ACT IS CONTRARY TO THE EU LAW”

Municipal Court in Rijeka lodged on 9 November 2017 a request for a preliminary ruling in the case Anica Milivojević v Raiffeisenbank (C-630/17), in order to ascertain whether the national Law on the nullity of loan contracts with international features concluded in the Republic of Croatia with an unauthorised creditor („Official Gazette“ no. 72/2017) complies with the EU law. Advocate General Evgeni Tanchev in his Opinion proposes that the Court should rule that a national law that allows loan contracts concluded with foreign lenders who were not authorised to provide credit services in that country to be retroactively annulled is contrary to EU law when the same law does not apply to Croatian lenders. AG Tanchev concluded that a discriminatory and blanket law of the kind in issue manifestly exceeds the limits of what was required in order to achieve the goal of protecting the public order and the rights of the Croatian citizens that concluded such contracts.

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