Business Regulations of CREDIPASS Szolgáltató Korlátolt Felelősségű Társaság

Effective from 15 April 2025

This document sets out the Business Regulations, including the General Terms and Conditions, of CREDIPASS Szolgáltató Korlátolt Felelősségű Társaság (1027 Budapest, Kapás u. 6–12., Building A).

Unless the parties expressly agree otherwise in writing, these Business Regulations apply to all legal relationships between CREDIPASS Kft. and Customers using its services.

The parties may depart from these Business Regulations only by an express written agreement and only where such departure is not prohibited by law. If a departure is permitted by law and CREDIPASS Kft. and the Customer agree on any aspect of their legal relationship in terms that differ from these Business Regulations, the provisions of their separate agreement shall apply accordingly.

1. Definitions used in these Business Regulations

1.1. Intermediary: CREDIPASS Kft., whose details are specified in Section 2 of these Business Regulations.

1.2. Customer: A natural person, legal person, business entity without legal personality or other organisation intending to use CREDIPASS Kft.’s financial intermediation services and, for that purpose, establishing a legal relationship with CREDIPASS Kft. by entering into an Agreement as defined in Section 1.4, or making an offer to establish such a relationship.

1.3. Principal Financial Institution: A financial organisation falling within the scope of Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (“Hpt.”), whose products CREDIPASS Kft. offers to Customers under an agency agreement with that organisation.

1.4. Agreement: An agreement for the intermediation of financial services between CREDIPASS Kft. and the Customer, based on these Business Regulations. It governs exclusively the legal relationship between CREDIPASS Kft., acting as Intermediary, and the Customer in connection with intermediation activities. It does not contain provisions governing the legal relationship between the financial institution appointing CREDIPASS Kft. and the Customer.

1.5. Product: A financial service, such as a loan, deposit or account, offered to the Customer by CREDIPASS Kft. and provided by a Principal Financial Institution.

1.6. Day: A calendar day, running from 00:00 to 24:00.

1.7. Banking Day: A day on which both CREDIPASS Kft. and the Principal Financial Institution whose Product CREDIPASS Kft. recommends are open for business.

1.8. Consumer: A natural person acting for purposes outside their trade, profession or business activities.

1.9. Mortgage Loan: Credit or a loan granted to a Consumer and secured by a mortgage over immovable property, including a mortgage established as an independent mortgage.

1.10. Intermediary Subcontractor: A legal person, registered sole proprietorship or sole trader that has entered into an agency agreement with the Intermediary for financial intermediation activities.

1.11. Agency Activity: Activity carried out under an agency agreement with a financial institution to facilitate the provision of financial or ancillary financial services or the conclusion of agreements for such services, without independently assuming obligations or entering into agreements at the financial institution’s risk.

1.12. Mortgage Credit Intermediation: Agency Activity relating to Mortgage Loans or financial leasing of immovable property provided to Consumers.

1.13. Credit Advisory Services: Personalised recommendations relating to Mortgage Loans or financial leasing of immovable property provided to Consumers, as a service separate from the provision of credit, loans or financial leasing and from financial intermediation.

1.14. Early Repayment: Full or partial repayment of outstanding obligations under a Credit Agreement before their scheduled due date.

1.15. Credit: The service provided under a Credit Agreement.

1.16. Credit Agreement: A credit agreement or loan agreement as defined in Act V of 2013 on the Civil Code, excluding agreements under which a Consumer makes instalment payments in return for the continuous provision of services or the supply of the same quantity of the same product.

1.17. Financial Leasing: An activity whereby a lessor grants a lessee the use, for a fixed period, of immovable or movable property or a right having monetary value owned by the lessor, on terms under which the lessee:

a) bears the risks arising from the transfer of the risk of loss;

b) becomes entitled to receive the benefits arising from the leased asset;

c) bears the direct charges, including maintenance and depreciation costs;

d) becomes entitled, at the end of the contractual period and upon payment of the full principal and interest components of the lease payments and the agreed residual value, to acquire ownership of the asset themselves or through a person designated by them.

If the lessee does not exercise this right, possession of the leased asset returns to the lessor. The parties specify in the agreement the principal component of the lease payments, equal to the contractual price of the leased asset or right, the interest component and the repayment schedule.

1.18. Creditor: An entity or person granting Credit in the course of their trade, profession or business activities.

1.19. Borrowing Interest: An annual monetary amount calculated as a fixed or variable percentage of the amount of Credit used by the Consumer.

1.20. Durable Medium: A means enabling the Customer to store information addressed to them for a period appropriate to its purpose and to reproduce the stored information without changes to its form or content.

1.21. Interest Rate Period: A period specified in the Credit Agreement during which the Creditor may not unilaterally change the interest rate.

1.22. Reference Interest Rate: A publicly available interest rate used as the basis for calculating an applicable interest rate, over which the Creditor has no influence.

1.23. Foreign-Currency-Based Credit Agreement: A credit or loan agreement denominated or disbursed in a foreign currency but repaid in Hungarian forints.

2. Company details

2.1. Name of the Intermediary: CREDIPASS Szolgáltató Korlátolt Felelősségű Társaság.

2.2. Registered office: 1027 Budapest, Kapás u. 6–12., Building A.

2.3. Company registration number: 01-09-733137.

2.4. Tax number: 13397401-2-41.

2.5. Supervisory authority: Magyar Nemzeti Bank.

2.6. Licence number and date of issue: EN-I-670/2010, 1 September 2010.

2.7. Number and date of the supervisory decision confirming compliance with the rules on mortgage credit intermediation effective from 21 March 2016: H-EN-I-190/2017, 13 March 2017.

2.8. Activities authorised under the licences referred to in Sections 2.6 and 2.7:

a) activity carried out under agency agreements with financial institutions to facilitate the provision of competing financial or ancillary financial services offered by several financial institutions, or the conclusion of agreements for those services, without the Intermediary independently assuming obligations or entering into agreements at the financial institution’s risk (“multiple-agent activity”);

b) Agency Activity relating to Mortgage Loans or financial leasing of immovable property provided to Consumers (“mortgage credit intermediation as a multiple agent”).

2.9. As a financial market multiple agent, the Intermediary does not provide Credit Advisory Services as defined in Section 1.13.

2.10. Supervisory registration identifier: 13397401.

3. Formation of the Agreement

3.1. In accordance with these Business Regulations and applicable legislation, the Intermediary informs the Customer about Products provided by the financial institutions with which it has contractual relationships that are available to the Customer and meet their needs.

3.2. If, based on that information, the Customer wishes to enter into an Agreement as defined in Section 1.4, they must complete the Agency Information Form and Agreement included in Annex 1 fully and accurately and sign it by hand or, for an organisation, through an authorised signatory.

3.3. Following completion of the steps in Section 3.2, the Agreement between the Customer and the Intermediary is formed when the Intermediary or its Intermediary Subcontractor, as referred to in Section 10(3) of the Hpt., receives the completed and signed Agency Information Form from the Customer.

The Intermediary or its Intermediary Subcontractor confirms receipt and its date by signing the copy retained by the Customer.

4. Performance of the Agreement and the parties’ rights and obligations

4.1. Under the Agreement, the Intermediary undertakes to assist in concluding agreements for financial services identified by the Customer in the Agency Information Form and provided by Principal Financial Institutions having contractual relationships with the Intermediary. It does so without assuming obligations or entering into legal transactions on behalf of a Principal Financial Institution.

The Intermediary does not accept money from the Customer for a Financial Institution and does not manage money on the Customer’s behalf.

4.2. The Intermediary is a multiple agent under Section 10(1)(bb) of the Hpt. Accordingly, where the relevant Agreement has been concluded, it is authorised and required to provide financial intermediation services to the Customer concerning competing products of several Principal Financial Institutions.

As a multiple agent, the Intermediary also carries out mortgage credit intermediation under Section 6(1), point 90(e) of the Hpt., including intermediation relating to Mortgage Loans and financial leasing of immovable property provided to Consumers.

4.3. The Intermediary may engage Intermediary Subcontractors in concluding and performing the Agreement.

The Intermediary is responsible for ensuring that its subcontractors meet the professional criteria prescribed by the Hpt., possess the professional education or qualifications required for the activities, particularly pre-contractual information, conclusion and performance of the Agreement, and have received appropriate training concerning the products they offer.

The Intermediary is liable for its subcontractors’ activities as if it had performed them itself.

4.4. When concluding and performing the Agreement, the Intermediary offers Products to the Customer in the name and for the benefit of the Principal Financial Institutions. It also acts in their name and for their benefit when assisting in the conclusion of an agreement between the Customer and a Principal Financial Institution.

The Intermediary’s remuneration is paid exclusively by the Principal Financial Institution.

4.5. Before concluding the Agreement, the Intermediary may identify the Customer, request their identification document, make a photocopy and process it as personal data in accordance with its Privacy Notice.

During performance of the Agreement, the Intermediary may disclose to the Principal Financial Institution the data supplied by the Customer and the personal and financial data required to apply for the requested Product.

The Customer alone is responsible for the accuracy of all data and supporting documents they provide. All losses and costs arising from inaccurate data or documents are borne by the Customer.

The Customer must fully and promptly indemnify the Intermediary against any resulting claims and obligations and compensate it for any losses arising from false or inaccurate data or false information in supporting documents.

4.6. The Customer consents to the Intermediary processing the personal data recorded during the application in the manner and within the limits specified in these Business Regulations, the Intermediary’s Privacy Notice and applicable legislation.

4.7. By entering into the Agreement, the Customer authorises the Intermediary to obtain information relating to them from the Central Credit Information System (“KHR”), either through a direct enquiry or with the assistance of the Principal Financial Institution.

This authorisation does not relieve the Customer of their obligation to provide accurate information about their KHR status. Under Section 4.5, the Customer alone is responsible for the accuracy of this information and the consequences of providing false information.

By entering into the Agreement, the Customer also authorises the Intermediary, in the case of a direct enquiry, to inform the financial institution providing the requested Product about the Customer’s data recorded in the KHR.

4.8. The agreement for the financial service facilitated by the Intermediary is concluded between the Customer and the Principal Financial Institution.

The Intermediary is not responsible for the contents of that agreement, particularly performance by the Principal Financial Institution or another financial organisation, subsequent amendments to any agreement between the Customer and the Principal Financial Institution, or changes to its terms.

By concluding the Agreement, the Customer acknowledges that they understand the financial risks associated with the Product, the appropriate level of indebtedness and the increased risks associated with variable-rate and foreign-currency loans.

4.9. Before providing financial intermediation services, the Intermediary must assess the Customer’s demands and needs based on the information supplied by the Customer, together with the grounds supporting any advice given in connection with those activities.

If a Customer qualifying as a Consumer informs the Intermediary that they wish to use its services to conclude a Credit Agreement, the Intermediary, after assessing the Customer’s needs, circumstances and options, provides the following information orally or electronically: