Price Indication Directive, link

ECLI:DE:OLGK:2019:0326.4U102.18.00

An incorrect specification of the effective interest rate entitles the borrower to cancel the loan agreement, even if it was concluded years ago.

The consumer had concluded a real estate financing transaction with a savings bank in 2011. About five years later, he notified the withdrawal from the loan contract. The reason was that the savings bank had provided incorrect information about the effective interest rate.

The First Instance Court (Landgericht) dismissed the consumer’s claim.

So, an appeal was filed on the Court of Appeal (Oberlandesgericht)

The main issue was whether a consumer is entitled to withdraw from a loan contract after a five-year period of time.

An incorrect specification of the effective interest rate entitles the borrower to cancel the loan agreement, even if it was concluded years ago.

Even though the incorrect information was only small, the effective interest rate was incorrectly shown and a defective mandatory indication was to be considered as a missing mandatory indication. As a result, the withdrawal period had not started and therefore the revocation was still possible years after the conclusion.

The remainder of the action was dismissed.

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The Court of Appeal (Oberlandesgericht) partially amended and redrafted the First Instance judgment on the cancellation of certain loans.