Glossary

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U

UNAUTHORIZED BANKING/FINANCIAL INTERMEDIATION

Engaging in banking or financial activity without a license or without registering as required by law. It is treated as criminal offence.

UNAUTHORIZED PAYMENT TRANSACTION

A transaction made without the authorization of the owner of the payment instrument.

UNILATERAL CHANGES

The lender can unilaterally change the contractual conditions only if the contract expressly stipulates the right of the lender to change the contractual conditions and the consumer has expressly approved this clause and if there is a 'justified reason' i.e. if the reason for the change is something that happened after the conclusion of the contract and is described fully and precisely. Interest rates can only be changed for long-term contracts. Under no circumstances can the lender introduce a condition that is entirely new compared with the initial ones. Every time the lender wants to change one or more conditions, they must send a communication to the consumer entitled 'Proposal for a unilateral change to the contract' at least two months before the change comes into force. The consumer has 60 days in which to notify the lender of their intention to terminate the contract.

USURY

A crime that consists in lending money at rates considered illegal as they are too high and make repayment either very difficult or impossible. The usury ceiling rate indicates the maximum legal rate (see also AOER).