In­form­a­tion for cus­tom­ers about ruling on ter­ms of con­sumer loans

8 February 2023

On Tuesday, 7 February 2023, the Reykjavík District Court ruled in a case concerning the terms that applied to interest rate changes in consumer loans from Landsbankinn. Following the adoption of a new Act on Consumer Loans in 2013, amendments were made to the terms and consumer loans taken out with Landsbankinn after that do not fall under the scope of the ruling.

The ruling is expected to be appealed and a final outcome has not been reached. Should the courts in the final instance find that customers are entitled to repayment because of unclear interest rate terms for consumer loans, the Bank will recalculate other loans to which the legal president applies and contact customers.

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