However, some types of contracts do not operate on this principle. Their existence and validity are subject to additional formalities. Loan contracts are such a type of contract. This declaration is limited to loans made by credit professionals. It does not entirely reject the theory that the existence of a loan contract depends on the prior transfer of a property. However, with respect to loan contracts, the theory of actual contracts has been seriously questioned. If this reasoning is extended to all types of loan agreements, including non-professionals, the theory could become obsolete. With each loan agreement, you will need some basic information that is used to identify the parties who agree to the terms. They have a section in which they indicate who the borrower is and who the lender is. In the borrower`s section, you must include all the borrower`s information. If you are an individual, this includes their full legal name. If it is not an individual, but a business, you must include in your name the name of the company or the company name that must contain “LLC” or “Inc.” to provide detailed information. They must also provide their full address.
If there is more than one borrower, you should include the information of both in the loan agreement. The lender, sometimes designated as the holder, is the person or company that will make the property, money or services available to the borrower as soon as the agreement has been agreed and signed. Just as you have recorded the borrower`s information, you must include the lender`s information with as much detail. The government is now considering new laws to deal with the societal effects of the increased foreign exchange gap and, more importantly, currency losses. The proposed legislation is very different. The narrower approach proposes to modify existing contracts by setting the exchange rates to be used at the average rate of the given bank or at the official FX rate of the National Bank of Hungary. The most ambitious and damaging proposal for banks is to divide the risk of devaluation of HUF against currencies on banks, the state and possibly consumer borrowers. The latest proposal provides for the mandatory conversion of FX loans into HUF loans at current market rates. It is too early to say what proposal will be enshrined in the legislation and what it will cost the banks.