NIKI MPs file proposal for borrower priority before a non-performing loan is sold
The proposal would require individual notice and give borrowers 60 days to offer economically equivalent repayment. It is a filed legislative proposal, not law in force.
A legislative proposal to give borrowers a right of priority before non-performing claims are transferred was filed in the Hellenic Parliament on 6 October 2026 by NIKI MPs Andreas Voryllas and Spyridon Tsironis.
The text is not law and parliamentary committee scrutiny has not yet begun. Parliament's official record lists it at the “filed” stage before the Standing Committee on Economic Affairs. It would need to complete the parliamentary process, be passed and be published in the Government Gazette before it could take effect.
What the proposal says
Under the full text, before transferring a non-performing claim the creditor would have to notify the debtor individually of the outstanding principal, interest and charges, collateral and the economically equivalent price of the planned transaction.
The debtor would have 60 days from proven receipt of the notice to state in writing that they wish to settle the claim on economically equivalent terms. The statement would have to be accompanied by reasonable evidence of financing capacity.
If a claim is sold as part of a portfolio, the proposal calls for an individualised price based on an objective, verifiable methodology and review by an independent certified valuer. It also provides for the debtor to challenge the price in court.
Who would be covered
The proposed scope covers individuals and micro-enterprises, with specific reference to claims secured on a debtor's main residence. The proposal says the right would operate independently of Greece's out-of-court mechanism and other debt-settlement procedures.
What would apply only if the proposal became law
The text provides for application three months after any publication in the Government Gazette and only to transfer procedures begun after its entry into force. It would not retroactively overturn transfers that have already been completed.
Unless and until Parliament passes the proposal and it is published in the Gazette, the deadlines and rights described above remain a political proposal by the two MPs, not an obligation binding banks, funds or servicers.
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