Greece’s Parliament passed the loan servicers bill on 5 November 2026, Parliament’s records show. It adds a step before home auctions, caps down payments in settlements at 15% and raises fines on servicers. The law is not yet published in the Government Gazette.
The Hellenic Parliament’s page for the bill lists it as passed, with a vote date of 5 November 2026, and says publication in the Gazette is pending. It gives no law number, and the posted text is not yet the final one. The bill comes from the Ministry of National Economy and Finance and sets rules for servicers, the firms that manage loans sold by banks to funds. We covered it at committee stage in an earlier brief.
Provisions in the bill text include:
- fines of €50,000 to €500,000 per borrower for a first breach, and at least double for a repeat breach within three years, imposed by the General Secretariat for the Financial Sector and Private Debt Management (article 15);
- the creditor must send a written settlement proposal before an auction, for auctions first started after the law takes effect (article 17);
- the down payment a creditor may propose in a bilateral settlement is capped at 15% of the capital (article 21);
- while a bilateral settlement is under way, the creditor cannot enforce against the borrower’s main home (article 27);
- up to 120 instalments for tax and social security debts that fell due by 31 December 2024, with applications by 30 June 2027 (articles 35 and 36).
Finance Minister Kyriakos Pierrakakis said on 3 November that the wording of article 23 of the original text, on signing a settlement agreement and the consequences of default, had been withdrawn (ministry release).
The 3% amendment
The ministry filed an amendment on 3 November that fixes a 3% rate for the whole term of out-of-court restructurings for borrowers who are both vulnerable and eligible under the debt settlement law (Law 4738/2020). It applies whether or not the debt is secured, covers existing restructurings and applies to payments from 1 December 2026. According to the ministry, the current rate is 3% for secured debt or 4% for unsecured debt for the first three years, and then floating. The amendment also raises the maximum fine the Bank of Greece (the central bank) can impose on a servicer from €500,000 to €5 million.
On 4 November the minister asked for a roll-call vote on the amendment’s two articles (ministry release). Parliament’s page lists the amendment but does not yet show the final voted text.
What it means for buyers
The law mainly governs how lenders and servicers treat borrowers, but some of it reaches the property market. Once it takes effect, a creditor will have to send a settlement proposal before a new auction, and enforcement against a borrower’s main home will pause while a bilateral settlement is under way. Buyers should confirm how this applies to them with a Greek lawyer or accountant.
What happens next
Most of the law takes effect when it is published in the Government Gazette. The bill text delays the start of articles 18 to 34, which include the 15% down-payment cap and the main-home protection. Article numbers may change in the final text.
Sources
- Hellenic Parliament: passed bill page, vote 5 November 2026
- Hellenic Parliament: bill text (PDF, Greek)
- Hellenic Parliament: ministry amendment 560/134, 3 November 2026 (PDF, Greek)
- Ministry of National Economy and Finance: two new measures to protect borrowers (Greek)
- Ministry of National Economy and Finance: minister’s statement to the committee, 3 November 2026 (Greek)
- Ministry of National Economy and Finance: roll-call vote request, 4 November 2026 (Greek)
