Poroshenko signed the law on consumer crediting
Poroshenko signed the law on consumer crediting
© The website of the President of Ukraine
The law will also ensure the reliability of the banking and financial system.
The President of Ukraine Petro Poroshenko has signed the law of Ukraine “On consumer crediting“, which defines the General legal and institutional framework of consumer lending in Ukraine. The document also regulates the relationship between lenders and credit intermediaries and consumers in the provision of services of consumer crediting.
About it reports a press-service of the head of state.
“The document improves the current legislation in the sphere of consumer crediting by means of complex regulation of respective relations, which should ensure the development of a civilized market in this area.
In addition, the document will protect financial consumers from the risks of violations of their rights by providing them complete and transparent information for decision-making, accountability of financial institutions for violations of the rights of consumers of financial services”, – stated in the message.
The law will also ensure the reliability of the banking and financial system due to the impossibility of granting loans to consumers with poor credit standing, will create an effective system of protection of the rights of consumers of financial services through the resolution of questions of competence of public authorities. They created such a mechanism of consumer credit, which will ensure the protection of rights and legitimate interests of both consumers and lenders, a proper competitive environment on the markets of financial services.
The law establishes the obligation of the Bank or other financial institution to assess the creditworthiness of the borrower. The introduction of such a rule puts all lenders – both banks and non-Bank financial institutions on an equal footing. The law was developed with the aim of fulfilling obligations of the Association Agreement with the EU.
“The implementation of the provisions of the Law will be to increase the level of public confidence in this market and create favorable conditions for development of economy of Ukraine”, – summed up in the presidential press service.
Read also: Ukrainian Bureau of credit histories launches biometric photoverification in the credit reports of individuals
Recall that the Ukrainians will have the right to early repayment of consumer loans and not to pay to banks and financial institutions. At the same time, soon to disappear is singing the praises of loans at 0% and lending no documentary evidence of the financial condition of the borrower.
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