MINSK, 18 February (BelTA) – Belarusian President Aleksandr Lukashenko signed the law “On consumer credit and consumer microloan” on 18 February, BelTA learned from the press service of the Belarusian leader.
The document provides for the comprehensive improvement of the legal regulation of relations in the field of lending and microfinancing of individuals. It also aims to increase the level of protection of the rights of consumers of financial services.
The law, in particular, provides for the provision of individuals with more detailed information on the terms and conditions of a loan (microloan) and a mandatory assessment of their creditworthiness.
It establishes the basic terms of consumer credit (microloan) agreements, limits on the amount of interest under a consumer microloan agreement. The document also prohibits the charging of penalties for the early repayment of a consumer credit and additional payments for the use of a credit (microloan).
The document provides for the comprehensive improvement of the legal regulation of relations in the field of lending and microfinancing of individuals. It also aims to increase the level of protection of the rights of consumers of financial services.
The law, in particular, provides for the provision of individuals with more detailed information on the terms and conditions of a loan (microloan) and a mandatory assessment of their creditworthiness.
It establishes the basic terms of consumer credit (microloan) agreements, limits on the amount of interest under a consumer microloan agreement. The document also prohibits the charging of penalties for the early repayment of a consumer credit and additional payments for the use of a credit (microloan).
Borrowers in difficult life situations will be granted a delay in payment.
The document also provides for the participation of third parties in consumer lending (microfinancing) on behalf of a lender without charging remuneration from citizens.
The law contains a provision on amending the Civil Code in terms of determining the amount of rent in a rent contract (except for a lease agreement) only in Belarusian rubles.
The innovations will contribute to more transparent and understandable legislation, and provide additional guarantees to citizens.
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