The Palace of Independence is the seat of the president of the Republic of Belarus. An archive photo
MINSK, 17 October (BelTA) – Belarus President Aleksandr Lukashenko has signed the law “On amending the laws on the granting of loans”, the press service of the Belarusian leader told BelTA.
This piece of legislation is aimed at protecting the property rights of citizens in relation to borrowing money and provides for amending the Civil Code and the laws “On currency regulation and currency control” and “On advertising”.
In particular, it prohibits commercial entities that do not engage in microfinance activities from granting loans to citizens ( except for loans to their employees); using the only residential property as collateral under loan contracts; granting loans to citizens in foreign currency, including by using currency equivalents (except for loans between close relatives).
Restrictions are also introduced on the size of interest, penalties (fines, penalties) payable under loan contracts.
The law will come into force six months after its official publication.
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