Lukashenko signed a law on consumer credit and microloans
The President of Belarus, Alexander Lukashenko, signed the law "On Consumer Credit and Consumer Microloans" on February 18. This was reported by BELTA from the press service of the Belarusian leader.
The document aims at comprehensive improvement of the legal regulation of relations in the field of lending and microfinancing for individuals, as well as enhancing the level of protection of consumers of financial services.
The law, in particular, provides for the provision of more detailed information to individuals about the terms of the loan (microloan) and the mandatory assessment of their creditworthiness.
Significant conditions for consumer credit (microloan) agreements are established, including a limit on the interest rate under the consumer microloan agreement, as well as a ban on charging penalties for early repayment of consumer credit and additional payments for using the loan (microloan).
Borrowers in difficult life situations will be able to receive payment deferrals.
The law also provides for the possibility of third-party participation in consumer lending (microfinancing) on behalf of the lender (creditor) without charging a fee from citizens.
In addition, the law contains a provision for amendments to the Civil Code regarding the determination in the lease agreement (except for leasing agreements) of the amount of rent only in Belarusian rubles.
The innovations will contribute to the formation of a more transparent and understandable legislation, as well as provide additional guarantees to citizens.