Changes for consumer loans - Draft law: To revise the assessment of the solvency of citizens
"Changes in the procedures for granting consumer loans, in order to improve the financial security of citizens". This is the purpose of a draft law submitted to the Parliament by the deputy of Democratic Paris Jorida Tabaku, after the scandal with microcredits. According to the accompanying report, the new law also aims to improve the responsibility of consumer credit providers.
The document foresees the completion of the list of information obligations that consumer credit providers must provide, as well as other consumer rights. This includes mandatory information on the table of costs and payment obligations, on the modification of the loan agreement as well as the rights and obligations in the case of repayment of the consumer loan before the maturity date.
Also, according to the proposal, any type of consumer credit marketing that encourages consumers to apply, suggesting that the credit would improve their financial situation, will be banned. The provisions provide in detail the process of assessing the solvency and financial condition of the consumer, while if he agrees to change the total amount of the loan, the provider must carry out a reassessment of the credit capacity of the consumer before any significant increase in the loan .
According to Tabak, the effects of the implementation of the law are expected to be positive and establish justice and equality between the parties. The law is intended to be applied by all credit providers, including banks, loan companies and any financial institution that offers loans to individuals for personal purposes, as well as for any other form of consumer credit. Meanwhile, in case of violations, fines of up to ALL 300,000 are foreseen for credit institutions.
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