A new bill on consumer credit enters the plenary for first reading after being included in the weekly draft program of the National Assembly. The submitter is the Council of Ministers, BTA reported.
The bill provides for an upper limit on the total costs for certain short-term loans and for loans worth up to three minimum wages. In addition, the requirements for information in contracts and advertisements, as well as for the professional conduct of creditors and intermediaries, are expanded.
The changes also introduce higher requirements for the assessment of creditworthiness in order to limit the risk of over-indebtedness. Creditors will have to have rules for dealing with consumers who are experiencing payment difficulties, including measures for refinancing, deferral and changes to contractual terms.
The Consumer Protection Commission will also have an obligation to provide advice to people who are experiencing difficulties repaying consumer loans.
Sources: BTA, National Assembly