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Law on consumer lending, turnover of credit histories comes into force in Ukraine

Source : 112 Ukraine

Contracts concluded for up to one month and contracts with a total loan amount that not exceed one minimum wage will be classified as consumer loans
19:44, 1 January 2021

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Today, on January 1, a law № 891-IX on consumer lending and the formation and turnover of credit histories came into force in Ukraine.

As of today, contracts concluded for up to one month and contracts with a total loan amount that not exceed one minimum wage will be classified as consumer loans. Therefore, such relations will be regulated by the norms of the Law of Ukraine "On consumer lending".

Related: EU loans: How Ukraine squandered everything and was left without finances

It is worth noting that the ban on changes to the interest rate on a loan and the procedure for calculating it are now envisaged at the legislative level.

The law also restricts the possibility of obtaining an unlimited number of quick loans without the intention of repaying them, thus protecting financial institutions from an increasing amount of bad debts.

As we reported earlier, the Cabinet of Ministers abolished the preferential electricity tariff for the population from 2021.

"The project was developed with the aim of financial stabilization of the electricity market next year and stable operation of energy enterprises, which are entrusted with obligations to ensure public interests (Energoatom, Ukrenergo, Ukrhydroenergo)," the statement said.

Related: Finance Ministry establishes Ukrainian Financial Housing Company

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