‘The law enters into force the day after it is published and shall take effect three months after the day this law enters into force,’ reads the document.
It is expected that the law will allow reducing the creditors’ risks in carrying out credit operations, and this should facilitate the access of business entities and individuals to the use of bank loans.
It is also stipulated that the rights of the lender-mortgage holder would be protected; the document will legally protect the institution of guarantee.
In addition, banks will be able to receive important information about the particular borrower for credit relations. It will be impossible to alienate the subject of the mortgage without the consent of the lending bank.
The risks of the evasion of credit obligations in the inheriting of the borrower will be decreased.
Ukrainian Parliament endorsed this decree in May 2018; 237 MPs gave a positive vote (with 226 voted necessary to pass). The Parliament adopted a law on the resumption of credit granting in July; 239 voted for it.