A. Moskalenko and E. Antsut Criticize New Law on Loans
07.12.2011
Internet portal "Bagnet» (bagnet.org) published an article of Anastasiya Moskalenko, partner of the LF "Moskalenko & Partners”, and Elina Antsut, lawyer of the LF "Moskalenko & Partners", concerning the new Law № 3795-VI «On Amendments to Certain Legislative Acts of Ukraine Regarding the Settlement of Relations between Creditors and Consumers of Financial Services ", which came into force on 16.10.2011.
The authors made a critical analysis of the Law provisions, stipulating that, despite the fact that the Law introduces many positive changes by promoting the interests of borrowers, and from now on in the agreements with the individual consumers the requirements of the consumer protection legislation are to be obeyed, on other hand the Law limits such protection. Paragraph of the Law on the non-application of its provisions to credit agreements concluded before its entry into force, makes it virtually impossible to achieve the declared goal of strengthening the legal protection of financial services consumer rights, because it completely disregards the loan agreements concluded earlier, also the law creates grounds for confusion in the application of legislative amendments, because the norms of the Law in the previous edition lost their force and there is nothing in the Law concerning the application of its previous edition to the previously signed loan agreements.
For the full text of the publication follow: http://www.bagnet.org/news/customer/167999.
The authors made a critical analysis of the Law provisions, stipulating that, despite the fact that the Law introduces many positive changes by promoting the interests of borrowers, and from now on in the agreements with the individual consumers the requirements of the consumer protection legislation are to be obeyed, on other hand the Law limits such protection. Paragraph of the Law on the non-application of its provisions to credit agreements concluded before its entry into force, makes it virtually impossible to achieve the declared goal of strengthening the legal protection of financial services consumer rights, because it completely disregards the loan agreements concluded earlier, also the law creates grounds for confusion in the application of legislative amendments, because the norms of the Law in the previous edition lost their force and there is nothing in the Law concerning the application of its previous edition to the previously signed loan agreements.
For the full text of the publication follow: http://www.bagnet.org/news/customer/167999.
