Anastasiya Moskalenko and Elina Antsut criticized the new "anticredit" law
17.11.2011
Information legal portal "Legal League" ("LigaBusinessInform") published the article of - Anastasia Moskalenko, partner, and - Elina Antsut, lawyer, regarding newly adopted Law № 3795-VI «On Amendments to Certain Laws of Ukraine Concerning Regulation of Relations between Creditors and Consumers of Financial Services", which came into force on 16.10.2011.
This article provides an overview of "anticredit" law novels, comparative analysis of new Law with previous editions of the changed regulations, and critically examines the final provision of the law: "This law does not apply to credit agreements concluded before its entry into force." On this occasion, the authors conclude: "A reasonable question originates: what rules should apply to legal relationships arising after the entry into force of the new Law, but based on - loan agreements entered into force before 16.10.2011? Thus,the norms of law in its previous edition have lost their force and their application to previously signed loan agreements in the new Law is not envisaged, that is why they can’t be obviously applied.
In addition, the abovementioned makes it impossible to achieve the declared objectives of the Law - to strengthen the legal protection of rights of creditors - and consumers of financial services because it completely bypasses the parties already signed loan agreements and creates grounds for ambiguity and confusion while applying these novels of legislation .
Here you can find full text of the article: http://jurliga.ligazakon.ua/news/2011/11/17/52002.htm.
This article provides an overview of "anticredit" law novels, comparative analysis of new Law with previous editions of the changed regulations, and critically examines the final provision of the law: "This law does not apply to credit agreements concluded before its entry into force." On this occasion, the authors conclude: "A reasonable question originates: what rules should apply to legal relationships arising after the entry into force of the new Law, but based on - loan agreements entered into force before 16.10.2011? Thus,the norms of law in its previous edition have lost their force and their application to previously signed loan agreements in the new Law is not envisaged, that is why they can’t be obviously applied.
In addition, the abovementioned makes it impossible to achieve the declared objectives of the Law - to strengthen the legal protection of rights of creditors - and consumers of financial services because it completely bypasses the parties already signed loan agreements and creates grounds for ambiguity and confusion while applying these novels of legislation .
Here you can find full text of the article: http://jurliga.ligazakon.ua/news/2011/11/17/52002.htm.
