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Loan rules change

CLIENTS should receive more precise information about consumer loans which they apply for or are offered. The Finance Ministry has prepared a draft bill on consumer loans which obliges a creditor or a loan mediator to provide information which clients need in order for them to make a knowledgeable decision about concluding a loan contract, the SITA newswire reported.

CLIENTS should receive more precise information about consumer loans which they apply for or are offered. The Finance Ministry has prepared a draft bill on consumer loans which obliges a creditor or a loan mediator to provide information which clients need in order for them to make a knowledgeable decision about concluding a loan contract, the SITA newswire reported.

The draft bill introduces a duty to provide more precise information within any advertisement of a consumer loan prior to the conclusion of the contract as well as on the wording of the consumer loan contract itself. The new legislation, which the Finance Ministry submitted for interdepartmental review, could take effect in June 2010.

A novelty in comparison with the existing law is an obligation on the part of the creditor to assess the credit-worthiness of a potential client.

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