Ukraine has banned foreign currency lending

23.09.2011 13:29
Property News | Ukraine has banned foreign currency lending The Verkhovna Rada on September 22, voted for the bill, taking into account the proposals of the President to prohibit foreign currency lending in Ukraine. For the bill voted 239 deputies. The draft law is aimed at improving the regulatory framework to enhance the protection of the rights of creditors, depositors and consumers of financial services in order to reduce the risks of the financial system and the share of problem assets in the portfolio of banking institutions and prohibits the provision of consumer loans in foreign currency on the territory of Ukraine.

Also, the bill provides for the elimination of the existing conflict between the provisions of the law on mortgage, which provides for recovery of collateral-based executive notary, and the Law on Securing Creditors' Claims, rules which do not indicate a notary sign the executive as a basis for handling the recovery of movable property of the debtor.

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It is envisaged that a person, not evicted service a home loan, granted a permanent dwelling, specified in the court's decision.

In addition, the borrower is not required to pay the lender additional fees and charges, which were not specified in the contract, and that the lender has the right to refuse acceptance of payment to the borrower in case of early repayment of the loan and can not set any fee for this.

The effect of this law would apply only to new contracts that were concluded after the entry into force.

Content tags: Mortgages Legislation
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