ARE CONSUMER RIGHTS SECURED ALONG WITH THE ENFORCEMENT OF A SPECIAL LAW “ON CONSUMER LENDING”?
Journal Title: Вісник Запорізького національного університету. Юридичні науки - Year 2017, Vol 3, Issue
Abstract
With the enactment of the Law of Ukraine “On Consumer Lending,” new applications were introduced for its putting into operation and counteracting abuses, now for the concession by commercial banks of rights for consumer loans. Here are the general trends that are due to the economic laws of the loan as a commodity in general and the specifics of providing financial services (I. Bezklubiy) in the global economy with a shortage of circulating assets of purchasers of consumer goods problems with their definition, the state of the world financial system and the efficiency of national payment systems and, in particular, the limits on credit cards of their alternatives. Together they are subjected to universal (economic and general legal unification or harmonization) and national (temporal) factors. However, borrowers try to avoid repayment of loans, especially those borrowed from bankrupt banks, and banks directly or indirectly charge them and impose additional burdens on borrowers. Determinants in resolving such conflicts are the adaptive vector of the development of Ukrainian legislation, which is envisaged by the Law of Ukraine “On the National Program for the Adaptation of Ukrainian Legislation to the Legislation of the European Union”. The choice of Ukraine in favour of European integration and association with EU countries attracts attention to those economic in content and legal in form institutes used in its countries in view of the need for the adaptation of national legislation to the legislation of these countries. That depends on the growth of the economic potential of our state, the resolution of the acute problem of employment, the tools of foreign economic policy, which are provided with general and special economic (credit) and legal (loan agreement and its kind of consumer loan agreement) institutions. This is the institution of financial policy and its direction – lending and the direction of consumer lending as: a) the economic category; b) the legal form of its existence. It is used by leading European and non-European countries and is, in principle, universalized. There remains a problem of ensuring their fulfilment and balance of subjective rights of the parties, determination of interest rates, forms of granting of loans, fulfilment of information obligations, and real provision of consumer rights. As a matter of fact, it is about the almost half-yearly effect of the Law of Ukraine “On Consumer Lending”, which was adopted within the framework of harmonization of the Ukrainian legislative base with the European Union in accordance with the Association Agreement with the EU. In essence, its provisions repeat the relevant directive of the European Commission. And in the EU, consumers’ rights in obtaining a loan are protected quite reliably, as well as its ability to ensure compliance with the rights of consumer credit borrowers and verification of its provisions. The purpose of this article is to determine areas of strengthening the protection of consumer rights of consumer loans after the enactment of the Law of Ukraine “On Consumer Lending” and the generalization of its practice, the features of the current state of consumer lending in Ukraine, the identification of the main problems with its further development against the backdrop of political and economic instability.
Authors and Affiliations
I. A. Melnyk
Keywords
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