Problems of legal regulation of advertisement of consumer credit in the legislation of Ukraine
Journal Title: Правова держава. Щорічник наукових праць (Pravova derzhava) - Year 2017, Vol 28, Issue
Abstract
The article highlights some aspects of legal regulation of advertisement of consumer credit in Ukraine. Despite the fact that the norms of the law of Ukraine “on consumer lending” dated November 15, 2016. advertising of consumer credit in General based on the provisions of Directive 2008/48/EC of 3 April 2008 “On kreditnih agreements for consumers and repealing Council Directive 87/102ЕС” norms specified in the Law are imperfect, and require in that respect to improve them. On the basis of the conducted research the author of this proposal to improve the relevant provisions of the law of Ukraine “on consumer credit”, including those proposed for the implementation of article 7 of the Law of Ukraine “on consumer crediting” the provisions of part 3 of article 4 of Directive 2008/48/EC regarding the fact that if you contract for the provision of additional services related to the agreement about a consumer loan(for example, insurance) is mandatory for creditary obtain the advertised conditions in a promotional advertisement by head interest rate for the mortgage loan must be specified about the obligations of the consumer on conclusion of such a civil contract, and also about the fact that the cost of such additional third party services are not included in the real annual interest rate on the mortgage loan. Consumer credit in the field of real estate falls within the scope of the Law of Ukraine “on consumer credit”. At the same time he is excluded from the scope of Directive 2008/48/EC and falls within the scope of Directive 2014/17/UE dated 04 February 2014. It is therefore proposed to Supplement article 7 of the Law of Ukraine “on consumer crediting” the provisions of article 11 of the Directive 2014/17/UE under which lenders are required to include in advertising of consumer credits in the market of mortgage lending information about the fact that the loan will be secured by a mortgage or similar security or right in immovable property. It is proposed to Supplement article 7 of the Law of Ukraine “on consumer crediting” provision, which prohibits advertising any information that distorts the view of the consumer about the real annual interest rate and total cost of credit for consumers. The author also proposes to Supplement article 7 of the Law of Ukraine “on consumer crediting” provisions under which, in order to simplify the understanding of potential consumers is given in standard form of the promotional information should be clear, understandable and given in a representative example, which must contain the information in accordance with part 2 statii 7 of the Law of Ukraine “On consumer crediting” in relation to a particular type of consumer credit. It is also proposed to Supplement this article of the Law the provisions under which such advertising must contain the license number of the lender, date of issue, name of authority who issued it, unless otherwise provided by law.
Authors and Affiliations
Anatoly Babaskin
Keywords
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