The bill providing for the capping of the cost of a loan and regulating the principles of assessing the creditworthiness of loan beneficiaries was adopted by the MPs after giving it a final reading. This amends the law on banking activity and the law on nonbank lending organizations, IPN reports.
Under the amendments, the interest rate specified in the loan agreement will be capped to at most 50%. The other costs, such as commissions, taxes, penalties and delay penalties, and any other type of payment included in the total cost of the loan, except the interest, for a loan day will not be higher than 0.04 percentage points of the total value of the loan.
Consequently, the total cost of the loan will not be higher than the total value of this.
The document provides that the creditors will be obliged to appropriately assess the consumers’ creditworthiness using all the available information. Or the debtors could be exempted from paying interest, commissions and other payments to the creditor and would repay only the initial sum of the loan.
