Loans for Ukrainians: NBU introduces new requirements for banks
20 March 2024 12:31
The National Bank of Ukraine (NBU) has introduced new requirements for Ukrainian banks. According to them, financial institutions will be forced to inform customers about unilateral prolongation of consumer loans. This is stated in the relevant resolution of the NBU, reports Komersant ukrainskyi 
The National Bank has amended certain regulations in the field of consumer protection, clarifying the requirements for pre-contractual notification of consumers and contractual relations with financial service providers.
The amendments were developed as part of the implementation of two laws: “On Financial Services and Financial Companies”
“On Insurance.
Thus, the contractual terms and conditions of financial institutions with consumers will be supplemented by the obligation to notify customers of unilateral extensions of the term of use of loans under loan agreements in the form of bank account or credit line lending provided by banks.
The NBU expects that the fulfilment of the relevant obligations will strengthen the protection of the rights and interests of consumers of financial services.
“Separate information for consumers on the loan repayment procedure is provided for non-bank lenders – insurers that provide consumer loans within the limits and secured by the redemption amount under a life insurance contract with a funded component,” the statement said,
– the statement said.
A transitional period of one month was set aside to bring the activities of banks and non-bank financial institutions in line with the approved changes.
