Şaduman UNUTMAZ/ANKARA, (DHA)
According to the new regulation in consumer and housing loans; Loan contracts will be prepared as insured and uninsured. The application will be effective from 1 January 2023.
prepared by the Ministry Consumer Credit Arrangements to amend the Contracts and Housing Finance Contracts regulations Official newspaperPublished in . In the written statement made by the Ministry, it was stated that consumers have information asymmetry and power imbalance against financial institutions, and it was reminded that the contract texts and consumer transactions realized after them contain too many legal and technical terms. For these reasons, it was stated that consumers need more effective and more protection against the contracts and practices established in the financial markets compared to the markets where other consumer transactions are carried out. Legal texts and practices related to these texts until today are bound to strict mandatory rules in the Consumer Loan Contracts Regulation and the Housing Finance Contracts Regulation with the aim of protecting the consumer.
“CHANGES ARE NEEDED TO BE MADE”
Over time, the need to make changes in the aforementioned regulations has arisen in order to eliminate the hesitations and conflicts experienced in the financial markets, to fulfill the requirements of the principle of certainty, and to comply with the Law on the Protection of the Consumer No. 7392 of 24 March 2022 and the Law on Amending the Condominium Ownership Law. ‘ it was said.
‘CAN BE OFFERED WITH AND WITHOUT INSURANCE’
The changes made are as follows:
“Due to the low financial literacy of our consumers, in case of early payment of the loan debt within 14 days without the necessary notification for the use of the right of withdrawal, it is accepted that they use the right of withdrawal, and the fees that are required to be refunded other than the accrued interest and the fees paid to public institutions or third parties are returned to the consumers. It was aimed to protect its economic interest by providing a reduction in the contractual interest rate, by removing the requirement of 30 days notice in order to apply the interest rate reduction in indefinite term loan contracts such as credit card or overdraft account, and by enabling this change to be applied as of the last payment date of the period when the contractual interest rate is reduced. It was aimed to reduce the interest burden that our consumers will have to endure.
By taking into account the fact that the products and services offered in packages as a condition of using the loan and the insurances cause intense consumer complaints in practice, with the regulation made, in order to choose the discounted loan offer with different interest rates, other than the credit-linked insurances stipulated by the creditor, the consumer does not need and will not benefit from subsidiary financial products or services. The service purchase requirement was prohibited, and it was aimed to reduce the costs and disputes incurred by our consumers due to credit. Regarding credit-related insurances regarding insured and uninsured loan offers; However, if the uninsured loan option is offered to the consumer, it can be demanded from the consumer as a condition of the loan agreement to take out a loan-linked insurance in a way that will form a package with the loan. . It has been regulated that only one insurance that provides the guarantee for the same risk can be made, that the consumer obtains from the insurance company of his choice, that is compatible with the loan amount and duration, and that in case the risk occurs, the policy whose primary creditor is the credit institution must be accepted regardless of the will of the lender.