In a written statement from the Ministry of Commerce on the subject, it was stated that consumers have information asymmetry and power imbalance against financial institutions. In addition, it was reminded that the contract texts and the consumer transactions realized afterward contain too many legal and technical terms. For these reasons, it was stated that consumers need more effective and more protection against contracts and practices established in financial markets compared to markets where other consumer transactions are carried out.
“THE NEED TO MAKE CHANGES TO THE MENTIONED REGULATIONS”
Within the scope of the statement, the following statements were included: “In this context, the legal texts and practices related to these texts, starting from the pre-contractual informing process to the end of the contractual relationship, regarding the consumer loan agreements and housing finance agreements to which the consumers are a party, are specified in the Consumer Loan Agreements Regulation and the Housing Finance Agreements Regulation. With the aim of protecting the consumer, it has been bound to strict rules of a mandatory nature.In time, developments in the financial markets and elimination of hesitations and conflicts in practice, fulfilling the requirements of the principle of certainty, and the Law on the Amendment of the Condominium Ownership Law with the Law No. 7392 on the Protection of the Consumer dated March 24, 2022. There has been a need to make changes in the aforementioned regulations in order to adapt to the changes.
AVAILABLE WITH AND WITHOUT INSURANCE
The most striking detail in the statement made on the subject was the statement that consumer and housing finance loans can be offered with or 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.
“IT IS OBJECTED TO REDUCE THE COSTS AND DISPUTES”
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.
Ministry of Commerce, Insurance, Economy, Last minute
Last minute › Economy › New regulation from the Ministry of Commerce! Consumer and housing loans will be offered with and without insurance – Last Minute
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