Parliament forbade banks to raise interest rates on loans
Verkhovna Rada of Ukraine has banned financial institutions to unilaterally increase the amount of interest and other payments under the credit agreement.
According to an UNIAN correspondent, for the adoption of the whole of the Law “On Amendments to the Law of Ukraine” On financial services, people”s deputies voted 370 out of 437 registered in the session hall.
Act provides for amendments to the Civil Code of Ukraine and the Ukrainian Law “On financial services and government regulation of financial services markets”, according to which, along with banks, will and other financial institutions are forbidden to unilaterally increase the interest rate and other charges to have extended loans.
The law also prohibits financial institutions to demand early repayment of the outstanding debt on the loan and terminate unilaterally signed a credit agreement if the borrower disagrees with the suggestion of a financial institution to increase the interest rate or other payment under the loan agreement or repayment schedule.
The law also stipulates that the proposed law shall apply to all loan agreements that were signed before or continue to operate after the entry into force of this Act.
Business leaders to work with commercial enterprises PrivatBanka Roman Neginsky that this law will lead to the fact that medium-and long-term lending will be subject to serious risks. “Carry out their activities, not knowing how the bank will provide the value of resources is difficult. For example, we give a mortgage for 20 years. But no bank can not be sure that during all 20 years of deposit rate will not change. Accordingly, if the value of money varies, then this process should involve all parties. And to shift the risks of changes in the value of money solely on the bank, in my opinion, wrong, “- says the banker.
Senior Partner of law firm partners and Ilyashev Roman Marchenko indicates that the prohibition on the unilateral increase in rates has always been. “The Civil Code has a rule prohibiting unilateral changes to any contract. Another question that banks and financial institution are often brought into the loan contract item, which allowed raising rates unilaterally,” - said the lawyer.
“The common law is contrary to the idea that the law will apply” retroactively, “that is applied to the already signed loan agreements. Even the Constitution tells us that new legislation should not apply to previous relationship. But, as practice shows our legislators can take anything. Another thing, as this would include the courts. Yes, and the Constitutional Court may declare the law unconstitutional on that basis “, - considers Marchenko.
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