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Law numbered 6361 on Financial Leasing, Factoring and
Financing Companies
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Att. Nilay Celebi
Introduction
The Financial Leasing Law, dated 10.06.1985 and numbered 3226,
and the By-Law Regarding Money Lending Activities, dated
30.09.1983 and numbered 90, with its appendices and amendments are
abrogated by the Law on Financial Leasing, Factoring and Financing
Companies, dated 21.11.2012 and numbered 6361
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(“Law No. 6361”
or “Law”).
The purpose of Law No. 6361 is to regulate the establishment and
working principles of financial leasing, factoring and financing com-
panies which operate as financial institutions and to regulate the pro-
cedures and principles regarding financial leasing, factoring and
financing agreements.
By being defined as “financial institutions” by Law No. 6361, it is
important to note that the aforementioned companies form an impor-
tant part of the financial system; a legal basis for the establishment and
operations of the companies is set up and an effective supervision and
auditing system is introduced.
One of the most important changes introduced by Law No. 6361 is
the establishment of the legal entity entitled the “Association of
Financial Leasing, Factoring and Financing Companies” as a profes-
sional organization with the status of a public institution, and the oblig-
ation imposed on the companies to become a member of this
Association. With the establishment and commencement of the opera-
tion of the Association, all companies in this sector will act in coordi-
nation and operate in compliance with the legal regulations and certain
standards.
COMMERCIAL LAW
107
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Article of December 2012
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Published in the Official Gazette dated December 13, 2012 and numbered 28496.