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Consumer Loan Agreements Regulation Entered Into Force
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Att. Alper Uzun
Introduction
The Consumer Loan Agreements Regulation (“Regulation”) that
was prepared to regulate various issues set forth by the Law on
Consumer Protection numbered 6502, and which will determine the
principles and procedures regarding consumer loan agreements, was
published in the Official Gazette dated May 22, 2015 and numbered
29363.
The Regulation abolished the Regulation on the Principles and
Procedures on Early Payment Discounts in Consumer Loans and
Calculation of the Annual Cost of Loan Ratios, and will enter into
force six months following its publication.
Scope and Application
Art. 31/4 of the Law on Consumer Protection and numbered 6502
stipulated that the principles and procedures regarding pre-consumer
loan agreement information, mandatory contents of the agreement,
out-of-scope agreements, rights and obligations of the consumer and
the lender, right of withdrawal, early payment, calculation of the effec-
tive annual interest rate, the mandatory content of advertisements of
consumer loans, enjoyment of the rights of termination, default,
assignment of loans, tied loans, and other issues shall be governed by
a regulation. The Regulation sets forth these issues in detail.
The Regulation defines consumer loan agreements as agreements
through which lenders loan or undertake to extend credit to consumers
by way of financing methods, such as postponement of payments or
loans, etc. in return for benefits, such as interest or fees.
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NEWSLETTER 2015
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Article of June 2015