372 / 522
Article 28 sets forth the matter of Suretyship. Personal guarantees
for the consumers to perfom, acquired within the scope of the con-
sumer loan agreements, shall be deemed as ordinary suretyships
regardless of their titles. Personal guarantees given for consumers
receivables consumer shall be deemed as joint suretyships, unless other
laws so regulate.
As per Art. 25 of the Regulation, if a termination notice period is
not determined under the consumer loan agreement, the consumer may
terminate the agreement at any time by notifying the lender, either
through hard copy or in permanent data storage form. However, in the
event a period for the termination notice is determined under the agree-
ment, this period shall not exceed one month. If the right to terminate
the indefinite consumer loan agreement is granted to the lender, the
lender shall notify the consumer at least two months prior to such ter-
mination, either in hard copy or in permanent data storage form.
Termination by the lender, without complying with the notification
periods, is only possible when such right is envisaged under the agree-
ment, and when valid grounds exist. The procedure of such informa-
tion process is also governed under the Regulation.
Conclusion
The Consumer Loan Agreements Regulation that was prepared to
regulate various issues set forth by the Law on Consumer Protection
and numbered 6502, and which will determine the principles and pro-
cedures regarding consumer loan agreements, was published in the
Official Gazette dated May 22, 2015 and numbered 29363, and will
enter into force six months following its publication. The Regulation
stipulates, in detail, the principles and procedures regarding pre-con-
sumer loan agreement information, mandatory contents of the agree-
ment, out-of-scope agreements, the rights and obligations of the con-
sumer and the lender, the rights of withdrawal, early payments, calcu-
lation of the effective annual interest rates, the mandatory contents of
advertisements of consumer loans, the enjoyment of rights of termina-
tion, default, assignment of the loan, tied loans, and other issues.
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NEWSLETTER 2015