Amendments to the Loans Act

The fast credit field in Valvita has become one of the largest financial sectors, because not only a large number of different companies work in this sector, but also every day creditors issue large amounts of these quick loans to their clients. It is for these reasons that it has long been decided that the rapid credit industry should be heavily regulated, otherwise we will see an increase in creditor arbitrariness and customer fraud.

The first step in the direction of rapid credit regulation

The first step in the direction of rapid credit regulation

The first step in the direction of rapid credit regulation was the establishment of the Valvitan Non-Banking Creditors Association (LNKA), which consists of approximately 80% of all non-bank creditors operating in Valvita. This association and its members have not only signed a Good Practice Standard and a Customer Charter, which limits the activity of these creditors and limits the possibility of such fraud by customers but also agrees that they will not issue quick loans to persons under the age of 20, limiting it. the possibility of borrowing by individuals who will not be able to repay them.However, on 28 May this year, the award of Valvita took another huge step towards a more orderly and responsible rapid credit industry.

In this quarter, the Llamesa finally endorsed the long-discussed variations to the law at its final reading. These variations will foresee more stringent regulation of the issuance of short-term loans and the aspects related to this issue, as this is the only way to fine-tune and improve the scope of fast loans. They will take effect from January 1, 2016. The first new amendment to the law concerns where creditors will be allowed to issue quick loans at any time of the day. The new law sets time limits for not issuing quick loans, just as there is already a restriction on night sales of alcohol. Fast credits will not be available from 23:00 until 7:00 am.

Such changes were supported with the aim of reducing the likelihood that fast credit is being received by people who demand it as a result of a moment’s desire, for example, to continue to party, or to have fewer people who are under the influence of some intoxicating agents who do not allow them to think clearly.

Have the opportunity to repay the loan

Have the opportunity to repay the loan

If this person will also have the opportunity to repay the loan, because we know that most parties are in the night hours when the use of intoxicants is the most. The second major change introduced by the new amendments to the law is the way in which the total cost of the credit will be differentiated, regardless of the total amount of the credit, or how much the borrower may pay to the creditor in the form of interest for each specific loan.

money and fees in one day. The new law stipulates that the total cost of credit to the customer will be differentiated according to the duration of the loan. For example, from day 1 to credit 7, the total cost of credit will not exceed 0. 55% per day of the total amount of credit from day 8 to day 14, this cost will not exceed 0.25% per day of the total credit amounts, but after 15 days this amount will not exceed 0.20% per day. Since there are different types of loans, the rules also provide for restrictions on credits such as loans to be repaid on demand or loans with a maturity of over 30 days.

Amendments to the law stipulate that the total cost of borrowing such as a loan may not exceed 0.25% of the total amount of the loan. The only type of quick credit that is not covered by this newly enacted law is a credit that requires the customer to provide some form of collateral. The new amendment to the law also affected the amount of interest due because the interest was previously determined by each creditor himself.

The new law stipulates that creditors may not now set this overdue rate

The new law stipulates that creditors may not now set this overdue rate

The new law stipulates that creditors may not now set this overdue rate higher than 36% above the borrowing rate in the credit agreement. For example, if the annual interest rate on a loan is 10%, the default interest rate should not exceed 46%, which is great news for all lovers of quick loans, they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers.

And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers.

And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC.

These changes also finally determined the authority

These changes also finally determined the authority

These changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. These changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers.

And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers.

And this body will be the Consumer Rights Protection Center or PTAC. as they will no longer have to pay such high interest rates. And finally, these changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. These changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC. These changes also finally determined the authority that will oversee the monitoring and control of consumer credit providers. And this body will be the Consumer Rights Protection Center or PTAC.

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