International Internet Magazine. Baltic States news & analytics
Thursday, 28.05.2015, 06:58
Riigikogu approves law that aims to protect Estonians taking consumer loans
The amendments that accompany implementing the directive are mainly focused on raising the level of consumer protection in the consumer credit sphere.
The amount of information that credit issuers are obliged to give consumers before any contracts are concluded increases considerably and credit issuers are obliged to counsel consumers before they take a loan so that the consumer could evaluate whether the consumer credit contract offered to him is adjusted to correspond to his needs and financial situation.
The credit issuer is clearly demanded to evaluate the credit repayment ability of the consumer before the credit agreement is concluded.
Rules on advertising consumer credit contracts were also changed.
The law will come in force on July 1 next year while the first provision of the first paragraph comes in force on February 23, 1011.