The Committee on Finance and Banking recommends that the Parliament adopts as a Basis the Bill on Supplements to certain Legislative Acts of Ukraine (re Prohibition for Financial Institutions to raise the Rate of Interest and other Payments envisaged by the Credit Agreement unilaterally)

01 June 2009, 16:03

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Pursuant to the Bill (Reg. No.3524-1), financial institutions are prohibited to raise the rate of interest due to the credit agreement unilaterally.  

 

The Committee members also scrutinized the Bill on Amendments to the Law "On Financial Services and State Regulation of Financial Services Markets" (re Regulation of the Procedure of amending the Agreements on rendering of the Financial Services) (Reg. No.3524). 

 

The Committee members came to the conclusion that the Bill (Reg. No.3524-1) settled the issue concerning prohibition for financial institutions to unilaterally raise the rate of interest and other payments envisaged by the credit agreement in a complex way, by the amendments both to the Law "Financial Services and State Regulation of Financial Services Markets" and to the Civil Code of Ukraine. Therefore, the Committee recommends that the Parliament adopts the said Bill as a basis and takes into account certain regulations of the Bill (Reg. No.3524).