The Verkhovna Rada of Ukraine adopted as a Basis the Bill "On Supplements to certain Legislative Acts of Ukraine (re Prohibition for the Financial Institutions to raise the Rate of Interest and other Payments envisaged by the Loan Agreement unilaterally)

19 January 2010, 11:55

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The Bill (Reg. No.3524-1) suggests prohibition for the financial institutions to raise the rate of the interests envisaged by the loan agreements unilaterally through the introduction of the amendments to the Civil Code of Ukraine and the Law "On Finance Services and State Regulation of the Finance Services Market."

 

It also suggests "the prohibition to demand the pre-termed debt extinction and terminate unilaterally concluded contracts in case the debtor does not agree with the proposition of the finance institution to increase either the rate of interest or other payment presupposed by the loan contract or loan amortization schedule. "