The Committee on Judicial Policy recommends that the Parliament should adopt in the second reading and in entirety the draft law “On amendments to article 536 of the Civil Code of Ukraine” (re rate of interest for using other people's money)

Information Department of the Verkhovna Rada of Ukraine Secretariat
17 May 2013, 13:09

The bill (Reg. No. 0925) suggests supplement article 536 of the Civil Code of Ukraine with a new part providing that “If the agreement between physical persons does not release the debtor from paying interest for using other people’s money, or if the agreement, law or other act of civil legislation does not determine rate of interest, its rate is determined at the level of discount rate of the National Bank of Ukraine on the day of the return of other people’s money”.

Committee members believe that implementation of bill provisions shall eliminate gaps in legislative regulation of the issue of collection of interest for using other people’s money, etc.