Introduction
The Law on Consumer Protection No. 6502 ("New
LCP"), which has been published in the Official
Gazette on November 28, 2013, introduces significant regulations
and amendments aiming to protect consumers against stronger
sellers/suppliers especially in terms of consumer transactions
executed by and between banks and consumers. New LCP, which shall
enter into force on May 28, 2014 i.e. by the end of six
month-period as of its publication date, resembles European Union
Directives to a great extent and foresees advanced precautions for
the protection of consumer rights.
Scope of the New LCP, Definitions and Fundamental
Principles
Scope of the New LCP
As per Article 2 of the New LCP titled 'Scope of the
Law', any consumer transaction and implementation is included
within the scope of the law. In this regard, not only agreements
executed with consumers but also implementations that took place
prior to, at the time of and following the execution of
