Recent Developments
Law No. 7247 on Amending Several Laws and Decrees (the
"Amendment") was published in the
Official Gazette dated June 26, 2020 and numbered 31167. The
Amendment introduces many changes, including electronic agreements
that may be entered into by banks and debit or credit card issuers;
as well as financial leasing, factoring and financing companies,
for establishing relationships with clients.
What's new?
Banking Law
The Amendment has changed Article 76 of the Banking Law No. 5411
(the "Banking Law"), which governs
clients' rights. Prior to the Amendment, the minimum
requirements for the form and substance of agreements entered into
between banks and individual clients were to be determined by
banking associations upon the Banking Regulatory and Supervisory
Authority's (the "BRSA")
approval.
