Introduction
Until December 13, 2012, financial leasing, factoring, financing and loan activities were regulated by the Financial Leasing Law No. 3226 (“Abrogated Law”), the By-Law regarding Money Lending Activities No. 90 and the relevant secondary legislation. The Financial Leasing, Factoring and Financing Companies Law No. 6361 (“Law No. 6361”) which was promulgated by the Turkish Grand National Assembly on November 21, 2012, entered into force through publication in the Official Gazette dated December 13, 2012 and numbered 28496. Law No. 6361 regulating all companies engaging in the abovementioned activities repeals and replaces the Abrogated Law and the decree No. 90.
Law No. 6361 introduces important changes to the financial leasing agreements. In this month’s newsletter article, the financial leasing agreements and the material changes introduced with the new provisions shall be analyzed.
