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ARTICLE · 04 NOVEMBER 2022

The Regulation Amending The Regulation On Consumer Loan Agreements Has Been Published

Moroglu Arseven
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The loaning institution's obligation to priorly inform the consumer has been expanded.

TurkeyFinance and Banking
E. Benan Arseven
E. Benan Arseven
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The Regulation Regarding the Amendment of the Consumer Loan Agreements Regulation ("Amendment Regulation") has been published in Official Gazette dated 23 September 2022 and numbered 31962. Accordingly, articles 4, 6, 11, 13, 24, 26 and 32 of the Consumer Loan Agreements Regulation were amended.

Most important amendments introduced with the Amendment Regulation are as follows:

The loaning institution's obligation to priorly inform the consumer has been expanded. Accordingly, institution should provide following information (i) sample payment plan that is prepared according to the contractual interest rate, (ii) sample payment plans for insured and un-insured loan offers, (iii) comparative information on the installment amount and the total repayment amount for offers with equal loan installment amounts, (iv) information pertaining the name and duration of the loan-related insurances and whether they are renewable.

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