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Non-bank credit organizations will be required to provide customers with detailed information on the conditions for granting non-bank loans and financial leasing.

This is provided for by amendments to the Regulations on the disclosure of information on services rendered by professional participants of the non-banking financial market, which were approved by the National Commission for Financial Market based on the new provisions of the Law on Non-Bank Credit Institutions. The changes stipulate that a non-bank credit institution provides information to customers about the conditions for granting non-bank loans and financial leasing, including: amount (minimum and maximum); term (minimum and maximum); interest rate; disclosure of the total cost of non-bank loan / financial leasing; actual annual interest, which is specified in the mandatory information provided to the client before the conclusion of the contract (with an example in which all the hypotheses used to calculate the corresponding interest rate), and in non-bank loan / financial leasing agreements; the size of the total amount paid by the client and the method of its calculation, as well as the size of the penalty for failure to fulfill payment obligations. In addition, clients should be provided with: a sample schedule for repaying a loan or paying contributions under a leasing agreement (annuities, monthly decreasing payments, final payment due at the end of the term, etc.); necessary documents for obtaining a non-bank loan / financial leasing; requirements for the procedure for guaranteeing clients a non-bank loan / financial leasing determined by a non-bank credit institution; procedure for changing the terms of the contract; depending on the circumstances – the composition and method of calculating the floating interest rate with the specification of the frequency and / or conditions for changing the floating interest rate; The right to withdraw a non-bank loan / financial leasing and the client’s obligations in this case; Early repayment of non-bank loan / financial leasing and the amount of compensation for possible costs associated with early repayment; lending rules in the case of a floating interest rate; the essence and legal consequences of the granting of mortgage contracts and / or collateral with an executive inscription / force guaranteeing the fulfillment of payment obligations in the event that the executive inscription is included in the contract; the possibility of applying the pre-trial procedure for resolving disputes related to the execution of non-bank loan / financial leasing contracts.