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Consumer Credit Bill Proposing Cost Caps on Parliament's Draft Weekly Agenda

bta.bg · 23h · first reportShare

MPs are expected to consider a new consumer credit bill tabled by the Council of Ministers under Parliament's draft weekly agenda, available on its website on Wednesday. The bill would cap the total cost of certain short-term loans and loans worth up to three times the minimum wage. It would broaden the information required in contracts and advertisements and strengthen professional conduct requirements for lenders and intermediaries. The proposed legislation would also tighten requirements for creditworthiness assessments to reduce the risk of over-indebtedness. Lenders would need rules for dealing with borrowers in payment difficulties, including refinancing, payment deferrals and changes to contractual terms. The Consumer Protection Commission would be required to advise people struggling to repay consumer loans. The draft agenda also includes a first reading of Insurance Code amendments tabled by Progressive Bulgaria MP Daniel Parushev and a group of MPs. The changes would allow th