SMS Loan and «Free» Pica: Reality of Responsible lending in Latvia

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Presentation transcript:

SMS Loan and «Free» Pica: Reality of Responsible lending in Latvia Dr. iur.Inga Kačevska 26.09.2013, Tallinn

Plan of Presentation Overview of legal framework Case studies Conclusions

Credit market in Latvia 2012 Data of Consumer Rights Protection Bureau

SMS Credit market in Latvia 2012 Number of Contracts Total sum Sum of contract 897’069 163’691’081 EUR 182,47 EUR Data of Consumer Rights Protection Bureau

Initial Legal framework Law on Consumer Right Protection (1999) Regulations on Financial Services’ Distance Agreements (2004) Law on Unfair Commercial Practices (2007)

«13 credits» case Facts Outcome: Guidelines on Drafting Fair Consumer Crediting Agreements (2010) Regulations on Consumer Crediting (2010) Regulations on Special License for Consumer Loan Service Providers (2011) Law on Out–Of–Court Debt recovery (2012)

«Free Pica» case Facts Outcome: Guidelines to evaluate Creditworthiness of Solvency of Consumers (2013) Amendments in Law on Consumer Rights Protection Amendments to Civil Law

«Love in Right Moment» Case Facts Outcome: Amendments to Regulations on Consumer Loans and Law on Unfair Commercial Practices Guidelines on Fair Commercial Practice in Consumer Crediting Draft Amendments to Law on Consumer Rights Protection

Conclusions

Thank you for your attention! www.kacevska.lv

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