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According to the new law, creditors on request of borrowers in written form for restructurisation for consumer loans (loan in foreign currency provided by the lender to the borrower for his personal needs: the purchase of real estate, land, vehicles , services and any goods) must restructure obligations of consumer loans on the following conditions:

1. The borrower has the right within one year from the date of entry into force this Law to apply to the lender with a request for restructurisation obligations under the credit agreement.

2. It is prohibited for creditor to require any other documents except a written statement by borrower .

3. ALL penalties calculated on the date of restructurisation shall be canceled.

4. The Notary shall certify the change of the mortgage contract and carry out other notarial actions connected with registration of such changes, and the fee for such services will not exceed 500 UAH.

5. Within 2 years from the date of entry into force this Law a moratorium on foreclosure of any property of borrowers and / or guarantors. is established.

6.Restructurisation will be done by changing the currency obligations of consumer credit into the national currency of Ukraine at the official rate of the National Bank of Ukraine on the date of signing the loan agreement by parties.

The law comes into force on the day following the day of its publication.

The text of the Law: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=53099


However - due to the predictable heavy impact on banks and the opposition of the National Bank of Ukraine to this law signature by president of ukraine is not secured!