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Link to the full text of the law:

 http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_2?id=&pf3516=1085-1&skl=10

 1) This law, in particular, establishes liability for the following violations:

 - Administrative responsibility (Art. 156-1 of the Code of Administrative Offenses) for failure to provide  the consumer of financial services with  full information about the conditions for the provision of financial services or providing with such information not in time or with the false information about a financial service.

 Officials of a legal entity or entrepreneurs for this violation are liable in the form of a fine in the amount from 50 to 200 untaxed minimum  income (850 - 3400 UAH).

 - according to the amendments to the Law of Ukraine “On financial services and state regulation of financial services” for each case of hiding such  information - penalties in the amount from  300 to 600  untaxed minimum  income  (5100 - 10 200 UAH) are applied.

 BUT at the same time, the obligation of a financial institution to provide  the consumer with the necessary information is considered fulfilled also when posting such information on the website of the financial institution.

 A similar fine - from 300 to 600  untaxed minimum  income  (5100 - 10 200 UAH) is also applied for the refusal of a financial institution to provide  consumer  with a draft of contract, or with a copy of the contract or in case of not conducting a credit assessment of a client before granting a loan (in cases stipulated by law);

 

For unilaterally increasing the fixed interest rate or not informing the consumer about the change in the variable interest rate fine  from 500 to 800  untaxed minimum  income  are charged for each such case.

  2) It is also an important positive innovation that it is forbidden to impose on the consumer of financial services any payments, reimbursements, penalties for his wish/right to refuse the contract, the subject of which is to provide him with a financial service or for early termination (initiation of early termination.

It is forbidden to impose on the consumer of financial services any payments, reimbursements, penalties for the early fulfillment of the terms of the contract, the subject of which is the provision of financial services to him.

 

 

3) The issuance of a consumer loan (special kind of loans)  has additional features: one format for calculating the total cost of the loan and a single formula for calculating the real annual interest rate, the calculation results of which must be indicated in the consumer loan agreement, will be  established for all financial institutions-lenders.

 

 Also, all payments on a consumer loan are set in the passport of a consumer loan, which is an annex to the contract.

 

 This Law shall enter into force on the day following the day of its publication and shall enter into force three months after the date of entry into force.