Abstract
The purpose of the paper is to analyze the genesis of credit legal relationship as the notion in Civil law as well as historical transformations of its legal regulation at the different stages of Ukraine’s development. The survey is based on the use of a comparative method, the application of which allows us to compare Ukrainian laws with international crediting standards. The theoretical and practical recommendations on the improvement of law implementation and legal credit regulation are made. Results of the survey showed that the domestic legislation regulates the relations of consumer lending are more perfect in the field of consumer rights protection in comparison with other countries of the post-Soviet area. As for the EU countries, the legal regulation and practical application of the credit institution used by the participants in civilian circulation to meet their economic needs is deprived of those gaps existing in the domestic legal system. In particular, it is a question of the uncertainty in the Ukrainian legislation of issues related to the use of misleading advertising by banks concerning lending conditions, incomplete disclosure of information, difficulties encountered in assessing the borrower's creditworthiness, the status of a credit intermediary, establishing unfair terms of consumer credit agreements, imposing by banks and other institutions of additional and related services, lack of equal requirements to creditors, etc. The change in the political and economic situation in Ukraine directly influenced the legislator's approach to the legal regulation of credit relations. The transition of social relations to the market economy has led to increased acquisition by the subjects of the civilian turnover of goods and services on credit. However, the current legal credit regulation does not always meet the requirements of practice. Ukrainian legislation has legal acts that regulate lending relations, but foreign practice of the separate credit institution has already deprived of those gaps that Ukrainian legal system still need to fill up. In order to eliminate the problems of legal consumer credit regulation it is necessary to bring the legislation of Ukraine into conformity with the best international practice.
Highlights
Economy of the developed countries is characterized by the domination of credit relationships
All things considered are evident that the change in the political and economic situation in our country directly influenced the legislator's approach to the legal regulation of credit relations
The transition of social relations to the market economy has led to increased acquisition by the subjects of the civilian turnover of goods and services on credit
Summary
Economy of the developed countries is characterized by the domination of credit relationships. A special achievement of domestic legislation is the Law of Ukraine on Consumer Lending, November 15, 2016 (Zakon, 2017) aimed at establishing a mechanism of protecting the rights and legitimate interests of the participants in the relevant relations, creating proper competitive environment at the financial market, increasing the level of public confidence in it, and providing favorable conditions for the development of Ukrainian economy. The law contributed to generalizing the established court practice of resolving credit-related disputes as well as established the standard wording of void contract terms It is the Federal Union of German Banks, a non-profit organization uniting various credit institutions that develops general conditions of credit agreements in Germany. All of this explains an appropriate desire of domestic legislators to bring legal regulation of the relations at issue in line with the European standards that is essential for implementing the national EU-integration policy
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