STATE PROTECTION OF THE RIGHTS OF PARTICIPANTS OF CREDIT RELATIONS IN UKRAINE AND OTHER COUNTRIES

Abstract

The article deals with the peculiarities of the state regulation of credit relations in Ukraine and other countries of the world. Special attention is devoted to problems of protection of the rights of individuals-borrowers and the liability of financial institutions for violation of the terms of the loan agreements.
 The authors draw attention to the imperfection of the domestic state regulations in protecting the rights of consumers of financial services. On the basis of analysis of normative sources, concludes that in Ukraine the rights of borrowers is implemented using the General civil-law methods, such as payment of penalty and compensation for damages and contractual penalties. Provides that when the borrower relationship involved a natural person, are also considered statutory provisions of the legislation on protection of consumer rights. The majority of legal provisions contained in the same law and to establish penalties for the violation of consumer rights does not apply to the provision of financial services. It is concluded that in connection with the above, means of influence on the creditor in the contract there are only penalties provided for by the parties themselves.
 Due to the fact that today there is no possibility of application of the financial, administrative and criminal sanctions against credit institutions for violations of the rights of consumers of financial services, the authors made proposals on improving legislation in this sphere. In particular, it is proposed to determine the grounds and amount of payment of legal damages by a creditor for non-fulfillment of their obligations established by contract or by law; to develop the procedure and consequences of termination of the contract of consumer credit in connection with the failure of obligations of third parties (seller, executor). The necessity of regulatory consolidation of financial sanctions, administrative and criminal responsibility of managers of financial institutions for violation of credit services; the possibility of suspension, termination or revocation of appropriate licenses.