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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of October 5, 2021 No. 100

About approval of the Regulations on information support of consumers by financial institutions concerning provision of services of consumer crediting

According to Articles 7, of 15, 56 Laws of Ukraine "About the National Bank of Ukraine", to Articles 3-1, 11, of 12, of 20, of 21, of 27, 28 Laws of Ukraine "About financial services and state regulation of the markets of financial services", article 5 of the Law of Ukraine "About consumer crediting", article 24 of the Law "About Advertising", for the purpose of establishment of the minimum amount of information which shall be provided by financial institution to the consumer concerning provision of services of consumer crediting of procedure for disclosure of such information and the list of signs which can demonstrate that the method of statement of information on conditions of provision of financial services by financial institution during distribution of advertizing complicates her perception by it, the Board of the National Bank of Ukraine DECIDES:

1. Approve Regulations on information support of consumers by financial institutions concerning provision of services of consumer crediting (further - the Provision) which is applied.

2. To non-bank financial institutions of Ukraine which according to the legislation have the right to grant consumer loans, during:

1) three months from the date of entry into force of this resolution to bring the activities into accord with requirements of the Provision, except Items 13, of the 14th Section I of the Provision, the subitem 8 of Item 16 and Items 20 - 22 Sections II of Provisions;

2) six months from the date of entry into force of this resolution to bring the activities into accord with requirements of Items 13, of the 14th Section I, the subitem 8 of Item 16 and Items 20 - 22 Sections II of Provisions.

3. To impose control over the implementation of this resolution on the Chairman of National Bank Kirill Shevchenko.

4. The resolution becomes effective from the date of, its official publication following behind day.

Acting as Chairman

Yu.Gelety

Approved by the Resolution of Board of the National Bank of Ukraine of October 5, 2021 No. 100

Regulations on information support of consumers by financial institutions concerning provision of services of consumer crediting

I. General provisions

1. This Provision is developed according to requirements of the Laws of Ukraine "About the National Bank of Ukraine", "About financial services and state regulation of the markets of financial services", "About consumer crediting", "About advertizing".

2. This Provision determines the minimum amount of information which is provided to the consumer about conditions and procedure for provision of consumer loans by non-bank financial institution which according to the legislation of Ukraine has the right to render the corresponding financial service (further - the financial organization), procedure for disclosure of such information by it and the list of signs which can demonstrate that the method of statement of information on conditions of provision of financial services by financial institution during distribution of advertizing complicates her visual perception.

3. The terms used in this Provision are used in such value:

1) informing the consumer - provision (disclosure) of information by financial institution to the consumer according to requirements of the legislation of Ukraine concerning service of consumer loan, provision of the minimum amount of information on conditions and essential characteristics of this service determined by this Provision, way of placement of such information on own website of financial institution in advertizing, provision of information during use of service in provision of consumer loan, and also provision of other information provided by internal documents of financial institution;

2) the essential characteristic of service in provision of consumer loan - the data and/or data on service in provision of consumer loan determined by this Provision;

3) the calculator - the tool which is posted on own website of financial institution for calculation of expenses for service in provision of consumer loan taking into account the conditions of this service chosen by the consumer;

4) the microcredit - consumer loan (credit) under the agreement on consumer loan under which general loan amount does not exceed the size of one minimum wage, established on the date of the conclusion of such agreement;

5) unreliable information about activities of financial institution in the sphere of consumer crediting - information which is provided to the consumer of financial service is not true [contains data or specifies events (facts) which did not exist in general or which existed, but the information about them is not true], the incomplete or distorted information on activities of financial institution in the sphere of consumer crediting;

6) incomplete information on activities of financial institution in the sphere of consumer crediting - insufficient in comparison with the legislation of Ukraine on amount or completeness information on activities of financial institution in the sphere of consumer crediting which enters or can mislead the consumer concerning decision making about receipt of consumer loan, inclusive because of failure to provide information provided to the consumer, the correct understanding of essence of financial service;

7) misstatement of information on activities of financial institution in the sphere of consumer crediting - exaggeration or underestimation of information provided to the consumer on activities of financial institution in the sphere of consumer crediting which enters or can mislead the consumer concerning decision making about receipt of consumer loan, inclusive because of failure to provide information provided to the consumer, the correct understanding of essence of financial service;

8) distribution of unreliable information about activities of financial institution in the sphere of consumer crediting - placement by directly financial institution or to order financial institution on own website of financial institution and/or in advertizing of information which is doubtful.

Other terms used in this Provision are used in the values determined by the Laws of Ukraine "About consumer crediting", "About advertizing", "About financial services and state regulation of the markets of financial services", "About addresses of citizens", other acts of the legislation of Ukraine.

4. The financial institution provides complete, exact and reliable information to the consumer of rather consumer loan with observance of requirements of the legislation of Ukraine and bears the responsibility for failure to provide, provision determined by the law not in full or provision (distribution) of unreliable information about activities of financial institution in the sphere of consumer crediting when informing the consumer according to this Provision. The financial institution provides relevance and clearness of this information.

5. Internal documents which determine procedure for informing consumers shall conform to requirements of the legislation of Ukraine. The procedure for informing consumers can be included by the separate Section in the internal regulations on provision of financial services approved by financial institution according to which contracts on provision of consumer loans are signed.

6. The financial institution performs informing the consumer regarding distribution of advertizing taking into account requirements of the legislation of Ukraine about advertizing, consumer crediting and regulation of activities for provision of financial services.

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