Regulatory Alerts2015-07-01 | 48/2015Regulation 48/2015 on Consumer Credit and Mortgage Credit
The Bank of Albania’s Supervisory Council issued Regulation 48/2015 to standardize consumer and mortgage credit agreements across banks and licensed non-bank financial institutions in Albania. The regulation mandates comprehensive pre-contractual and contractual disclosures, requiring lenders to clearly present effective interest rates, total credit costs, repayment schedules, and applicable penalties before binding consumers. It establishes key consumer protections, including a 14-day unconditional withdrawal period, early repayment rights with cost reductions, currency conversion options, and mandatory exchange rate risk mitigation measures for foreign-currency loans.
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