Regulatory Alerts2018-01-08
Added
Amendment to Proper Conduct of Banking Business Directive no. 450
The Bank of Israel amends Proper Conduct of Banking Business Directive no. 450 by deleting Section 10, which previously regulated interest rates on arrears, because the Nonbank Loans Regulation Law (Amendment 5), 5777-2017, establishes the maximum interest rate on arrears. The amendment also clarifies that for loans with variable interest rates based on an external anchor, banking corporations and credit-card companies may publish the formula for calculating the interest rate on arrears and the rate derived from it as of the notice date, rather than noting the specific rates for the notice period. These changes apply to banking corporations and credit-card companies and take effect on February 1, 2018.
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