Regulatory Alerts2023-01-01
Law on Consumer Credits
The Montenegrin legislature enacted this law to regulate the conditions and procedures for concluding consumer credit agreements, defining key terms such as creditors, consumers, and the total cost of credit. It mandates strict pre-contractual information disclosure requirements, including the annual percentage rate of charge and representative examples, to ensure transparency in advertising and credit offers. Additionally, the legislation establishes obligations for creditors to assess consumer creditworthiness and outlines specific exemptions for certain types of credit arrangements like short-term overdrafts.
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