In addition, inaccurate language or information that could create unreasonable expectations among mortgage consumers regarding the availability, features, or cost of credit would be prohibited.
These provisions are contained in a draft prepared by the National Financial Market Commission and promoted by the Ministry of Finance. It will soon be considered by the Government.
The purpose of the document is to establish clear legal provisions to protect both consumers and creditors. At the same time, the degree of their responsibility will be increased, which will avoid risks related to the duration, value and price of mortgage loans.
A number of new rules are being introduced concerning consumer credit behavior and the approval of internal procedures and policies for lenders, credit intermediaries and representatives. Taking into account the minimum requirements for their training and competencies established by the NCFM.
The new norms also prescribe the rules for the provision of pre-contractual information, procedures for assessing the creditworthiness of the consumer, requirements for loan agreements, etc.
According to the draft, the law will enter into force one year after its publication and will not apply to mortgage loans concluded before its entry into force.
