The banking and finance sectors started establishing fair rules within the game, Finance Minister Mamuka Bakhtadze said after today’s government meeting. For the special briefing Mamuka Bakhtadze discussed a brand new bill listed in the Government meeting.
The legislative initiative promulgates several important principles, he was quoted saying.
“First, no lender might be authorized to say another property beyond just the already mortgaged thing. Secondly, pawnshops and lenders, the so-called private usurers are banned to adopt movable and immovable properties in mortgage;
Annual effective rate declines to 50% from 100%. Number of fines also declines and everything banking institutions or private lenders will be banned to impose an excellent about the amount of an loan. New and fair rules on the game is going to be placed on the banking sector, microfinance organizations, credit unions, pawn-shops and lenders, the so-called usurers. Those wanting to continue pawn-shop business will probably be obliged to establish a joint laptop or computer in the reasonable period for registration of mortgaged circumstances to prevent criminal cases”, Minister of Finance Mamuka Bakhtadze said.
Because of high public interest in this issues, on May 29 an exhibit is going to be held to produce details on principles in the new legislative initiative, Mamuka Bakhtadze said.