Banking

Loan companies to fork out 1000 GEL For Breaching Larization Program Regulations

Loan companies to fork out 1000 GEL For Breaching Larization Program Regulations August 16, 2018Leave a comment
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Koba Gvenetadze, president of your National Bank of Georgia (NBG), has signed a decree, this agreement boat finance companies will pay a thousand GEL fine for having breached the Larization program regulations, such as:

  • ?Loans as much as 100 000 GEL should be issued only in GEL to physical bodies;
  • Annual effective rate shouldn\’t exceed 100%, including, in case there is loan maturity period extension.
  • Total measure of any financial fine imposed on borrowers for violation for any commission fee, financial expenditures, loan agreement must not exceed annual 150% from the remaining principal sum of the financing.
  • In the big event a business owner or even a number of interconnected entrepreneurs? attracts money resources in any form from above 20 physical bodies, then an measure of finances attracted from each physical body mustn\’t be less than 100 000 GEL.

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