 |
| doi.org/10.36475/L.A.W.14 |
| ABBREVIATED TITLE |
| L.A.W. |
| Issue |
| Online version |
| Print version |
| Last issues |
In this Article
Volume 8, Issue 2
The Importance of Contact Information in a Loan Relationship
Affiliation: Master of Law at the University of Georgia, Senior Inspector in LEPL – Academy of the Ministry
of Internal Affairs of Georgia
Abstract: The Civil Code of Georgia offers norms regulating credit relations. In Georgia, the loan relationship is actively used in the relationship between the customer and the credit organization. Many
disorders occur in this process of this relationship. However, the
loan relationship is characterized by many features, so it is important to correctly define what ethical obligations any credit organization may have to the consumer and how it should be regulated at
the legislative level.
While talking about ethical obligations, we should first of all consider the „Code of Ethics for Credit Removal by Financial Institutions”approved by the President of the National Bank of Georgia N
14/04, which is the latest legislative change in the norms governing
credit relations.
One of the most important components of a loan relationship
is the proper use of contact information by financial institutions.
Failure to use this information in practice could result in significant
harm to the borrower.
This article will discuss the most recent legislative changes in
the regulatory norms of the loan relationship and it will discuss in
detail what problem can be solved by the use of correct methods of
communication by financial institutions. However, the importance
of correctly identifying contact information in a loan relationship is
considered as a problem and ways to solve it will be suggested.
Keywords: Loan, Contact, Duty,
Language: GE
Bibliography:
Used literature:
- Liluashvili, T., Khrustali, V., (2007). Commentary on the Civil Procedure Code of Georgia, Tbilisi: Samartali Publishing House; (In Georgian)
- Kardava, E., (2007). A comparative legal review of European standards for consumer protection on the example of a street contract. Review of Georgian Law (Special Edition); (In Georgian)
- Tsamalaidze, G., (2019). "Review of Legal Regulation of Consumer Rights in Remote and Street Contracts", Review of Private Law №2; (In Georgian)
- Mamaiashvili, T., (2004). “Bank and Credit (Loan) Agreement and Court Settlement for the Violation of Credit Liabilities”, Journal of Law №2. (In Georgian)
Legislative acts:
- Legislative Herald of Georgia. Law of Georgia on Enforcement Proceedings. [SSM, 13 (20), 01/05/1999]; (In Georgian)
- Legislative Herald of Georgia. Law of Georgia "Civil Procedure Code of Georgia". [Parliamentary Agencies, 47-48, 31/12/1997]; (In Georgian)
- Legislative Herald of Georgia. Law of Georgia "Code of Ethics Related to Lending by Financial Institutions". [18/02/2022]. (In Georgian)
Internet resources:
- legalnature https://www.legalnature.com/guides/everything-you-need-to-know-aboutloan-agreements#the-specific-loan-details < www.legalnature.com>[Last viewed: June 16, 2022]; (In English)
- Federal Home Loan Bank Of Dallas,https://www.sec.gov/Archives/edgardata/1331757/000133175714000024/codeofethicsforfinancialpr.htm>[Last viewed: June 16, 2022]; (In English)
- Minnesota Department of Employment and Economic Development Monroe Moxness Berg PA (January 2005). "LOAN DOCUMENTATION: AN INTRODUCTION FOR SMALL BUSINESSES", mn.gov; https://mn.gov/deed/assets/loan-documentation-an-introduction-for-small-businesses_ACC_tcm1045-133713.pdfp. 1-3, [Last Viewed: June 16, 2022]. (In English)
Notes:
- Legislative Herald of Georgia. Law of Georgia "Code of Ethics for Credit Transfer by Financial Institutions", sub-paragraph "e" of Part 2 (1). [18/02/2022] https://www.matsne.gov.ge/ka/document/view/5384943?publication=0[Last viewed: June 16, 2022]
- Legislative Herald of Georgia. Law of Georgia on “Enforcement Proceedings“, Articles: 11-12. [SSM, 13 (20), 01/05/1999] https://www.matsne.gov.ge/ka/document/view/18442?publication=104> [Last viewed: June 16, 2022]
- Legislative Herald of Georgia. Law of Georgia "Civil Procedure Code of Georgia". Article 71. [Parliamentary Departments, 47-48, 31/12/1997]. https://www.matsne. gov.ge/ka/document/view/29962?publication=149
- Legislative Herald of Georgia. Law of Georgia "Code of Ethics Related to Lending by Financial Institutions", Article 2 (1), sub-paragraph "e". [17/02/2022] https:// www.matsne.gov.ge/ka/document/view/5384943?publication=0
- Ibid., Article 4.
- Kardava, E., (2007). A comparative legal review of European standards for consumer protection on the example of a street contract. Review of Georgian Law – Special Edition, p. 1.
- Legislative Herald of Georgia. Law of Georgia "Civil Procedure Code of Georgia". Article 73 (1). [Parliamentary Agencies, 47-48, 31/12/1997]. https://www.matsne.gov.ge/ka/document/view/29962?publication=149
- Ibid., Article 73 (3).
- Liluashvili, T., Khrustali, V., (2007). Commentary on the Civil Procedure Code of Georgia, Tbilisi: „Samartali“ Publishing House, p. 131.
Copyright ©2022 All rights reserved