DOI: https://doi.org/10.18371/fcaptp.v1i28.163065

GENEZIS OF LEGAL REGULATION OF CREDIT RELATIONS IN THE CONDITIONS OF TRANSITIVE ECONOMY OF UKRAINE

Yevgenia Tupitska, Viktoriia Piddubna, Yaroslava Riabchenko

Abstract


The purpose of the paper is to analyze the genesis of credit legal relationship as the notion in Civil law as well as historical transformations of its legal regulation at the different stages of Ukraine’s development. The survey is based on the use of a comparative method, the application of which allows us to compare Ukrainian laws with international crediting standards. The theoretical and practical recommendations on the improvement of law implementation and legal credit regulation are made. Results of the survey showed that the domestic legislation regulates the relations of consumer lending are more perfect in the field of consumer rights protection in comparison with other countries of the post-Soviet area. As for the EU countries, the legal regulation and practical application of the credit institution used by the participants in civilian circulation to meet their economic needs is deprived of those gaps existing in the domestic legal system. In particular, it is a question of the uncertainty in the Ukrainian legislation of issues related to the use of misleading advertising by banks concerning lending conditions, incomplete disclosure of information, difficulties encountered in assessing the borrower's creditworthiness, the status of a credit intermediary, establishing unfair terms of consumer credit agreements, imposing by banks and other institutions of additional and related services, lack of equal requirements to creditors, etc.

The change in the political and economic situation in Ukraine directly influenced the legislator's approach to the legal regulation of credit relations. The transition of social relations to the market economy has led to increased acquisition by the subjects of the civilian turnover of goods and services on credit. However, the current legal credit regulation does not always meet the requirements of practice. Ukrainian legislation has legal acts that regulate lending relations, but foreign practice of the separate credit institution has already deprived of those gaps that Ukrainian legal system still need to fill up. In order to eliminate the problems of legal consumer credit regulation it is necessary to bring the legislation of Ukraine into conformity with the best international practice.


Keywords


debt; debt liability; money; credit; bond; loan; credit relationship.

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References


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ISSN (print) 2306-4994, ISSN (on-line) 2310-8770