Penalties for credit limit of $

The Verkhovna Rada of Ukraine registered a draft law on amending article 11 of the Law of Ukraine "On Protection of Consumer Rights" (with respect to limiting the size of the penalty in case of late return of the consumer the amount of consumer credit). The bill № 8242 of 16.03.2011 referred to the Committee of People's Deputies, Alexander Feldman (Party of Regions) and Oleg Geymanom (Reforms for the Future). The document proposes to limit the amount of penalties in case of late return of the consumer the amount of consumer credit. In particular, in case of late return of the amount of consumer credit the amount of penalties (fines, penalties) are not exceed 100% of the total debt. Restrictions on the size of the penalty will apply exclusively to loans from banks or other financial institutions, individuals to purchase any products (goods), works or services for personal use. As you know, sometimes the amount of penalties at times larger than of the debt on the loan and becomes economically unreasonable and excessive for the borrower.