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R.Zh. Baishev 

Consumer Credit Regulation in EAEU States

2021. No. 1. P. 218–243 [issue contents]
Treaty on the Eurasian Economic Union of May 29, 2014 has constituted the EurasianEconomic Union. The current economic crisis, fraught with the coronavirus pandemic,clearly shows necessity for legal protection of entrepreneurs’ and individuals’ economicinterests first of all in the field of financial services and consumer lending. The purposeof this publication is to research contemporary issues of consumer lending, comparativeanalysis and application of legislation (case-law) of Member States of the EurasianEconomic Union. The analysis is carried out in order to identify the level of protection of the rights and legitimate interests of individuals while concluding a consumer credit.Considering that independent states before the formation of the Union have formed theirown regulatory and legal framework, including on lending issues, the legislative acts of theanalyzed Member States varied significantly. Moreover, they did not adequately protectthe rights of the parties to these agreements, especially individuals. Financial institutionssignificantly violated the rights of citizens, the conditions under contracts they concludedwere of a one-sided nature, which led to numerous complaints, lawsuits in courts, as wellas coverage in the media of high-profile cases related to the inability of individuals to payoff debts to financial and microfinance organizations. The Member States, having unitedin the Eurasian Economic Union, carried out coordinated work to improve legislation inmentioned area, as a result of which the rights of individuals — participants of a consumercredit are protected to a greater extent. However, according to the author, work in thisdirection, especially in the context of the economic crisis and pandemic, should becontinued. The author makes proposals for improving both national legislations and thelaw of the Eurasian Economic Union, as well as the practice of its application. As a resultof the research, the author comes to the conclusion that the EAEU should adopt a specialAgreement on the credit contract and the principles of consumer lending. Therefore, it isnecessary to adopt a special law on consumer lending in the EAEU Member States.
Citation: Baishev R. (2021) Pravovoe regulirovanie potrebitel'skogo kreditovaniyav gosudarstvakh EAES [Consumer Credit Regulation in EAEU States]. Pravo. Zhurnal Vysshey shkoly ekonomiki, no 1, pp. 218-243 (in Russian)
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