Loan agreement: Comparative analysis of banking legislation in the field of lending to individuals in the Republic of Kazakhstan and the Russian Federation

Baishev R.Zh. Baishev Z.N. Amangeldy A.A.
2021 FrancoAngeli

Rivista di Studi sulla Sostenibilita
2021 Issue 2 203 - 216 pp.

The banking system is a key link in the economy. As a guarantor of human rights protection, the state must ensure the growth of the well-being of citizens, including by providing affordable and cheap consumer loans to the population. The increased level of debt on unsecured consumer loans of citizens of the Republic of Kazakhstan makes it necessary to reduce the debt burden of the population to credit institutions. The purpose of the study was to compare the legislation and the practice of applying sustainability of banking legislation in the field of lending to individuals in the Republic of Kazakhstan and the Russian Federation. The article characterises the sustainability of banking legislation of the Republic of Kazakhstan, describes the main legislative reforms, their implementation and consequences. A comparative analysis of the measures taken in Kazakhstan to protect the rights of a borrower with the system of the Russian Federation as the most approximate in terms of economic and social indicators. The main problems of the activity of credit institutions on the territory of Kazakhstan and the Russian Federation were revealed and possible ways of their solution were found. It was concluded that nowadays the main problem of consumer lending is unfair lending by financial organisations. It is necessary to adopt a separate law on consumer lending, which will ensure the protection of the interests of borrowers. Copyright

Banking system , Consumer loans , Consumer protection , Credit organisations , Microloans

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Department of Civil Law Disciplines, Eurasian Law Academy Named After D.A. Kunaev, 107 Kurmangazy Str., Almaty, 050000, Kazakhstan

Department of Civil Law Disciplines

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