Legal regulation of precontractual relations between the micro-finance organization and the borrower

Abstract

The author addresses the issues of providing precontractual information to the borrower of the micro-finance organization. The paper analyzes regulatory requirements applied for providing information prior to the contract, compares provisions of the Law "On Consumer Credit (Loan)” and the Law "On Microfinancing and Microfinance Organizations” and analyzes their conformity with European Parliament Directive № 2008/48/EC and the Directive of the EU Council "On Consumer Credit Contracts and Repeal of EU Council Directive 87/102/EEC."