New rules for selling goods on installment plans: important changes in legislation

Legal entities and individuals engaged in entrepreneurial activities without forming a legal entity who sell goods on credit are exempt from the obligation to provide information about credit histories to at least one operating credit bureau.

Economist Eyyub Kerimli notes that changes to the Law "On Credit Bureaus" will have an impact in two directions:

"This will prevent artificial inflation or increase of credits. On the other hand, when the history of consumers using credits and similar products is not provided to the credit bureau, this may negatively affect the accounting of goods purchased on credit or installment. In such cases, certain difficulties may arise when banks issue loans and clarify citizens' obligations."

Note that until now, this obligation existed only in cases where the turnover of goods sold on credit during a calendar year exceeded 100,000 manats.

More details in the Baku TV report: