BIGBANK AS branch was instructed to terminate illegal actions when concluding consumer credit agreements
The Supervision Service of the Bank of Lithuania investigated a customer’s complaint regarding the consumer credit agreement concluded with BIGBANK AS branch and acknowledged that the agreement does not comply with the requirements established in the Law on Consumer Credit. BIGBANK AS branch was instructed to terminate illegal actions and inform the Bank of Lithuania about the amendment of the customer’s agreement and about the content of the newly concluded consumer credit agreements.
During the procedure of the investigation of a violation of the Law on Consumer Credit, the Supervision Service ascertained that BIGBANK AS branch violated the provisions of this Law. The consumer credit agreement concluded between the customer and BIGBANK AS branch did not clearly identify the total consumer credit amount and the total amount paid by the recipient of the consumer credit (the requirements of Clauses 4 and 7 of Paragraph 2 of Article 11 of the Law were violated); in addition, the payment schedule of the consumer credit agreement did not indicate the share of each payment which is allocated for the repayment of the total consumer credit amount and the coverage of all additional expenses (the requirements of Paragraph 4 of Article 11 of the Law were violated).
It should be noted that BIGBANK AS branch informed the Bank of Lithuania about the amendments made to the customer’s agreement and about the amendments to the content of the newly concluded consumer credit agreements and thus completed the instruction.
According to Article 35 of the Law on Consumer Credit, the supervisory authority publicly informs on its website about the violation of the provisions of this Law after 30 calendar days from the date of taking the decision.