Bank of Lithuania

Warning issued concerning the consumer credit advertisement that does not comply with the requirements of the laws

The Supervision Service of the Bank of Lithuania decided to issue a warning (which is an enforcement measure provided in the Law on Consumer Credit) to the private enterprise “Aujama-credit”. Such decision was made concerning incompliance of the consumer credit advertisement published in the press by the enterprise with the requirements provided in the Law.

The Supervision Service established that the private enterprise “Aujama-credit” indicated expenses related to a consumer credit in the advertising published on 25 January 2012 in one daily newspaper, however, it did not provide other standard information about expenses related to a consumer credit, which is required according to the Law on Consumer Credit. The fact that clear information about the fixed and/or variable interest rate of a consumer credit and about the expenses included in the total price of a consumer credit was not provided in the advertisement breached the requirements of Clause 1 of Paragraph 1 of Article 4, whereas the fact that the annual rate of the total price of a consumer credit was not indicated in the advertisement violated the requirements of Clause 3 of Paragraph 1 of Article 4.

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.