Public: Detailed Regulation Table, by Country
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Released: August 15, 2014Specifics of Truth-in-Lending Legislation in Different Countries
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Country/RegionHas T-in-L legislation?What body?Year latest legislation passedLenders it Applies toAre borrowers "protected" by the law?Has standardised disclosure formula?Is it well-known?Name GivenT-in-L Annualization MethodIncluded in Standardized Disclosure formula Venue for communication of prices to clientsCompanion LegislationDate Information Reviewed
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NominalCompoundInterest PaidFees (excl insurance)Some fees excluded from formula?InsuranceCompulsory depositTaxesLoan contractsRepayment schedulesDisplayed in branchesMedia (newspapers, advertisements.. etc)Enforcement Agency Has uniform Interest calculation method Price Caps? Who sets price caps and who enforcesInsurance - WHO MANAGES IT?Compulsory Deposits banned?
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USAYesFederal Reserve System1968All lendersYesYesYesAPRxxxxxxxxNoInstitution/External ProviderNoAug-2014
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European UnionYesEuropean Commission1986All lendersYesYesYesEIR (except UK is APR)xxx4 Fees - See webpage for detail xxxxxxxMember States NoInstitution/External ProviderNoAug-2014
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EASTERN EUROPE
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AzerbaijanNoNoAug-2014
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Bosnia & HerzegovinaYes Banking Agency of the Federation of BiH2007All lendersYesYes YesEIR xxxYes - Conditional fees xxxxxxx Banking Agency of the Federation of BiHYes NoInstitution/External ProviderNoAug-2014
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Armenia YesThe Republic of Armenia 2008All lendersYesYes YesAPRXxxNoxxxxThe Republic of Armenia NoNoInstitution/External ProviderNoAug-2014
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Kyrgyztan YesThe Kyrgyztan Republic 2002MFISNoEIR (APR in one exception. Please see website for detail)xxxxxxThe Kyrgyztan Republic Yes NoNoAug-2014
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ASIA
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CambodiaYes Central Bank of Cambodia2001All LendersYesNoxxYes NoNoAug-2014
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PakistanNoAug-2014
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PhilippinesYes Central Bank of the Philippines2012All lenders Yes YesEIRxxXYes - conditional charges and penalty chargesXxxxMonetary Board, Central Bank of the Philippines Institution/External ProviderAug-2014
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IndiaYes Reserve Bank of India 2012NBCF-MFIsYesNoxxNoYes - penalty chargesxxxxReserve Bank of IndiaYes YesExternal ProviderYesAug-2014
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Bangladesh NoMFIsYes YesAug-2014
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Nepal NoAug-2014
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Indonesia NoAug-2014
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Vietnam NoAug-2014
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LATIN AMERICA
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ArgentinaYesCentral Bank of ArgentinaTotal Financial Cost (CFT)xxxAug-2014
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BoliviaYesCentral Bank of Boliva2013Regulated banksYesYesYesTEACxxx3 Fees - See webpage for detailxxInstitution/External ProviderAug-2014
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ColombiaYesCentral Bank of ColombiaRegulated banksTasa Efectiva AnualxxYes!xAug-2014
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EcuadorYesCentral Bank of Ecuador2014Regulated banksYesYesYesTasa Efectiva AnualxxxAug-2014
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MexicoYesCentral Bank of Mexico2014Regulated banksYesYesYesCAT (Costo Anual Total)xxxxAug-2014
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PeruYesReserve Bank of PeruRegulated banksxxxxNGOs *Aug-2014
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AFRICA
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BCEAOYesCentral Bank of West African CountriesAll lendersYesNoTEGxxxAug-2014
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GhanaYesBank of Ghana 2008All lendersNo standard; each MFI "must" create their own formulaNoAnnual interest ratexxxxxxxThe Investigation and Consumer Reporting OfficeInstitution/External ProviderAug-2014
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EthiopiaNoAug-2014
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KenyaNoAug-2014
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MalawiNoAug-2014
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MozambiqueNoAug-2014
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RwandaNoAug-2014
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South AfricaYesNational Credit Regulator2008All lendersYesTotal Cost of CreditN/AN/AxxxNational Credit Regulator with a National Consumer TribunalInstitution/External ProviderAug-2014
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TanzaniaNoAug-2014
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UgandaNoAug-2014
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ZambiaYesBank of Zambia 2012All Lenders YesYesEffective Annual Lending RatexxXxxxxxYesYes Bank of ZambiaInstitution/External ProviderNoAug-2014
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MENA
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Morocco NoAug-2014
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Egypt NoAug-2014
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LebanonNoAug-2014
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Algeria NoAug-2014
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Tunisia NoAug-2014
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Jordan NoAug-2014
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Palestine NoAug-2014
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Public: Comprehensive Table