Mandatory Branch Visit for Home Loans is Being Eliminated
The new regulations prepared by the Ministry of Trade and published in the Official Gazette bring comprehensive changes in important areas such as remote contracts for financial services, housing finance contracts, and consumer credit contracts. With these regulations, the processes for consumers to access credit are further facilitated, while aiming for the widespread adoption of digital financial services.
With the new regulations, mortgage transactions are undergoing a significant transformation. The obligation to visit a branch for mortgage applications and the requirement for a wet signature have been eliminated. Consumers will be able to apply for loans electronically through remote communication tools and complete their transactions. This will accelerate the credit access process while significantly reducing the documentation burden.
The new regulations are not limited to housing loans. Individual consumer loans have also been reorganized to benefit from these changes. Many transactions that previously required written applications can now be conducted using remote communication tools. These regulations aim to provide more practical solutions for consumers and allow individual credit transactions to be carried out quickly and easily.
Mediation Requirement in Dispute Resolution Process The regulations are not only limited to credit processes but also bring significant changes to consumers' dispute resolution procedures. According to the new regulations, consumers are required to complete the mediation process before applying to the courts. This practice will enable consumers to resolve their disputes more quickly and effectively.
Consumers will now be informed about mediation processes and arbitration panels regarding disputes related to individual consumer and housing loan contracts, insurance conducted electronically, private pension schemes, and other banking services. This information requirement has been introduced to prevent consumers from losing their rights and to ensure they are better informed.
Changes in Compliance with the Consumer Protection Law These changes, which make financial transactions more accessible in electronic environments, have been implemented in accordance with the provisions of the Consumer Protection Law that took effect in October. This compliance allows both consumers and financial institutions to manage their processes in a more modern and efficient manner. These regulations, aimed at protecting consumer rights and conducting financial transactions more securely, pave the way for a transformation in financial services.