Legal regulation reaches companies that offer interest-free homes and vehicles

The bill on the control of companies that finance savings in the purchase of homes and vehicles without interest, whose number has increased rapidly in recent years, was presented to the Presidency of the Assembly.

According to the information obtained, Law No. 6361 on Financial Leasing, Factoring and Financing Companies was modified, with the aim of including companies dedicated to the acquisition of homes and vehicles without interest in legal and regulatory audits.

Duty to audit and regulate companies called financial savings companies, To the Banking Regulation and Supervision Agency (BRSA) is given. Savings financing activity; It is defined as obtaining the right to use the financing of a home or a vehicle in exchange for a certain period of savings.

To operate as a financial savings company, obtaining establishment and operation licenses (license) and within this scope of minimum paid capital of TL 100 million, corporate structure, risk management and information technology infrastructure, etc. compliance with the obligations becomes mandatory.

In order for the companies that currently operate to continue with their activities, they must apply to BRSA and be successful in the adjustment process planned to comply with legal obligations.


For companies that cannot obtain a license or whose operating license has been canceled, additional liquidation provisions are developed to protect the rights of savers, as well as general provisions.

With the pertinent regulations, the legal obligations to protect the rights of the client are determined. In this context, first of all, the rights of clients to recover their savings and use the financing are ensured.

There is no public guarantee or insurance mechanism for the savings invested in savings financing companies and the State does not offer a refund guarantee in the event of company liquidation.

Standard fees and limitations are imposed on the management of savings funds, which companies must constantly comply with. It is stipulated to keep these accounts separate from company accounts.

The definition of the savings financing contract and the minimum elements that must be included in the contract are determined. It is mandatory to carry out the savings financing activity according to the principles and principles of interest-free financing.

To ensure the soundness and continuity of the savings financing system, companies are obliged to keep a certain part of the savings they collect and the income they generate for prudent purposes.


Leave a Reply

Your email address will not be published. Required fields are marked *