A bill with a new set of measures to protect debtors' interests is currently under review in the Senate of the Parliament of Kazakhstan. Among other provisions, it includes a requirement for spouses' consent for obtaining bank loans.
The absence of such consent would deprive banks of the ability to demand repayment of the loan. The rationale behind the proposal is to prevent situations where one spouse's actions lead the family into financial trouble. However, legal expert Daulet Abzhanov sheds light on the flaws in this initiative.
In banking practice, banks usually do not require spousal consent for loans. However, they do require notarized consent when using jointly owned property as collateral. This requirement is understandable as it is mandated in certain cases by the law. Therefore, the new requirement will mainly affect unsecured loans.
Experts have raised concerns about the proposal, emphasizing that it overlooks the complexities of marital relationships. They argue that the new measure could lead to fraudulent schemes and unfair practices by unscrupulous consumers.
Moreover, the proposal to prohibit banks from demanding loan repayment in cases where a spouse did not consent is deemed unjust and legally questionable. It contradicts fundamental legal principles and could result in unjust enrichment of debtors at the expense of creditors.
In conclusion, the proposed amendments may complicate loan procedures and jeopardize the financial stability of both debtors and creditors. The bill, if passed, could have adverse effects on the lending industry and borrowers, contrary to its intended goal of protecting debtors' interests.
