The Montenegrin Government has approved a new Consumer Credit Law during today’s session, as announced in an official statement.
The new legislation addresses the growing need for enhanced consumer protection amid the increasing number of entities offering new credit products. This law represents a significant reform, developed through careful analysis and consultations with the Central Bank of Montenegro and other relevant stakeholders.
Vice Prime Minister and Minister of Economic Development, Nik Đeljošaj, explained that the law aligns Montenegrin regulations with European standards and introduces several measures designed to strengthen consumer protection.
“This legislation not only harmonizes our laws with European standards but also implements new measures that provide additional safeguards for consumers,” Đeljošaj said during a post-session press conference.
For the first time in Montenegrin legislation, the new law specifically regulates the conditions under which credit intermediaries operate in housing loans and addresses the accountability of creditors for these intermediaries’ actions. This aims to ensure comprehensive consumer protection throughout the credit process.
“The new measures are intended to protect consumers and enhance competition among creditors, which will positively influence loan repayment security and the stability of the financial market,” Đeljošaj added.
In addition to this law, the Ministry of Economic Development is preparing further significant regulations in the area of consumer legislation.
