Loan agreement in EAEU member states (comparative legal analysis)
The article justifies the judgment, that the bank system as a priority area has expanded the scope of services such as loan agreements for production and investment purposes of enterprises, organizations and government bodies, as well as consumer loans to individuals. The role of commercial banks as regulators of financial and credit relations between legal entities and individuals in various fields of the economy, affecting the growth and improvement of the welfare of citizens, including through consumer loans, has increased. Loan agreements in Russia, Kazakhstan, Armenia, Belarus and Kyrgyzstan over the past five years have reached a new level of fulfilment of credit relations in connection with implementation of the Treaty on the Eurasian Economic Union. Citizens of the EAEU member states start to conclude more often loan agreements to ensure economic and entrepreneurial activity, as well as consumer loans for the purchase of necessary goods and services. These and other fundamental changes in the economy required strengthening the role of credit relations’ legal regulation. There is a necessity in the EAEU member states for a coordinated settlement of this field of legal relations, as well as making amendments and addendums to the legislative acts regulating the activities of the banking system, financial and credit organizations. Particular attention was required to regulate economic relations related to the protection of property rights and interests of individuals. The Court of the Eurasian Economic Union, created within the framework of the EAEU, has become an important legal mechanism for ensuring uniform conditions for the stable development of economies and raising the living standards of the population of the member states of the Treaty. These qualitative changes in the credit system of the post-Soviet republics, as well as legislative innovations designated to regulate lending, have become an objective prerequisite for a comprehensive study. From this perspective, a comparative legal analysis of the legal regulation of credit relations in the EAEU member states seems to be a very timely and important task. The purpose of this research is to study the state of legal regulation of credit relations in the Russian Federation, the Republic of Kazakhstan, the Republic of Armenia, the Republic of Belarus, and the Kyrgyz Republic, to show the dynamics of the development of the banking sector of the economy of mentioned states in the new market conditions, their use of experience gained, including the experience of foreign states. From this perspective, the author analyses and compares a set of organizational and practical measures to ensure the legitimate interests of participants in the credit relations of states, as well as in general within the framework of the Eurasian Economic Union. As a result of this research a number of practical measures have been proposed in order to improve legislation in the EAEU member states and the judicial practice of proceedings on loan agreement cases.