חוק חובת אזהרה בפרסום ובשיווק של הלוואה (תיקוני חקיקה), התשע"ז-2017Law on the Duty to Warn in the Advertising and Marketing of a Loan (legislative amendments), 2017 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Law on the Duty to Provide Warning in Advertising and Marketing of Loans (Legislative Amendments), 2017 (hereinafter – the Law) was approved in second and third reading on 21 February 2017. The Law amends the Banking Law (Customer Service), 1981, the Regulation of Non-Bank Lending Law, 1993, and the Supervision of Financial Services Law (Regulated Financial Services), 2016 (hereinafter – the Supervision of Regulated Financial Services Law), and establishes in all of the above laws that a banking corporation, lender, or financial service provider, as the case may be, who publishes an advertisement or uses another marketing method encouraging the taking of a loan or credit, must include in the advertisement or marketing method the name of the lender or credit provider and attach a warning worded as follows: "Failure to repay the loan may result in liability for default interest and enforcement proceedings." The obligation to publish the lender's name as stated will not apply to an operator of an online system intended for granting and receiving loans or for making payments to others, if the system operator is not the one giving or receiving the loan. The Law shall take effect 3 months from the date of its publication. The amendment to the Supervision of Regulated Financial Services Law, as worded in the Law, will take effect on the date the Supervision of Regulated Financial Services Law takes effect, and the amendment to the Non-Bank Lending Law will remain in effect until the date the Supervision of Financial Services Law (Regulated Financial Services), 2016, takes effect.

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Sponsors

Zehava Galon, Moshe Gafni, Eitan Cabel, Shelly Yachimovich, Rachel Azaria