The Protection of Mortgage Loan Consumers in Albania

Artur Ribaj, Hysen Cela

Abstract: This paper for protection of mortgage loan consumers in Albania, analyses ten main uprights of new regulation On consumer loan and mortgage loan and the regulation On transparency for banking and financial products and services which enforce the mortgage credit consumer protection attempting to harmonize the rules for mortgage credit with EU Directive 2014/17/EU On credit agreements for consumers relating to residential immovable property and Consumer Credit Directive 2008/48 /EC. Therefore, these regulations contribute in protecting the financial health, safety and economic interests of consumers, as well as promoting their rights for information and financial education and for organizing themselves in order to safeguard their interests, concluding that Albania as an EU candidate country has at least completed the mission in the area of mortgage loans regulation. This paper aims to inform banks, consumers, researchers, consumer protection organizations and other stakeholders for the importance of these regulations as well as raising some other related issues to be considerate for the protection of mortgage loan consumers.

Keywords: consumer, mortgage loan, responsible lending, financial education, early repayment rules, bank

How to Cite?: Artur Ribaj, Hysen Cela, "The Protection of Mortgage Loan Consumers in Albania", Volume 4 Issue 8, August 2015, International Journal of Science and Research (IJSR), Pages: 565-569, https://www.ijsr.net/getabstract.php?paperid=SUB157358, DOI: https://dx.doi.org/10.21275/SUB157358