According to Note 1 of Article 15 of the Usury-Free Banking Operations Law enacted in 1983, “All funds and facilities granted by banks to individuals and legal entities under this law, where it has been stipulated in the arranged contract that these individuals must repay the received funds and facilities along with interest, damages, registration and execution costs, legal fees, and attorney’s fees at a specified due date, shall be demandable and collectible upon non-payment and notification by the creditor bank. All judicial authorities, execution offices of the Registry of Deeds, and notary offices are obliged to issue judgments and execution orders and to collect the bank’s claims based on the provisions of the arranged documents and contracts, in accordance with the regulations of this law.” However, some arrears are directly related to external factors such as sanctions, currency exchange rate increases, and other external reasons. In such cases, claiming damages from a borrower who is not at fault is unjustifiable. One of the reasons for the shutdown and seizure of production units relates to such damages, especially if the damages are calculated in a staggered manner.
Suggestion:
Add the phrase “unless the delay in repayment of the facilities is due to the bank’s fault or an external cause” to Note 1 of Article 15 of the Usury-Free Banking Operations Law enacted in 1983.
