Authority to Determine Installment Periods in Retail Sales Granted to the Ministry of Trade
With a new regulatory amendment published in the Official Gazette, the authority to regulate installments in retail goods and services sales, excluding housing sales, has been transferred to the Ministry of Trade.
The new regulatory amendment prepared by the Ministry of Trade has entered into force upon publication in the Official Gazette. With this regulation, the authority to determine installment periods and impose limitations on the sale of goods and services by all retail businesses, excluding housing sales, was granted directly to the Ministry of Trade.
Published in the Official Gazette
The Regulation Amending the Regulation on Principles and Rules to be Applied in Retail Trade, prepared by the Ministry of Trade, has been published in the Official Gazette. With this step, a new era regarding installment sales in retail trade has opened.
Uniformity of Practice Achieved
Thanks to the legal regulation, uniformity of practice regarding installment sales of goods and services in retail trade was achieved. Thus, it is aimed to clarify the rules across the sector and increase inspectability.
Statement Made by the Ministry
In the official statement made by the Ministry of Trade, it was emphasized that with the new amendment, necessary steps can be implemented much faster and more effectively following the decisions of the Banking Regulation and Supervision Agency.